The October 4, 2008, episode of the NBC comedy show Saturday Night Live, featured a sketch centering on how the economic bailout affected individuals who had either squandered their money or taken to predatory tactics to make more money. Marion Sandler last appeared on the World's Billionaires List in 2006 with an estimated fortune of $1.1 billion. Ostensibly this gave homeowners more flexibility in handling their payments should they encounter money problems. With her husband Herbert, Sandler was known for her expansion of Golden West, a savings-and-loan bank that the couple sold to Wachovia in 2006 for more than $24 billion. Sandler was born in Biddeford, Maine, and has a Bachelor's degree from Wellesley College and an MBA from New York University.[1]. [5], World Savings was once one of the largest S&Ls in the U.S. with assets of almost $80 billion, deposits of $46 billion, and 9,300 employees. Marion was one of the first women CEOs of a Fortune 500 company and the longest serving. She died in 2012. No Shame on the Left: Herb and Marion Sandler Have Concealed Their Role in the Housing Crisis with Large Gifts to Left-Wing Causes She married Herb Sandler in 1961 and they moved to California in 1963 in their early 30s, with Marion convinced they could run their own savings and loan more effectively than others. By Sean Higgins Marion Sandler's brother is Bernard Osher. I started at Forbes as a member of the wealth team, putting together the magazine's well-known World Billionaires and Forbes 400 lists. I'm a San Francisco-based reporter covering the agitators in technology and e-commerce. Share to let others add their own memories and condolences. With deepest sympathy to the family during your time of sorrow. As the Capital Research Center details: “In 2003, ACORN published a report accusing two Wells Fargo units, Wells Fargo Financial and Wells Fargo Funding, of predatory lending and other unethical business practices. That was the same year the couple sold their bank to Wachovia, pocketing $2 billion. On October 4, 2008, Saturday Night Live aired a skit in which the Sandlers were depicted as predatory lenders. She graduated from Wellseley College in 1952 and earned her M.B.A. from New York University. I mourn the loss of Marion personally and express my condolences to Herb, Susan and Jim. Notwithstanding their professed aversion to corruption, the Sandlers had close connections to the notoriously corrupt community organization ACORN and to the Center for Responsible Lending (CRL), an ACORN ally that championed the Community Reinvestment Act (CRA) and the proliferation of highly risky subprime mortgage loans before the financial meltdown of 2008. Marion Sandler was born on October 17, 1930 and grew up in Biddeford, Maine. Herb and his wife Marion Sandler operated Golden West Financial Corporation from 1963 to 2006. Over the years, the couple, which has been focused on philanthropy since the sale, has given away approximately $1.5 billion, more than $1.3 billion of which has gone to their Sandler Foundation. She was 81. Marion Sandler, the former billionaire and ex-Golden West CEO who instituted borrowing practices that were largely blamed for the housing market collapse, died on Friday. Share Marion's life story with friends and family. [6], In the early 1980s, the Sandlers' World Savings Bank became the first to sell a home loan product called the option adjustable rate mortgage (ARM), which allows borrowers to defer paying their interest on mortgages. For example, during its first 15 years of operation, SFSF gave tens of millions of dollars to the ACLU and Human Rights Watch. Marion Sandler was born Marion Osher in Biddeford, Maine, on October 17, 1990. The obituary was featured in New York Times on June 4, 2012, and Legacy on June 4, 2012. "My ideal customer opens a $50,000 account, and I don't see them for six months," Sandler told Forbes. Sandler was born in Biddeford, Maine, and has a Bachelor's degree from Wellesley College and an MBA from New York University. By Jeff Horwitz That was the same year the couple sold their bank to Wachovia, pocketing $2 billion. This segment focused on a former World Savings employee's account of how the company was breaking the law, and how he brought it to his superiors' attention before the financial meltdown.[4]. And from 2001-08, the Sandler Family Foundation also gave ACORN and its various front groups — particularly the American Institute for Social Justice and Project Vote — at least $7.7 million. You may opt-out by, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change. In a 2004 article for Forbes, reporter Seth Lubove noted that the savings-and-loan bank grew at a compound annual earnings-per-share growth of 20% over the last 35 years, "a record that appears to be unmatched by any other financial firm," with the possible exception of Warren Buffett's Berkshire Hathaway. According to a statement on the publication's website, Marion "participated actively in every ProPublica Board meeting until the most recent one [when] only her last illness could keep her away." My other duties here include covering the music business and continuing to assist our global wealth team. Passing down fortunes from generation to generation can do irreparable harm. In 2006, the Sandlers spent $30 million to found and finance Pro Publica, an investigative journalism outfit. The Sandlers, who are committed to giving away their wealth philanthropically, have contributed more than $1.3 billion to the Sandler Foundation. [12], Slate journalist Jack Shafer has raised questions about ProPublica's ability to provide independent nonpartisan journalism given the nature of Sandler's other political donations which include "giving hundreds of thousands of dollars to Democratic Party campaigns. Golden West was a successful, risk-averse residential mortgage portfolio lender that focused on making high quality loans and had the lowest loan losses in the industry over a 40+ year period. We have also adopted Values and Guiding Principles for Grants, summarizing our operating philosophy. She will be missed. She and Herb Sandler operated Golden West Financial Corporation from 1963 to 2006. Shortly after World Savings Bank was sold to Wachovia, the loans became a drain on the bank. Taking advantage of regulations passed in 1981, the Sandlers’ World Savings Bank (WSB) steadily grew, specializing in the first-of-their-kind adjustable rate mortgages that allowed borrowers to defer paying their interest.
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