WhatFinger


Obama’s Scandalous BankUnited Appearance



Sen. Barack Obama Graces BankUnited on the Day it Fired Over Half its Compliance Staff, Gave New Duties to Regional Manager Recently Arrested for Drug Possession and Possibly Planned to Cancel Quarterly Interest Payments to Seniors

Support Canada Free Press


BankUnited is America’s most liberal bank.  It may also be America’s nastiest.  The bank is well known as a proud and repeated sponsor of South Florida’s Pride Festival, an event for which they pressure employees to volunteer.  So it would seem natural that Barack Obama would choose the BankUnited Center for his grand appearance in South Florida last Friday.  But given the flurry of negative press surrounding not only the bank’s creative mortgage options, but also its hiring practices (including placement of the Chairman’s inexperienced daughters in executive positions) and the judgment of its board overall, Obama’s failure to distance himself from the institution shows a lack of judgment that becomes astonishing as the details of BankUnited’s true nature is laid out.   Simply put, when the New York Times attacks a liberal corporation you know that there’s trouble.  The same can be said when the New York Times devotes a 1,200 word story to a bank that operates exclusively in South Florida.  But then again, BankUnited is no ordinary bank.      On the very day that Barack Obama addressed the crowds at BankUnited’s prime location, an announcement was made that the bank would be laying off 12% of its workforce.  And that’s the least of the news that came out about BankUnited that day.   Included in the 12% layoff were over 50% of compliance officers.  They’re the ones who ensure that the bank adheres to all regulations and internal policy requirements.   Also on the day of Obama’s speech; BankUnited gave increased oversight to recently appointed Broward Regional Market Manager Sheri Fadden.  Fadden was arrested three months ago for DUI and drug possession.  As of Friday, she is now the senior hands on manager at the bank’s large Pompano Beach branch.      Most important of all:   According to a senior bank employee, on Monday morning a memo was sent out to all BankUnited salespeople advising them how to handle calls from customers who will not be receiving their quarterly interest payments on CDs, payment being deferred to a later date.  The primary holders of CDs are seniors who depend or the quarterly interest checks for their income.    While the fine print on the CD contract technically does allow the bank to defer payment, seniors who enter into these contracts are never apprised of this fine detail.  At the very least, such action amounts to not being forthright with customers.  In actuality, no senior on a fixed income would have purchased a CD that carried such a stipulation if they were aware of it.   This decision was made on or before Friday, September 19th, the day the Greek Templed One graced BankUnited with his presence.  In comparison, it makes BankUnited’s creative real estate products and their continued employment of an arrested substance abuser seem relatively minor.   Yet comparatively minor as it is, examining Sheri Fadden’s shocking behavior is necessary.  It provides a study of liberalism in action and is a testament to the hubris that inundates liberal corporate boards:     Appointed Regional Market Manager for all of Broward County in December 2007, Sheri Fadden, age 45, was arrested for a criminal traffic violation on the night of June 18, 2008.  According to several sources the arrest was for DUI and drug possession.  BankUnited not only did not see fit to take preventative action, but actually gave her more direct control of the Deerfield and Pompano Beach branches in the following months.   Someone with a DUI conviction or one involving narcotics is often barred from employment in a daycare according to Florida law.  One would expect the same standards from a bank and even though Fadden was only arrested, the case seems to be airtight and is grounds for dismissal under any moral turpitude clause. Add to that the fact that BankUnited laid off over 50% of its compliance officers on Friday and the situation may well spell disaster.  Laying off half of your internal regulators while giving additional oversight to someone recently arrested for substance abuse simply does not bode well for any corporation.  It’s what corporations typically do when they’re looking for a fall guy.  Yet few have the temerity to lend prime space to a presidential campaign on the very day they execute such a scheme.   A record of Ms. Fadden’s arrest can most easily be found at here .  At the time of her arrest the information was widely available and posted on the Palm Beach County Sheriff’s office and in local media outlets.    Before writing this article, I contacted several senior BankUnited board members and employees for their take on the situation.  The results, or more accurately the lack thereof, are astounding.  Specifically:   Chairman/CEO Alfred Camner was sent an email with all the details that will follow as well as a link to the above listed website documenting Ms. Fadden’s recent arrest on criminal charges.  He failed to respond or to take corrective action.   Bank President Ramiro Ortiz was also directly informed.  He too failed to take action.   The same is true of Cece Ford, who handles most complaints regarding BankUnited; Melissa Gracey, Media Relations for Bank United; Susan Wright Greenfield, Investor Relations and Joe Cardenas, Regional President.  Each were individually informed of the matter and all have failed to take action.   Sheri Fadden was also asked for comment on her arrest.  When reached at the Pompano Beach branch of BankUnited, where she had just taken the helm, she simply hung up the phone.   It gets worse.  At the time of Ms. Fadden’s appointment, BankUnited simultaneously demoted its only African-American market manager in Broward County, giving Ms. Fadden oversight of his branches.  According to several employees, the manager in question was extremely well thought of by clients and by staff alike.  According to the same employees, Ms. Fadden forced the manager to resign from the bank a few months later.  It is noteworthy in and of itself that BankUnited would have only one African-American market manager in a county as diverse as Broward County, Florida.  It seems like many liberals really are racists.  But the treatment he received seems to be especially appalling.        Some of the other allegations are harder to prove.  For example, a senior relationship banker told several employees that many of the customers who Sheri Fadden had gotten to take out mortgages, and who received very preferential rates, were boyfriends of Fadden.  This alone would not be newsworthy, but the fact that bank Chairman Camner, President Ortiz, Officer Cece Ford and Regional President Joe Cardenas were asked to look into the issue and all have refused comment as to whether they have done so is very much in the public interest.   Interviews with many current and some former employees also produced other shocking information about the actions of Sheri Fadden.  They offer a shocking portrayal of liberalism in action.    • According to a former employee of BankUnited’s Turtle Creek branch, in one of Fadden’s first acts as Regional Market Manager and within two weeks of assuming her position, Fadden forced a devout Christian woman (who was also one of BankUnited’s top producing managers) to resign immediately before New Years, days after Christmas.  The reason for termination was that this manager had refused to fire an employee who was making great progress in meeting his goals and in taking steps to resolve any supervisory issues.  According to people who witnessed the event, Fadden was verbally abusive to the manager, going so far as to mock her collection of turtle statuettes.  The manager in question is one with decades of banking experience and a stellar record.  • According to other employees, Fadden also forced a religious Jewish woman to resign an hour before the start of her Jewish sabbath.  The salesperson in question had submitted her two weeks resignation because she was having problems finding an adequate nursery school for her child.  Upon finding a suitable care option, the salesperson rescinded her resignation, which was accepted by her branch/market manager.  Fadden refused to acknowledge the letter, a violation of BankUnited HR policy (according to a source from that department), and forced the salesperson to turn in her keys.  This too was done in a harassing manner, according to witnesses of the event. • Both of the above people are also adoptive mothers well in the process of adopting their children.  BankUnited offers around $5,000 in reimbursement of adoption costs.  While the second employee claims to have had no intention of applying for benefits, the fact remains that Fadden’s targeting of these two employees remains suspect.  • In the second case, the employee was also pregnant at the time and was told by Fadden that her termination was for reasons having to do with “the longer picture.” • Both employees had routinely refused to volunteer at the “Pride Festival” on behalf of the bank. • On the day after Fadden’s arrest, she entered one of the bank’s branches and carried on to employees about the cuts on her face, saying that they were the result of a late night biking accident.  This is according to am employee of the bank who found her entire demeanor to be highly unprofessional. • According to numerous sources, Fadden routinely harasses and verbally abuses her subordinates, including some very senior bank staff.  The accounts of this are vast, vivid and legendary.    The above are a few of the most substantiated accounts of what can only be described as Sheri Fadden’s reign of terror.  All were brought to the attention of the bank’s Board of Directors as well.  But the continued employment in a senior banking position of someone arrested for matters involving substance abuse is a far more serious issue.  The issue is exacerbated when one takes into account that Sheri Fadden is often the senior employee at multiple branches, with direct control and access to funds.  It is shocking that at a time when consumer confidence is low, and while BankUnited is taking steps to change public perception, that the above would be allowed to continue.    Yet all this pales in comparison to the alleged scheme to delay payment of quarterly interest payments to seniors.  That a bank would refuse to deny such a claim is truly astonishing.  Are these the people who Barack Obama turns to for financial advice; or did they just give him use of their center for the fun of it? 


View Comments

Yomin Postelnik -- Bio and Archives

Yomin Postelnik is a noted conservative writer and political strategist for many conservative federal and state campaigns as well as the author of a Financial Literacy program for at-risk teens.


Sponsored