Daily Bulletin reader Dwight Siebert of Claremont has a letter in today's paper commenting on the collapse of PFF Bancorp. Siebert, who says he had a PFF account 50 years ago as a paperboy, writes that PFF, which survived two world wars and the Great Depression may need some lessons in accountability:
Now PFF board member Jil Stark is quoted in the Daily Bulletin (June 16, 2008) saying she never thought the bank would be in such dire straits where a buyout was the only viable option.
Sounds to me like the rest of the board wasn't thinking, either.
As we wrote last week, PFF and its board have been sued by a shareholder who is seeking class-action status for PFF shareholders claiming the PFF board breached its fiduciary duties by failing to adequately manage the bank's crisis.
Stark and the PFF board may be learning that the Claremont way of handling crises - ignoring them when they're developing and denying responsibility after the fact - won't work in this case.
Posts
