Magazine article American Banker

Holiday Jeers Replace Cheer on Glendale Federal's Cards

Magazine article American Banker

Holiday Jeers Replace Cheer on Glendale Federal's Cards

Article excerpt

Glendale Federal Bank didn't try for the warm fuzzies with this year's holiday card. Instead, the California thrift used its salutation to take potshots at rivals: merger-happy big banks and the U.S. government.

On the card's front, the company includes Christmas tree ornaments adorned with letters "BofA," for Bank of America, and a stagecoach, the symbol of Wells Fargo & Co. Topping off the cover, the words "They've Been Naughty."

Inside, there's a shiny ornament festooned with Glendale Federal's logo and the message "We've Been Nice."

American Banker's note also included a penned message from Glendale Federal chairman Stephen J. Trafton, wishing the paper "Goodwill in '97." Referring to the thrift's Supreme Court victory over accounting charges imposed by Congress, Mr. Trafton noted he didn't mean "supervisory" goodwill.

Speaking of warm fuzzies ...

Credit Union National Association lobbyists Charles O. Zuver, John J. McKechnie, Gary J. Kohn, Sonja S. Simmons, and Ellen M. Willson hand- delivered holiday cards to members of Congress that played the tune to Jingle Bells when opened. The trade group, however, customized the lyrics. Instead of jingling all the way, lawmakers were urged to sing the following:

Banker greed, banker greed

makes consumers pay.

Credit unions disappear

if bankers have their way.

The Federal Reserve Bank of Kansas City has tapped Craig S. Hakkio as senior vice president and director of research. The 13-year veteran, who previously served as vice president for international economics and special projects, served for two years as a senior economist on Ronald Reagan's Council of Economic Advisers. …

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