10 MR. GOHARY: By director, you mean member 166 yourself, you would say you were an advisor, financial 19 20 21 22 MR. GOHARY: Economist. MR. MANNION: Would you be able to supply the lines of the questions that I have been raising -- some 23 of it I am sure is in the application already. 24 MR. TUTTLE: My letter of November 5, I 25 25 think, includes a good deal of information exactly (202) 234-4433 112 1 along the lines of who they are and what they do, and 2 makes representations to the nonownership of U.S. banks and corporations. 3 113 5 6 7 And I think you have enough there. If there is anything additional you want, we will attempt to Yes. 8 MR. MANNION: You had indicated that you 9 had been engaged in a search or negotiations for a 10 chief executive officer that you might bring aboard. 11 12 We understand the sensitivity about divulging that 13 14 kind of person that you have been looking for and possibly the present rank of that person or give us an idea MR. CLIFFORD: We want to find, first, a commercial banker, and second, we want him to be an experienced commercial banker; and third, we want him to be a successful commercial banker; and fourth, we want him to be well regarded by his colleagues; fifth, we'd want him to be well regarded by the Federal Reserve who would know something about him. Hopefully, he has an important job now. (202) 234-4433 114 1 I think it would not make any difference to us whether he was a president of a bank or a senior vice-president 2 or executive vice-president, but we would like someone 3 who is up in the top hierarchy of a bank. 5 And I guess first of all, the requirement would be that he would be an American. We would like" 6 7 8 9 10 11 127 him to have some foreign experience because we believe that it is possible that in that area lies the greatest potential for the banks in the Financial General family because under the new ownership,many of the opportunities we believe will be in the foreign field. We do not consider that a condition precedent but we think it would be a valuable asset for bankers to 20 years, possible 30 years. We have talked 18 to men who are presidents of banks. We have talked to men who are executive vice presidents of banks, and we have found a good deal of interest. But until we reach the point that we can 21 give them some degree of assurance, then they are 23 loathe to cut off their ties to their present job 24 and embark upon the new one that is not yet a certainty. 25 25 I hope that answers your question. (202) 234-4433 2 more than one commercial banker? I mean, you have 3 6 7 8 9 10 apparently interviewed several people, and you have indicated that you intend to bring in a chief executive MR. CLIFFORD: We have left that open, and the reason we've left it open is because of experience that I know I have had not only in government but with business. If you bring a man in and you say, "Now, 11 12 here you are to come into this position, and we have 13 also chosen X who we are bringing in at the same time," 14 you get a division of responsibility. I think that 15 is unwise. 16 I think it is unwise, for instance, to bring 17 a man in as a cabinet member in the government and 18 then tell him the top four positions, we've already 19 filled, and these are the men that you inherit when you come in to be the cabinet member of that department. It makes a very poor system. We want to pick out the men in whom we have confidence, and bring him in as president and CEO, and we would not consider the possibility of others until we had him in place because he is going to have (202) 234-4433 116 the main responsibility. That would be my answer. 1 MR. MANNION: Are there any more questions 2 along the lines of management or questions about the 3 personal background of the investors? 4 MR. RYAN: There is just one that keeps 5 7 8 9 10 11 12 nagging at my mind, and I realize that it has been answered, but I'd just like to have the concept a little clearer. If Financial General a year or two or three down the road began running into difficulty because and excuse me, because, say, of misjudgments made by the people with whom you have entrusted your shares, what action would you take? 13 SHEIKH ADHAM: Well, I think that the logical 14 thing, whether it was in America or elsewhere, is to 15 16 try to save the investment, and we are all people who who know or watches the Board of Directors that it 20 is the mangement, that somebody in the management, 21 that it was because of that, then we'll ask their opinion and maybe we can replace the manager. But we will not let the bank go down because we are involved; our |