Herbert Sandler

Herbert Sandler (November 16, 1931 – June 5, 2019) was a co-CEO (with his wife, Marion Sandler) of Golden West Financial Corporation and World Savings Bank. He died on June 4, 2019, at the age of 87. Golden West Financial's lending practices had Time Magazine include Sandler and his wife Marion in their list of the "25 People to Blame for the Financial Crisis". Education Sandler graduated from Stuyvesant High School in New York City and the City College of New York in 1951. He graduated from Columbia Law School in 1954.Herbert Sandler Obituary, San Francisco Chronicle, June 6, 2019Langer, Emily; Bernstein, Adam,"Herbert Sandler, S&L magnate who also seeded ProPublica, dies at 87", The Washington Post, June 5, 2019 Career In 1963, the Sandlers created Golden West Financial Corporation, a savings and loan holding company, to acquire Golden West Savings and Loan Association, the predecessor to World Savings Bank. Since that time, Golden West grew into one of the largest thrifts in the U.S. with assets of approximately $125 billion, deposits of $60 billion, and 12,000 employees. Under the Sandlers' management, Golden West generated a 19 percent average annual compound growth in earnings per share over a 39-year period. The company was described as "one of the most efficient and productive money machines on the planet",<ref>[https://www.amazon.com/Less-More-Jason-Jennings/dp/1591840309 "Less is More]</ref> and was included 10 times in Fortune magazine's annual list of the United States' most admired companies. The Sandlers were also named "2004 CEOs of the Year" by Morningstar, Inc. In an article on the death of Marion Sandler, Ryan Mac of Forbes'' notes that Golden West "instituted borrowing practices that were largely blamed for the housing market collapse".