BAD LOANS, BAD BLOOD

The excellent feature on San Diego’s two troubled financial institutions illuminated something that I have long suspected about bankers: They are no better at managing money than most of us.

I particularly enjoyed having an inside look at the dynamics that produced, as your author claims, one of the worst acquisitions in banking history. Great American’s determination to get into the Arizona market bespeaks the same “I’ve already make up my mind, don’t confuse me with facts” logic that has driven so many of America’s great corporations to the brink of insolvency.

Your article should be a lesson to all, but especially to stockholders: Ask questions, and don’t assume that your company’s vaunted board of directors knows what’s best.

FRED REYNOSO

San Diego