Leonard Abess

Leonard Abess, Jr. is the CEO of Miami-based City National Bank of Florida, who sold a majority share of the bank to a Spanish firm in November 2008. Out of his profits from the sale, Abess distributed $60 million to everyone on the payroll and 72 retired employees.Miami Herald: Miami banker gives $60 million of his own to employees (February 14, 2009)

On January 24, 2009, U.S. President Barack Obama mentioned Abess in his first official adress to Congress since his inauguration. Abess was invited to sit in First Lady Michelle Obama's box during the speech.Huffington Post: Obama Speech Tonight: Video, Text (February 24, 2009) Naked Politics: Two from Miami to sit with First Lady for Obama speech (February 24, 2009)

Leonard Abess Jr. is the son of the original founder of Miami's City National Bank, Leonard L. Abess. The younger Abess didn't inherit the business, which was sold in the 1960s, but bought majority control of the bank for $21 million in 1985. Under his leadership, the bank grew from $400 million in assets to $2.75 billion with 18 offices.Miami Herald: Miami banker gives $60 million of his own to employees (February 14, 2009)

Abess sold majority control of the business to Caja Madrid for $927 million, and distributed $60 million to his employees. To announce the bonuses, Abess made a video explaining that a windfall would be coming, that it was not to be construed as severance pay or a raise, but a one-time bonus. Three days later, senior employees handed out vouchers that detailed the amounts deposited in employees' payroll accounts.Miami Herald: Miami banker gives $60 million of his own to employees (February 14, 2009)

"I think about Leonard Abess, the bank president from Miami who reportedly cashed out of his company, took a $60 million bonus, and gave it out to all 399 people who worked for him, plus another 72 who used to work for him. He didn't tell anyone, but when the local newspaper found out, he simply said, 'I knew some of these people since I was 7 years old. I didn't feel right getting the money myself.'"—Barack ObamaHuffington Post: Obama Speech Tonight: Video, Text (February 24, 2009)