Was column on Ed Hale & 1st Mariner too mean?
Tuesday's column was on the continuing struggles of Ed Hale and his bank, 1st Mariner.
If Hale can't raise capital or there isn't a major turnaround in 1st Mariner's profits, the bank is in danger of being seized by the government and forced to merge with another bank. The buyer could well be one of the "big, out-of-town banks" that Hale has railed against since founding 1st Mariner in the 1990s.
I thought the piece was pretty straightforward. The bank is in jeopardy. Its own accountants believe its future in its present form is in doubt. The newspaper has a duty to tell everybody who bought 1st Mariner stock what's going on.
Reader Alan Christian believes The Sun's coverage has been unfair. He writes:
Jay, I have always had respect for the Sun, but that feeling has been slipping away from me. The realities are clear. There still is a Sunpaper published every morning, but you would not wrap many fish in it. No further comment is necessary. First Mariner is a case in point. I have known Ed Hale for over 40 years and he has been right there when Baltimore needed him. Years ago, I was helping the DAV Thrift Stores market their stores. We had a golden opportunity tossed out way. Several of the hotels in Ocean City were going to change their mattresses and Box springs. One problem, we had to pick up the material in Ocean City and transport it to Baltimore.
My first reaction was, "With What?" Long story short, I contacted Ed Hale and he provided a truck (free of charge) to transport the bedding supplies to Baltimore where they were distributed to the DAV Thrift Stores. Never saw the story in the paper, never wanted the story in the paper. He did it, because it was the right thing to do. There are hundreds of stories like this one concerning Ed Hale. Now, He is still trying to keep the last private bank in Baltimore afloat and the Sun not only every bad story they can find. When they run the followup story, they repeat all the bad news again. You know better. Shame on you and the Sun. Are you that desperate for readers? What do think Mencken would say if he came back and read the Sun today? Think he would be pleased? Alan Christian
Thanks for your feedback Alan. I would love to know Mencken's opinion of Ed Hale. Unfortunately we can't find out.
Comments
So, because a man is generous and open handed to a deserving charity, that means he has what it takes to run a bank? I don't see the connection. If anything, the column when easy on Hale, merely suggesting that a guy who made so many bad decisions may not be the best guy to run a bank. It probably would have been better to say outright that despite his other sterling qualities, he shouldn't be in that business.
Posted by: Cheap Jim | April 6, 2011 9:08 AM
Sadly people all too often cannot separate emotions from fact when making decisions, especially financial ones.
Someone can have some good traits but still be a bad business person.
All too often I see or hear about people sticking with brokers, financial consultants,etc. because they are friends with them or related to them. If the people took a step back and look at the numbers they would realize the mistakes they have made.
Personally I'm no fan of Hancock but in this case the reader (Christian) is completely wrong. He simply cannot take a step back and look at things objectively.
Posted by: rich (arizona) | April 6, 2011 3:12 PM