QUOTE(Lancaster Online @ Jun 1 2007, 02:00 AM)
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Good job Mr. Burns. Excellent article. The who, what, where, when, and some of the how/why were covered. I liked this part of the article the best:
Carl said it was hard to understand the complacency of a management team that could allow EFI — an equipment leasing company with relatively small asset base of about $365 million — to generate 41 percent of the pretax net of Sterling, a $3.3 billion bank-holding company.
"Sterling's management apparently relied far too long on the earnings contribution of EFI," Carl said. "EFI was lending at rates of 14.5 percent and taking little reserves for bad debts. It was simply too good to be true and, in fact, wasn't true."
