David Paul ran his Miami CenTrust Bank in the heady 1980s with an appetite for personal luxury subsidized with dubious junk bonds and shareholder…

8. David Paul ran his Miami CenTrust Bank in the heady 1980s with an

appetite for personal luxury subsidized with dubious junk bonds and

shareholder money. Along with his extravagant home (monthly

mortgage payment: $60,921), he built the CenTrust Tower on Miami’s

skyline. The building was complete with gold-plated plumbing

fixtures in the executive suites, a single staircase that cost $1 million,

tons of green marble, a health club with mahogany lockers and a

reflecting pool on the 11

th

floor sky lobby, the first elevator stop above

the ground floor. Expensive painting adorned his office walls. Was Mr.

Paul acting in a manner pleasing to his shareholders? Explain his

behavior and a potential solution to this behavior.

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