(Answered) 8 david paul ran his miami centrust bank in the heady 1980s

Economics

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 11th 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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