One reads: “Be patient and the funeral procession of your enemy will pass in front of your tent.” The other includes a drawing of two vultures sitting on a branch. When he explains the loopholes he exploited in those laws, he draws two concentric circles: a literal loophole. The amount that the bank had grown, in just one year, was larger than the value of McColl’s entire company. And their reaction to making money is they don't know what to do with it, so they put it into funds. “That law was written by my lawyers,” McColl says. INSKEEP: Hugh McColl is a capitalist contemplating the possibility that his party could nominate a Democratic socialist. With a flexible spatula, remove strata to, 1981: Charlotte’s banking boom begins. "[3] After graduating from the University of North Carolina at Chapel Hill, McColl joined the United States Marine Corps and served a two-year tour of duty. Series . Information contributed by Joy Cornwell whose daughter is a descendant of the McColls. Hugh has 5 jobs listed on their profile. [50], For the Scottish-born irrigation pioneer in Australia, see, Effect of McColl's merger strategy on financial crisis of 2007–2008, Company formed from merger of Nationsbank (CEO since 1983) and BankAmerica, University of North Carolina at Charlotte, University of North Carolina at Chapel Hill, "Bank of America: Too Crooked to Fail--The bank has defrauded everyone from investors and insurers to homeowners and the unemployed. That's what happens when everybody is making money and doesn't know what to do with it. His family’s gifts to the university include a political science faculty development fund, an information and library science term professorship, and a graduate fellowship in the Center for the Study of the American South. Hugh McColl — always brash, bold, and thinking big — reshaped the banking industry in the United States, and turned a medium-size city into a metropolis. This is where we decided to stand and fight. McColl actively pursued mergers and consolidations that expanded his bank into one of the largest in the nation. No banks could legally open branches beyond their home states, but Northern banks, in places like New York and Chicago, were much closer to a larger manufacturing base. The first were the Northerners.”, “I’m Southern. Hugh L. McColl Jr. (born 18 June 1935) is a fourth-generation banker and the former Chairman and CEO of Bank of America.Active in banking since around 1960, McColl was a driving force behind consolidating a series of progressively larger, mostly Southern banks, thrifts and financial institutions into a super-regional banking force, "the first ocean-to-ocean bank in the nation's history." Their paternal great-grandfather, Duncan Donald McColl (1842–1911) was an attorney who had developed the first railroad (the 50-mile (80 km) South Carolina Pacific Railway[1]) and the first cotton mills in Marlboro County. Digital Collection . [24] In 2005, McColl won the Echo Foundation Award Against Indifference, Finance itself, a company like the bank that you built, companies like that are a much larger share of the economy than they were. That gave them more deposits, which gave them more money to lend. One is large and crystal. Hugh Leon McColl, Jr. (1935- ) and the McColl Building, ← Norman (1911-2003) and Mary McCaskill and the McCaskill Soccer Center, Samuel Eusebius McCorkle (1746-1811) and McCorkle Place →, William Hayes Ackland (1855-1940) and Ackland Art Museum, Edwin A. Alderman (1861-1931) and Alderman Residence Hall, Eben Alexander (1851-1910) and Alexander Residence Hall, William Waightstill Avery (1816-1864) and Avery Residence Hall, Charles Brantley Aycock (1859-1912) and Aycock Residence Hall, William B. Aycock (1915-2015) and the Aycock Family Medicine Center, Herman G. Baity (1895-1975) and Baity Laboratory, Kemp P. Battle (1831-1919) and Battle Hall, Kemp P. Battle (1831-1919) and Battle Park, John Grover Beard (1888-1946) and Beard Hall, W. Reece Berryhill (1900-1979) , Norma Berryhill (1902-2005) and Berryhill Hall, Stuart Bondurant (1929-2018) and Bondurant Hall, Cary C. Boshamer (1895-1973) and Boshamer Stadium, Kenneth M Brinkhous (1908-2000) and James B. Bullitt (1874-1964) and Brinkhous-Bullitt Building, Aubrey Lee Brooks (1871-1958), Thornton H. Brooks (1912-1988), and James Taylor Brooks (1918-1988) and Brooks Hall, Charles Hoyt Burnett (1913-1967) And Nathan A. Womack (1901-1975) and Burnett-Womack Building, William Preston Bynum (1820-1909) and Bynum Hall, Joseph Caldwell (1773-1835) and Caldwell Hall, Paul Cameron (1808-1891) and Cameron Avenue, William D. Carmichael, Jr., (1900-1961) and Carmichael Auditorium, Katherine Kennedy Carmichael (1912-1982) and Carmichael Residence Hall, Julian Shakespeare Carr (1845-1924) and Carr Building, Elizabeth Scott Carrington (d. 1993) and Carrington Hall, Dudley DeWitt Carroll (1885-1971) and Carroll Hall, Lowry Caudill (b. Statements like that — and there are many — manage to be both cocky and charming, in a Dizzy Dean “It ain’t braggin’ if you can back it up” sort of way. [26], The headquarters of the Kenan-Flagler Business School at UNC-Chapel Hill was named the McColl Building upon its completion in 1997 in recognition of McColl's efforts on behalf of his alma mater. So I'll vote Democratic, I'm sure, unless it's - I don't know. I agree with him on global warming. 1958) (right) with James Moeser (center left) and Holden Thorp (left) and Caudill Labs, Max Carrol Chapman, Jr. (b. He declined an offer from his father-in-law, John McKee Spratt (1907–1973), a banker, attorney, and judge,[8] to work at the Bank of Fort Mill, a small family-owned bank. "[4], After handing off day-to-day bank operations in 1999[16] and fully retiring from Bank of America in 2001,[17] McColl partnered with other Charlotte banking executives to form McColl Partners, an investment banking firm which advises mid-sized companies on mergers and acquisitions McColl supported Bill Clinton for President, at one time voted for George W. Bush, and supported Barack Obama for President. [14], Strategically, McColl blunted opposition to the bank mergers and acquisitions by pledging in advance billion in loans for low-income neighborhoods, particularly with the creation of NationsBank and Bank of America. Sometimes McColl says, “Well, I’ll have to admit,” before disclosing something that he did not foresee, and that transgression is always minor. Two books have been written about McColl: A 2008 book, Dearest Hugh:The Courtship Letters of Gabrielle Drake and Hugh Mccoll, 1900–1901 edited by Suzanne Cameron Linder Hurley, recounts via their letters the courtship of his grandparents, D.D.McColl and Gabrielle Palmer Drake McColl (1882–1964). [24], McColl is member of Augusta National Golf Club. [44] In 2005 McColl, an avid quail hunter, leased 60,000 acres (240 km2) of the Kenedy Ranch, a Texas Longhorn-cattle ranch in the Falfurrias ranch area[45] of Kenedy County, Texas. INSKEEP: Is any part of his critique of Wall Street and banks fair, any little part of it at all? I think it's whistling Dixie. After he watches a few plays, McColl shifts his gaze to the place where the Panthers play their home games: Bank of America Stadium. The reason I am is, I believe that a chief guarantee of our country, of citizenship, is the right of freedom of speech, the right to be who we are.[26]. McColl became President of NCNB in 1974 at age 39. [33], In 1991, McColl purchased, restored, and relocated one of his great-grandfather Duncan Donald McColl's homes in Bennettsville, South Carolina and then donated it to Marlboro County. He was voted Best All-Round Boy in his senior class. Furthermore, the group of logic and epistemology at the University of Lille (France) develop MacColl's suggestions for a dynamic free logic. Those other banks got jealous, and asked states to allow them to expand. So why does the government keep bailing it out? “I do have the feeling, when I stand at the window and look out, that this is mine,” he says. 90.7 Charlotte 93.7 Southern Pines In 1994, Congress finally allowed banks to buy and own other banks across state lines, allowing McColl to pull off his most ambitious move. The streets below are alive with people and cars. NCNB made national headlines with its purchase of the failed First Republic Bank Corporation of Dallas, Texas from the Federal Deposit Insurance Corporation (1988).