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Roland Arnall

Sunday, 08 February 2009

Roland ArnallRonald Arnall is a pioneer name in the field of providing bank mortgage. He was instantaneously an American billionaire, generous political contributor, diplomat and so forth. In recent times, his name is being pronounced repeatedly in the global economic changing situation where Arnall's self-styled initiative appears as a nightmare.

A flower peddler

Though Roland Arnall got familiarity as an American entrepreneur, he was born in Paris, in 1939, on the eve of World War II. Arnall came into life in a Jewish family. But he was grown up having the identity of Roman Catholic. To avoid the Nazi deportations, Arnall's parents had to hide the Jewish religious identity.  Arnall flew from Europe to America with his parents after the Second World War. They stayed many days in Canada and finally entered the United States. At one stage of early life, Arnall would peddle flowers from streets to streets of Los Angeles and California. Arnall's mother did a nursing job while his father was a clothes maker. His residence was placed at the Holmby Hills, CA, United States. Arnall died in 2008 at the age of 68. FOX Business reported that the reason behind Arnall's death was cancer. Arnall left behind his two children Daniel and Michelle and his wife Dawn L. Arnall.

Acts for many things

Arnall's name was enrolled in the list of billionaires. According to the Forbes Magazine, Arnall was one of the richest persons in America. In 2007, his net wealth value was more than 1.5 billion US dollar while, $3 billion in 2006. Spending $30 million, Arnall bought Los Angeles estate that was previously possessed by thw singer Engelbert Humperdinck.

In 1970s, Arnall invested a large amount of money in real estate business. And later his investment was expanded into diverse sectors like technology, oil, etc and finally he founded loan lender company Ameriquest. With founding the Long Beach Savings and Loan Company (in 1994, it turned Ameriquest) in 1979, he entered into the niche marketing. His company aggressively provided loan even to the general people. Arnall worked more than two years (from March 2006 to March 2008) as an ambassador of the United States of America to the Netherlands. Being enlisted his name in the line of business, Arnall became the title-holder of ACC Capital Holdings and co-founder of the Simon Wiesenthal Center.

Unspoken scandal

Arnall married twice. His first wife was Sally Arnall. But they officially ended their 37 years marriage life in 1996. But the news did not end there. After seven-year of divorce, Ronald's spouse appeared in the court and appealed to look into her ex-husband's wealth in order to secure more divorced payment. Sally accused her former husband that he hid his actual finance. However, Arnall did not agree to disclose anything to the media persons terming it as his personal and family's secret matter.

Much talked name

Arnall became a much talked name for giving election campaign donation to California politician Arnold Schwarzenegger. Besides, questions were also raised against Chabad who seemed to be the beneficiary of Roland Arnall. With a view to supporting George W. Bush's political endeavors, Arnall along with his spouse raised at least $12 million. Among the amount, more than $5 million was kept for the advancement of America Voter Fund. Moreover, he was one of the leading donors of Republican Party, the associate press reported.

That damaged everything

You know, in recent world, the most discussed and spoken incident is undoubtedly the world economic recession. If we investigate the reasons for that unpleasant episode, we find one big thing- mortgage, aggressively providing mortgage. Arnall's company Ameriquest provided huge amount of money as loan but they could not able to recover it.

The Ameriquest was one of the American largest sources of sub-prime mortgage. It had been facing very difficulties since the start of economic recession in August 2007 resulting from non-payment of sub-prime mortgage by the borrowers. As a result, the company lost its profit drastically. And that is why the company recently stopped more than 230 retail offices and dismissed about 3,800 employees.  

The Argent Mortgage is the wholesale sister of Arnall's company Ameriquest Mortgage. Both of the companies appeared largest sub-prime lenders in America. But their aggressive mood in providing home loan to the ordinary people brought some difficulties to the companies. Simultaneously, borrowers raised lots of complains against them and even the company was accused of cheating with mortgagor. Moreover, it was charged to pay a huge amount of compensation ($325 million). And finally Ameriquest was handed over to Citigroup in 2007.

A generous donor indeed

Arnall donated a big amount to establish a human rights organization named Simon Wiesenthal Center. He also contributed to the Museum of Tolerance. He was one of the trustee board members of the California State University where he held the position at least 16 years. In addition, Arnall and his partner contributed a lot of money to the political parties of the USA. The Federal Election Commission termed them as generous contributors.

Md. Asraful Alam

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Martha  - Remembered   |2010-09-16 15:47:17
I always will remember Mr. Arnall and Thankfully God to give me the opportunity To work For Him. he was the most beautiful and getleman person. Who tread me with respect and he always told me he admired me for who I was honest person loyal and with ethics. God take care of him


jane flaherty   |2011-08-19 21:24:00
He destroyed people's lives....
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