Paul Davis: How the mighty have fallen

So what’s next? We all reach certain milestones in our lives at different times and in different ways. So, what’s next for banking’s former king, Bobby Lowder?

He has seen his financial empire collapse. That’s a $26 billion tumble, tough even for a poor, little rich boy. He no longer owns and controls Colonial Bank. The federal government would not bail out his failing bank. Some Florida investors did, but they also infused some new directors and defused Lowder. He was kicked out in 24 hours by the new group.

Without that checkbook, it is doubtful if he controls anything else. His vast wealth bought him many “friends,” and he carefully shielded himself by packing the bank’s board with the closest of his friends and cronies. He had at his side and at his bidding, his attorney, his coach, his minister, those who invested the most and those on the periphery who owed him the most.

He has served on Auburn University’s board of trustees longer than any man in the history of that institution and, as with his bank, he almost destroyed Auburn. It is one of the most sanctioned institutions in the United States for sports infractions and was also brought to the brink of losing its accreditation, academic standing and federal money.

I grow weary of hearing of Lowder’s financial gifts to Auburn. Some of that Auburn money he gave came from the institution he was supposed to serve. He did well on that score. How much he made we’ll probably never know.

He stacked Auburn’s board with his closest cronies and those who owed him the most money. He spoke little at public meetings. He knew the outcome well before the public meetings started. He always meets first in secret. He always knew the outcome of every vote. He always chaired the athletics committee. He always hired the coaches and fired the coaches. He alone, ran Auburn – almost into the ground. He alone hired and fired the presidents, the good ones and mediocre ones.

Dr. Bill Muse has written a wonderful biography titled, “The Seventh Muse.” He was one of seven children in which he devotes a chapter to his tenure as president at Auburn. It’s a great story of his life. Of special interest to Auburn folks will be his chapter on Auburn. He calls it “Fire on the Plains.”

He doesn’t mince words as he too often did while here. He makes it clear that Lowder was the source of almost all of Auburn’s problems.

I spent many hours with Dr. Muse, a good man. We talked early on by phone, from my office to his. He then became concerned that his phone was tapped and asked that I call him at home. Then he became fearful about using his home phone. Those were tough days.

One day over lunch in a downtown restaurant, I also asked Dr. Muse why he just didn’t go public, tell the whole, sordid story, get fired and get it over with. I knew he was going to be fired sooner rather than later. I think he did, too. “It’s just useless to have a public brawl. He (Lowder) has too much power. Who wins? Who loses? Would it help Auburn?” he asked me.

Now, we’ve come full circle. Lowder will once again be living in Auburn, the Loveliest Village, trying to relive some of those times gone by when he was a student. Or, as all press releases say when big boys fall, spending more time with his family.

He arrives without his fattest checkbook, and I perceive not a lot of the “friends” he thought were his friends. Poor little rich boy. His bank needed a bailout, perhaps he does, too. He owns around 8 million shares of Colonial stock, which sank from $27 a share 24 months ago to a low of 29 cents in March. He should have talked to Tommy Tuberville. Tuberville walked away with more money than Lowder.

My, how the mighty have fallen.

Paul Davis writes a Sunday column for the Opelika-Auburn News. You may contact him at Paul_Davis@charter.net