Banking: The $1,000,000 Misunderstanding

In 41 years as a roving loan officer for the First National Bank of Boston, Serge Semenenko doctored many an ailing corporation back to health with heavy doses of credit. Rarely, if ever, did the bank lose money on his risky loans. Thus, when Semenenko, 63, retired last month as vice chairman and head of First National's "special industries" division, the Brahmins he had worked for made appropriate farewells. The bank and its directors, said Chairman Roger Damon, "look forward to a continuing relationship."

Last week it looked as though Damon's vale had held a double meaning: there was an...

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