“They are all plain to him who understands, Right to those who find knowledge.
Receive my instruction rather than silver; Knowledge rather than choice gold.
For wisdom is better than rubies. All the things that may be desired can’t be compared to it.”
Daniel Patrick Tully
Daniel Patrick Tully was born January 2nd, 1932 in Queens, N.Y. Mr. Tully graduated from St. John’s University in 1953 with a Bachelor’s in Business Administration. Mr. Tully served in the United States military from 1953-1955.
Mr. Tully was married to Grace Tully for around fifty-nine years.
Mr. Tully had eight children (four by blood + four by his children’s marriages): Eileen & Paul, Daniel & Dianne, Timothy & Marianne, and Elizabeth & Peter. Mr. Tully also had thirteen grandchildren.
Mr. Tully was eighty-four years old at his passing on May 10th, 2016, while visiting his daughter. Before passing away, Mr. Tully was a Hobe Sound, Florida, resident.
Merill Lynch: Trainee to CEO
Mr. Tully spent forty-two years at the large security firm Merrill Lynch, rising from accounting trainee to CEO. Along the way to CEO, Mr. Tully worked as a vice president, & president of consumer marketing for the firm.
Mr. Tully retired as CEO in 1997. Mr. Tully’s leadership at Merill Lynch saw share prices triple from 1991-1996. Leadership at Bank of America—Terry Laughlin, John Thiel, & Andrew Sieg—considered Mr. Tully to be especially skilled in mergers & acquisitions during his time as CEO at Merrill Lynch.
Mr. Tully believed in the five pillars of Merrill Lynch & tried to live his life to those principals: (1) Client Focus, (2) Respect for the Individual, (3) Teamwork, (4) Responsible Citizenship, and (5) Integrity. Author Greg Farrell believes that Mr. Tully’s coworkers could tell that Mr. Tully cared about the firm & the firm’s employees & customers.
Orange County Bankruptcy1
Mr. Tully has had to bounce back from setbacks.
During his celebrated tenure at Merrill Lynch, Mr. Tully helped underwrite $875 million worth of municipal securities with Orange County, California. These securities included municipal bonds & derivatives. Shortly after these securities were underwritten, Orange County filed one of the biggest municipal Chapter 9 bankruptcies in United States history at 1.6 billion dollars.
The SEC declined to sanction Merill Lynch executives individually for their role in the 1994 bankruptcy. Instead, the SEC accepted a $2 million civil penalty from Merill Lynch collectively. Pacific Regional Director for the SEC, Elaine Cacheris, believes that Merrill Lynch committed an unintentional fraud based on a “firmwide pattern of negligence.”
The SEC charged Merrill Lynch with omitting material information about Orange County’s financial status from the SEC-required offering documents. The SEC believes that Merrill Lynch executives understand & had knowledge of the county’s risky investment portfolio.
Merrill Lynch was also sued by Orange County & settled for $437 million.
“The fear of Yahweh is to hate evil. I hate pride, arrogance, the evil way, and the perverse mouth.
Counsel and sound knowledge are mine. I have understanding and power.
By me kings reign, And princes decree justice.”
Mr. Tully’s Wide Variety of Experience
Mr. Tully also served as:
- Vice Chairman of the American Stock Exchange
- Vice Chairman of the Securities Industry Association
- Vice chairman of the New York Stock Exchange (NYSE)
- President of the Ireland United States Council for Commerce & Industry
- Commissioner of the National Pensions Reserve Fund
- Chairman of the Tully Commission
- Chairman of Central Park Conservancy’s Wonders of New York Campaign
- Chairman of the NASD
Fieldpoint Private Bank & Trust
In 2008, Mr. Tully & thirty other individuals formed Fieldpoint Private Bank & Trust. Technically, as of 9/4/2024, Fieldpoint Private Holdings, Inc. owns & controls Fieldpoint Private Bank & Trust.
The various services at Fieldpoint Private Bank & Trust are offered by: (1) Fieldpoint Private, (2) Fieldpoint Private Bank & Trust Member FDIC -Equal Housing Lender, and (3) Fieldpoint Private Trust, LLC.
Fieldpoint Private Bank & Trust is a state-chartered bank of Connecticut & a member of the Federal Reserve System. As a result, both the Board of Governors of the Federal Reserve System & the State of Connecticut Department of Banking supervise the Company & Bank on a federal & state level, respectfully.
Fieldpoint Private Trust, LLC offers trust services & is a public trust company chartered in South Dakota under the South Dakota Division of Banking.
The companies Mr. Tully helped form in 2008, as of 2022-2023, serve over 1,000 clients & rank among the top 20% of U.S. banks by assets.
Philanthropy
Mr. Tully was philanthropic.
Mr. Tully served as a director within the Stamford Hospital Foundation.
Mr. Tully & Mrs. Tully gave millions to the Stamford Hospital Foundation. Stamford named its health center the Tully Health Center as a result of the donations.
The Tully Health Center located on 32 Strawberry Hill Ct., Stamford, CT provides: bone density scans, CT CAT scans, fluoroscopy, mammography, MRI, nuclear medicine, pet scan, ultrasound, and x-ray services.
He enjoyed traveling & playing golf. Mr. Tully particularly enjoyed Ireland.
Mr. Tully was known for ending phone calls & meetings with “God bless you.”2
“I love those who love me. Those who seek me diligently will find me.
With me are riches, honor, Enduring wealth, and prosperity.
My fruit is better than gold, yes, than fine gold; My yield than choice silver.
I walk in the way of righteousness, In the midst of the paths of justice; That I may give wealth to those who love me. I fill their treasuries.”
- https://www.ocregister.com/2019/12/06/heres-how-orange-county-went-broke/; https://www.statista.com/statistics/1118545/bankruptcy-filings-us-chapter-9-largest-municipalities/;https://www.wealthmanagement.com/wealth-management-industry-trends/merrill-execs-off-the-hook-in-orange-county-bankruptcy; ↩︎
- https://www.stamfordadvocate.com/local/article/Namesake-of-Stamford-Hospital-s-Tully-Health-7501404.php; https://www.fieldpointprivatetrust.com/; https://www.federalreserve.gov/newsevents/pressreleases/enforcement20240911a.htm; https://darienite.com/daniel-tully-former-darien-resident-merrill-lynch-executive-for-whom-stamfords-tully-health-center-is-named-10942; https://www.federalreserve.gov/newsevents/pressreleases/files/enf20240911a1.pdf; https://www.fieldpointprivate.com/; https://www.legacy.com/us/obituaries/palmbeachpost/name/daniel-tully-obituary?id=15129293; https://darienite.com/daniel-tully-former-darien-resident-merrill-lynch-executive-for-whom-stamfords-tully-health-center-is-named-10942; https://www.hbs.edu/leadership/20th-century-leaders/details?profile=daniel_p_tully; https://www.investmentnews.com/industry-news/daniel-tully-merrill-lynch-ex-ceo-torn-by-the-firms-fate-dies-at-84/67593; https://www.statista.com/statistics/1118545/bankruptcy-filings-us-chapter-9-largest-municipalities/; https://www.charlotteobserver.com/news/business/banking/article77283272.html ↩︎
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