Some of you out there might not already know this. The visitor's locker room at the University of Alabama has a very unique and appropriate name: the Fail Room. I am not kidding. That is literally and truly the name of that room. The Fail Room.
James M. Fail was born on March 28th, 1926, in Mobile, Alabama. He served in the Navy for three years after attending Murphy High School. He graduated from the University of Alabama in 1949, and then began his long, storied, and controversial career in the exciting world of high finance.
Fail was indicted for securities fraud in Alabama in 1976. As a result of a plea bargain, the charges against him personally were dropped; he pled guilty on behalf of his already-bankrupt company, and he was barred from doing any further business in Alabama. This incident would later provide the basis for further fraud charges against Fail brought by the FDIC.
Fail was thrust into public attention in 1990, when the Senate Judiciary Antitrust Subcommitee held hearings scrutinizing his business activities, in particular his acquisition of a federally funded thrift despite a prior indictment for fraud and the criminal conviction of his company.
Also in 1990, another of Fail's insurance companies, Farm and Home Life Insurance, failed and was placed in receivership by the Arizone Department of Insurance. In March 1992, Arizona sued Fail and his deputies for civil racketeering fraud in an amount in excess of the company's $101 million insolvency, alleging that "Mr. Fail and others were engaged in an elaborate scheme to drain millions of dollars out of the company...", resulting in its failure. The case was settled for $78.8 million.
Fail has served as a Director of the Beneficial Mortgage Company, a member of the Economic Club of New York and a founder of its Centennial Society, and a Director of the Phoenix Symphony. In 1997 he established The Patsy and Jim Fail Scholarship at Birmingham-Southern College for "any worthy and deserving student". In 2007 Fail donated $200,000 to the Mobile Symphony, endowing its principal cello chair in memory of his wife.
Fail has repeatedly given to the Crimson Tide Foundation, the non-profit arm of the University of Alabama's athletic department. The department's media suite is named for Fail's father-in-law, Naylor Stone. In 2008, the visitor's locker room at Bryant-Denny Stadium was officially named "The Fail Room". Fail commented, "Earlier this year, when I saw the visitors' locker room as a potential naming right, I figured it was the most appropriate opportunity I would ever have to use my name."
Other donation recipients include the UAB School of Medicine, St. Paul's Academy, the Metropolitan Museum of Art, the University of Alabama Collegiate Fund, the Alabama Symphony, and Kappa Sigma Beta.
All information from http://en.wikipedia.org/wiki/James_M._Fail.
Damn. As I am right about to hit "Publish," there is a story about this on ESPN right now. Oh well.