Banker cites family as reason not to run

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By Frank Cho and Lynda Arakawa
Advertiser Staff Writers

BancWest chairman Walter Dods, one of Hawai'i's most influential businessmen, announced yesterday that he will not run for governor because his family is strongly opposed to his becoming a candidate.

Banker Walter Dods hugs a supporter after announcing that he will not seek the Democratic nomination for governor. "Absolutely, I think I could have won, but family comes first," Dods said of his decision. Associated Press

At a meeting with his family Sunday night, Dods said he told them that he had decided not to run.

"We have given a lot to the community and I have neglected my family," Dods said. "I have not given the time I should have given my own family."

Dods was seen as potentially one of the strongest contenders to challenge Republican front-runner Linda Lingle in November.

The Honolulu banker was seen by some as an attractive candidate because of his lack of political baggage and his ability to raise money quickly. His status as a prominent businessman would have also neutralized Republicans' criticism that the Democrats are anti-business.

"Absolutely I think I could have won, but family comes first," Dods said. "Being a non-politician is not a negative. People today are looking for new direction, they are looking for leadership."

Dods said he has no plans to campaign for any of the remaining Democratic candidates but may make monetary contributions.

"At this time I like all the candidates. They all have different strengths," Dods said.

Dods said his family was concerned about the impact a run for the governor's office would have on his health and about the time away from his family. The 61-year-old banker said he has no specific health issues right now, but it is a concern they raised, he said.

"I am no spring chicken anymore," Dods said.

Dods and his wife have three sons in their 20s and a teenage daughter who recently graduated from high school.

Gov. Ben Cayetano said he respected Dods' decision.

"It is another example of how much harder it is today to get experienced, well-qualified people to run for public office than it was when I was first elected 28 years ago," Cayetano said. "Today, elected officials have virtually no private life and the demands of public service leave little time for a normal family life."

Dods climbed through the ranks at First Hawaiian Bank to become chairman and chief executive officer of the bank and its parent, BancWest Corp. which, with $33 billion in assets, ranks as the nation's 25th-largest bank holding company.

He also serves as a trustee of Damon Estate, the fourth-largest private landowner in the state, and has been active in Hawai'i politics, serving as the campaign manager for former Democratic Gov. George Ariyoshi and U.S. Sen. Daniel Inouye, D-Hawai'i.

Last year, Dods negotiated BancWest's acquisition by BNP Paribas of France in a deal in which he said he personally netted about $20 million. He earned $2.8 million last year as the bank's top executive.

In his remarks, Dods addressed critics who had questioned whether a multimillionaire could be a credible candidate for the Democratic Party.

"I know what it is to be poor. I've been poor most of my life and I think there's nothing wrong starting off as an office boy and making it to the top," Dods said. "I think that we send a very bad message to the young people of Hawai'i if the inference is that if you've made it you shouldn't be eligible for office because somehow it contradicts the values of a democratic society. That is wrong."

The Associated Press contributed to this report.