Word: 1970s
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Dates: during 1970-1979
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Never Again. A sampling of investor opinion by TIME correspondents across the nation indicates that the market is likely to remain dominated by the institutions. Many onetime investors are still too scarred from the market bust of the early 1970s to take another chance. "The Government keeps telling me that the economy is better, and that makes me all the more suspicious," says Harvey Goldstein, a professor of English at the University of Southern California. Los Angeles Advertising Executive Bertram Gader says that the heavy institutional trading frightens him: 'The individual investor has no idea of what is going...
...strategy for propelling Volkswagen beyond the Beetle was laid out by the company's former managing director, Rudolf Leiding, who launched a $1 billion program to design new models in the early 1970s. When Leiding quit under fire a year ago, he was replaced by Schmücker, 54, a 30-year veteran of Ford's European operation. One of Schmücker's first moves at Volkswagen was to offer up to $6,000 tax-free to workers who would quit. Some 24,000, or 17% of the company's German work force, accepted. That...
...appreciate the diversification possibilities of holding companies. (Citibank today is officially a subsidiary of Citicorp, a holding company also headed by Wriston, which is involved in mortgage banking, leasing and financial consulting, and runs 148 consumer-loan offices in 19 states through its Nationwide Financial Services Corp.) During the 1970s, Citibank has moved from third to second largest bank in the U.S. in terms of assets, elbowing past its traditional rival Chase. There are persistent rumors that some Chase directors are unhappy and would not be sorry to see Chairman Rockefeller leave-though there is no indication that he will...
...their cruisers and assigning them to long-term service on beats so that they could get to know their assigned neighborhoods. He also established an alcohol-action project, which included mandatory rehabilitation classes for drunken drivers. His department was a model for other cities in the early 1970s...
...more surprised by the underwriting debacle than the companies themselves. Their reserves, which determine how much new business they can write, were swollen as the companies entered the 1970s. But when the stock market began plunging early in 1973, the companies saw their portfolios wither and their reserves drop 22%, to $21 billion by the end of 1974. At about the same time, inflation was racing ahead to record levels, sending claims costs soaring, a condition that was worsened by an unusually high number of tornado and fire losses...