Word: abboud
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Conversations in the banking community last week had the strange ring of corporate slapstick: "Who's on First? Which First?" In a stunning move the board of directors of the First National Bank of Chicago fired both its abrasive chairman, Robert Abboud, 50, and its obstinate deputy chairman, Harvey Kapnick, 54, after their short but stormy tenure together and sharp earnings slumps. On the same day, First Pennsylvania Bank announced that it was to receive a mammoth $1.5 billion loan package from the Federal Deposit Insurance Corporation and 25 private banks, the largest rescue package ever put together...
...first no one minded Abboud's stormy leadership of First Chicago after he took over the nation's ninth largest bank in 1975. First Chicago had accumulated a backlog of bad loans. With what one bank official termed his "one-man-band" style, Abboud attacked the problems with decisive speed. His aggressive style was seen, for example, when he outmaneuvered the bigger Chase Manhattan Bank to secure the first loan ($8 million) by an American bank to the People's Republic of China...
Tuesday morning, July 10, economic, labor and business leaders: Robert Abboud, board chairman of the First National Bank of Chicago; Douglas Fraser, president of the United Auto Workers; John Kenneth Galbraith, author and economics professor emeritus at Harvard; Lyle Gramley, member of the Council of Economic Advisers; John Gutfreund, head of Salomon Brothers; Paul Hall, president of the seafarers union; Walter Heller, economics professor at the University of Minnesota and member of the TIME Board of Economists; Jesse Hill, Atlanta businessman; Reginald Jones, board chairman of the General Electric Co.; Lawrence Klein, economics professor at the University of Pennsylvania; Arthur...
Bankers and businessmen quickly hailed the measures, which many thought long overdue. "Superb!" exclaimed Robert Abboud, chairman of First National Bank of Chicago. "It is stiff medicine but very much needed medicine, and I applaud the Administration for having the courage to apply it." Ford Motor Co. Vice Chairman and President Philip Caldwell said the dollar-saving moves should "slow inflation and re-establish growth on a healthier basis." Richard Kjeldsen, senior international economist for Security Pacific National Bank in Los Angeles, asserted, "The President's economic package is drastic, abrupt and volatile?it's just what the doctor ordered...
Clubby bankers from Zurich to Tokyo have confided to Abboud that Middle Eastern, Latin American and Asian capitalists are poised to invest many billions in the politically stable U.S.-as soon as they become convinced that they will not lose because of further dollar erosion. When these worldly investors plunge in, the stock market will surge, many jobs and business opportunities will be created, and the temporarily groggy champ will start to bounce back...