Word: abbouds
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...agency's plan calls for a dramatic return to the banking business by A. Robert Abboud, former chairman of First Chicago and ex-president of Occidental Petroleum. Abboud, 58, known during a stormy 29-year career as an exacting boss, is spearheading a campaign to raise $500 million and gain control of First City, a holding company that operates 61 banks in Texas and one in South Dakota. Abboud, who will become chairman, is kicking in $5 million of his personal funds. His group, which had been conducting secret negotiations with the FDIC since November, beat out at least three...
...rode the FDIC and Abboud, who will assume management of the company from Houston's powerful Elkins family. The current shareholders will end up with less than a 3% stake in First City. The FDIC intervention, financed by annual premiums that U.S. banks pay to the federal agency, kept the Government from having to pay depositors an estimated $1.8 billion if the bank had gone out of business. But "this is no bailout," asserts FDIC Chairman L. William Seidman. "In terms of the stockholders and management, the bank has failed...
...Abboud is no stranger to failures, bailouts or controversy. At First Chicago in the late 1970s, he helped the bank recover from a string of bad real estate loans. But associates complained that Abboud was autocratic and contributed to flagging morale. In 1980 the bank's board ousted him. Abboud soon became president of Occidental, only to resign in 1984 after policy clashes with Chairman Armand Hammer. Since then, Abboud has run his own investment firm near his home in the posh Chicago suburb of Barrington. His reputation for toughness lingers, however, and Abboud seems to revel in it. "People...
Chicago was abuzz, though, with speculation that a deal was in the works. In a front-page story, the Chicago Tribune claimed that Robert Abboud, president of Occidental Petroleum, and Drexel Burnham Lambert, a New York City investment banking firm, were putting together a group of investors to rescue Continental with a $2 billion infusion of capital. The story seemed plausible because Abboud was once chairman of First Chicago, Continental's crosstown competitor. He was abruptly fired in 1980, after his bank suffered an earnings slump...
...Abboud admitted last week that he had advised Drexel Burnham Lambert on a possible investment in Continental but contended that he was not financially involved in the deal. Nonetheless, people who know the pugnacious Abboud say that he would love to get back into the big-money whirl of Chicago banking, especially if he could compete head on with the bank that sent him into corporate exile...