Word: altmans
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Veteran New York City adman David Altman recalls paying Lauren Bacall less than $25 to pose back in the 1940s. Ten years ago, a top model in New York City earned about $5,000 for a day's advertising or commercial work. Today the superstars can make between $15,000 and $25,000 a day. Each of a tiny handful of the most sought after is earning in the neighborhood of $2.5 million a year. Perhaps 30 of the next in line earn around $500,000 a year. The managers reap a pretty harvest too. Agents receive...
Committee members were nonetheless openly skeptical. Referring to a prepared statement by Clifford and his protege-partner, Robert Altman, which characterized their own conduct as "entirely proper," Wisconsin Republican Toby Roth said, "I don't believe a word of it. You've been in bed with B.C.C.I. for 10 years, and you're telling us all you got was a back...
Behind the panel's skepticism are records showing that Clifford and Altman had profited hugely from their role as legal counsel to B.C.C.I. and several of its subsidiaries. As chairman and president of First American, they also received millions of dollars in B.C.C.I. loans to buy bank stock, on which they made $10 million in profit. The committee documents further note that Clifford and Altman may have lied to U.S. authorities about their knowledge of B.C.C.I's purchase of First American...
Often faced with the choice of appearing either venal or stupid, Clifford and Altman skillfully parried most questions. Clifford justified his large stock profits by explaining that he had taken only a nominal salary of $50,000 a year, and that the stock gains were a result of his successful efforts to boost the value of the company. Asked how they could possibly have been unaware that they were involved with a criminal enterprise, the two pointed out that B.C.C.I. had also managed to fool the Bank of England, Price Waterhouse and the Bank of America. But their polished responses...
Clifford and Altman still face a daunting battery of probes. Grand juries in Washington and New York City are studying how much both men knew about B.C.C.I.'s secret ownership of First American. Manhattan District Attorney Robert Morgenthau is investigating a 1988 deal in which Clifford and Altman reaped a combined $10 million profit after buying stock in a B.C.C.I. affiliate. The two had borrowed $18 million from B.C.C.I. to acquire the stock, which they held for less than two years. TIME's sources say investigators are probing whether the $10 million profit was a payoff for First American...