Word: apollo
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...morning of April 19, the private-equity firm Apollo Management acquired Realogy--the company behind real estate brokerages Coldwell Banker, Century 21 and ERA. It was not, by modern standards, a huge transaction: the sale price was $8.5 billion, nowhere near the $39 billion that private-equity titan Blackstone Group recently paid for Equity Offices Trust...
...leading catbirds, Blackstone's Stephen Schwarzman and Apollo's Leon Black, happen to be old pals of Silverman's. In the 1980s, Silverman too was an LBO artist, working alongside corporate raider Saul Steinberg and funding his exploits with Michael Milken's Drexel junk bonds. Then, as a partner at Blackstone in the early 1990s, he sniffed a change in the financial winds, cobbled together a few struggling hotel chains (starting with Ramada and Howard Johnson) into Hospitality Franchise Systems (HFS), took the company public and stayed...
...peak of $2 billion in 2004, investors were unimpressed. So he heeded their grumbling and broke up the company. The hotels became Wyndham Worldwide, rental cars the Avis Budget Group, travel distribution (Orbitz, Galileo) Travelport, and real estate Realogy. Blackstone bought Travelport last year, and now Realogy belongs to Apollo...
...look at the iconic Apollo image of Earth from space is all it takes to realize that our continuing welfare is a global proposition and each of us is responsible for it. This realization leads to what might be called an "ethic of connectedness." But such an ethic seems to disappear whenever we talk about health care or education or tax policy, and in its place is the endless argument between the "ethic of caring," with its emphasis on collective action (typically the Democratic position), and the "ethic of responsibility," with its emphasis on individual action (typically the Republican position...
...also the hallmark of successful policy. Kennedy’s frequent references to collective sacrifice, for instance, were matched with a substantive commitment to national priorities, as well as a candid appraisal of what we’d have to give up in order to make endeavors like the Apollo program successful. Under FDR’s leadership in World War II, we agreed to ration our consumption of gas, shoes, and coffee, and our national wealth was used to protect our national security. Likewise, Bill Clinton, who asked in his first inaugural for us to choose sacrifice...