Word: ax
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Dates: during 1970-1979
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...save money now, the carriers have been wielding the personnel ax. Last year they laid off 9,000 people, and they expect to fire more this year. Pan Am announced last week that it plans to sack another 1,800 in the near future, including some pilots. The airlines have also reduced their service. Last year 658 flights-5% of the nation's total-were eliminated. Trans World Airlines, which lost $65 million, has replaced two 747s on its Chicago-Los Angeles run with one 707, at least for the winter season...
Since the stock-market crash of early 1970, the biggest noise in the brokerage community has been the sound of the falling ax. On Wall Street, some 35% of the work force has been let go since the market turned bearish. Simply through attrition, Shearson, Hammill & Co. reduced its rolls from 3,300 last spring to 2,800 today. A few firms sliced away a little muscle along with much fat. Some firms fired so many clerks that when trading volume picked up in November, the staff could not process orders on time...
...superfluous executives, built up over the euphoric years, were fired or pushed into early retirement. As part of one hold-down, the assistant controller of a Pittsburgh steel company daringly recommended that his job be consolidated with that of his boss. It was -but the assistant got the ax. Adding irony to his agony, he was then asked by the controller for a final evaluation of the staff. "Well," he replied, "I'll start by telling you that you're the worst boss I've ever...
Political Ax...
...Talk about revolution! When a man like Walter Hickel gets the political ax [Dec. 7] for being more concerned with principles than politics, it looks to me like the system that is supposed to be working for me is really working against...