Word: bankrupting
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Winning the Teamsters election was the easy part for James P. Hoffa. Now comes the challenge: Leading a bankrupt union, which has lost $162 million in the past seven years, in the face of two powerful rivals, each ready and willing to limit his influence. As a result, predicts TIME correspondent Edward Barnes, Hoffa's three-year term will prove a tough haul for the new Teamsters president at a critical time when the labor movement is struggling to regain its old political influence...
Morgan issued stocks and bonds for railroads (think of them as you would software companies today), brokered deals among them and dominated their boards. He recapitalized so many bankrupt railroads--Morganized them, as wits said--that by the 1890s he controlled one-sixth of America's railway system...
Alfred Sloan literally wrote the book on managing large organizations--My Years with General Motors. No large company is untouched by his concept of decentralized management. He came into a GM that was cash short, chaotic and nearly bankrupt--Ford had a 60% market share--and brought discipline to a sprawling company, clearly defining the issues of planning, strategy and organization. He mastered the concept of market segmentation--Chevrolets for Everyman, Cadillacs for the wealthy--to better target GM's sales and avoid internal competition, a strategy that left Ford behind. Sloan also understood what managers today call "consumer insight...
...laughing, and with good reason. On Nov. 20, the first piece of the 16-nation, NASA-led International Space Station is set to be launched from Baikonur--marking the start of an eight-year construction project that ranks as the greatest peacetime engineering job in history--and a bankrupt Russia is only one of the problems it faces...
They found one in Electric Communities, a three-year-old start-up whose first product, a rich virtual world called Microcosm, proved too unwieldy for today's Web and has yet to be released. But CEO Larry Samuels had one edge over his rivals: his company wasn't (quite) bankrupt. Last spring, in a set of cash-free stock swaps, E.C. acquired both the Palace and OnLive Technologies, whose audio software lets multiple users talk live over the Net. In August, Samuels relaunched the Palace--and started giving the software away...