Word: bechhold
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Dates: during 1960-1969
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...competitors had already started. Carte Blanche imprudently handed out cards to poor credit risks, ended up with an inordinate number of bill dodgers. In a rescue operation two years ago, Conrad Hilton eased his son Barren out of the presidency, replaced him with veteran Hotelman Benno M. Bechhold, 60. Bechhold weeded out poor risks, cut the number of cardholders by 100,000 (current membership: 425,000) and installed an IBM 1401 computer to speed up billing operations. As a result, Carte Blanche earned $900,000 on billings of $58.7 million for the first nine months of its present fiscal year...
...fight between Diners' Club, American Express and Carte Blanche for the nation's credit-card business, someone, and perhaps everyone, was bound to get hurt. Last week Carte Blanche admitted that it was hurt-and badly. For the fiscal year ending April 30, President Benno M. Bechhold estimated that the Hilton Credit Corp., which set up Carte Blanche, would lose $4,000,000. The reason: "Our unsatisfactory collection experience...
...rescue Carte Blanche, Hilton Hotels Corp. Chairman Conrad Hilton and several associates two months ago pumped $5,000,000 into the corporation to cover credit losses, put in Bechhold as president to replace Conrad Hilton's son Barron. To cull out bad risks, Bechhold at once tightened the credit check (the new minimums: 25 years of age, a $7,200 salary, and "an established pattern of wise and consistent use of credit"). He also is putting into operation next month an IBM computer system to check daily on the state of accounts, send out reminders to delinquents...
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