Word: bigs
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Dates: during 1970-1979
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...expected to be $15 billion or more, and it is traditionally split two-thirds for individuals, one-third for business. Conable, Jones and other congressional leaders have been telling business people to rally behind a single proposal to avoid a repetition of last year's squabble, when big companies preferred a corporate tax cut rather than a reduction in capital gains taxes. The plan for faster depreciation has quickly won the backing of business lobbyists, who get together for breakfast every two weeks at Washington's sedate Sheraton-Carlton...
Business appears to be presenting a united front because the 5-10 idea would benefit both big and small companies, and it appears to be easier to sell to Congress than a further cut in corporate tax rates. Says Albert Sommers, chief economist of the Conference Board, a business-backed research group: "Speedier depreciation is the simplest, fairest and most legislatable general measure of assistance to capital formation...
While the gasoline shortage and the economic slowdown have hurt sales for all the automakers, times have been particularly rough for the weakest of the Big Three, Chrysler Corp. After the company lost an unexpectedly large $53.8 million for the first quarter, Group Vice President Harold Sperlich admitted, "You cannot stand too many quarters like that and keep the company afloat." Some Wall Street analysts expect that 1979 losses will top last year's $204.6 million...
Chrysler's unit sales so far this year have dropped 13.4%. Stuck with the oldest plants and highest costs among the Big Three, the company is struggling to raise money for a fiveyear, $7.5 billion modernization program. Chrysler officials recently visited 81 banks in Europe and North America, drew $100 million from company credit lines and persuaded bankers to stretch out $302.6 million of debt due next year. Chairman John Riccardo had previously renegotiated a $567.5 million revolving credit agreement with the banks, sold off most of the company's foreign operations and raised $250 million from...
...year by President Lee lacocca, but long lead times and lack of capital will prevent lacocca from making any significant product changes before 1982. So far his much promoted fiveyear, 50,000-mile protection plan has not done much to move Chrysler's top-heavy line of big cars out of the showrooms. Sales of the Omni and Horizon compacts have almost doubled since last year, but their production is limited because of a contract with Volkswagen, which makes the engine and produces only 300,000 a year...