Word: borman
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...from the TIME news bureaus around the country, about 150 names made the working lists. Last month TIME again asked its news bureaus for lists of people outside politics who might be presidential. The exercise yielded a national total of only 21 names. Among them: two former astronauts, Frank Borman, president of Eastern Airlines, and Neil Armstrong, oil-equipment executive; Chairman Robert O. Anderson of Atlantic Richfield; Lee lacocca of Chrysler; James Bere of Borg-Warner; Thomas Wyman of CBS; President Hanna Gray, University of Chicago; Marvin Goldberger, Caltech; Bartlett Giamatti of Yale; and, inevitably, Walter Cronkite...
...there is still deepening gloom about the economy, and no single group is more painfully aware of it than the beleaguered owners of American businesses. This year their ranks are being trimmed by bankruptcy faster than at any time since the Depression. Says Chairman of Eastern Air Lines Frank Borman, whose company has several times flirted with failure: "I've long said that capitalism without bankruptcy is like Christianity without hell. But it's hard to see any good news in this...
Despite the anguish corporate bankruptcy causes individuals, many economists agree with Eastern's Borman that it is an inevitable, perhaps even healthy, aspect of capitalism. Like a forest fire that creates more productive land by burning off dead trees and scrub, the failure of one company often yields markets, capital and skilled labor that fuel the growth of another. Says Eugene Lerner, professor of finance at Northwestern University's J.L. Kellogg Graduate School of Management: "For a long time, thanks to inflation, a lot of firms found it convenient to borrow a lot more than was prudent...
...federal aid to cover part of the expense for the first ten months of 1981. The Justice Department has responded with an offer of more than $200,000, though at least 26 FBI agents have been assigned to the investigation. Donations from numerous citizens, including Eastern Airlines Chief Frank Borman and Actor Burt Reynolds, have topped $60,000. Another $100,000 is expected from the March 10 benefit organized by Sammy Davis Jr. and Frank Sinatra...
...stations in Florida and Oklahoma are already moving to reduce the number of hours they stay open. Drivers in Colorado are finding that some stations are either closing early or limiting sales. Airline flights continue to be affected; last week an Eastern Air Lines plane carrying Chairman Frank Borman from Miami to Atlanta was diverted to Tampa to take on fuel. These spot shortages will probably become more acute and will spread when warm weather leads to more driving and the Energy Department moves to ensure that no one region is disproportionately affected. The loss of "sweet" low-sulfur Iranian...