Word: branches
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Dates: during 1980-1989
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...August that year, an NLRB hearing officer ruled that a new vote be taken. But NLRB Regional Director Robert W. Fuchs overruled that decision in November. Litigation over the legitimacy of the election continued throughout 1982 until the federal branch of the NLRB made the final ruling that the 1981 election was conducted fairly...
...Morley, a senior vice president in charge of cash management. Lynch, however, will keep his director's post and continue to receive full pay; Rae will retire early. Two mid-level executives will be officially reprimanded, three regional managers will be suspended for 30 days without pay, and six branch managers will be fined between $25,000 and $50,000. The payments from the officials, all of whom earn at least $100,000 a year, will be turned over to charity...
While many large companies today manage their money by aggressively moving it among various accounts, some of Hutton's branch managers went much too far. They issued a flurry of overdraft checks in order to obtain no- interest loans at a time when rates were about 20%. For 20 months beginning in July 1980, the company obtained as much as $250 million a day in freebie loans on which it could earn interest. Bell termed the overdrafts "so excessive and + egregious" that "no reasonable person could have believed that (their) conduct was proper...
Bell's report concludes that Hutton's upper officers put excessive pressure on branch managers to boost their cash-management income and then failed to monitor how it was being done. One senior vice president gave underlings envelopes containing play money equal to how much extra profit he thought they could be bringing in. But in attempting to trace the blame for the check-kiting scheme as high as possible on the corporate ladder, Bell discovered a "peculiar management structure" at Hutton with fuzzy personal responsibilities. No one, for example, was willing to admit being the immediate boss of Morley...
...very top officers at Hutton, though, escaped any charges of wrongdoing in Bell's report. These include Fomon and former President George L. Ball, who is now head of Prudential-Bache. While the investigator deemed that Ball contributed to Hutton's "overdraft culture" because he "constantly exhorted" branch managers to boost their earnings, the president's job description made him responsible largely for sales performance rather than banking or legal questions. As for Fomon, Bell did not hold him accountable because the chief executive had hired qualified underlings and "was entitled to rely on the decisions, judgments and performance...