Word: butcher
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Chase Manhattan Chairman Willard Butcher then called together the heads of seven of the brokerage firms from which it had obtained the securities. Butcher told the moneymen that his bank would not be making the interest payments that were supposed to be due to them that day because Drysdale Government Securities had not paid Chase. The banker said that Chase could not be considered legally responsible for the money owed by Drysdale, but was willing to go ahead anyway and and put put $90 million into a $250 million pool until the situation was cleared up. Included among the astonished...
When asked where the escapees were being held, the spokesman refused to be specific, saying only that "the rabbits are now in prearranged responsible homes, forever safe from the butcher's knife...
...businessmen who conceived it as a profit-making venture as well as a civic-spirited showcase. The fair and adjacent real estate developments were financed by an intricate combination of private money and, to a much larger extent, public funds. Nearly all the deals have a common connection: Jake Butcher, 46, a Knoxville banking magnate and twice a candidate for Governor. Banker Bert Lance, Butcher's friend and Jimmy Carter's ill-starred budget chief, made the entrées necessary to arrange for $43.5 million in federal subsidies and talked Egypt into participating. Another Butcher friend, Jesse...
Says University of Tennessee Political Scientist Joseph Dodd, a sharp critic of the fair: "City resources are being used to benefit a small number of wealthy people. There's a direction to the flow of money. The direction always comes back to the Butcher network...
...organizers are unapologetic. "The investors took a capital risk," says Tom O'Brian, a New York banker involved in the fair's private financing. "I see nothing wrong with a return commensurate with that risk." As for Butcher, he is nonchalant about his role. "Every project," he says, "needs a shepherd." By staging a "super barn burner" of a World's Fair, he claims, Knoxville "got 30 years of growth in five years...