Word: chairman
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Dates: during 1960-1969
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...potential of aviation, helped bankroll the beginnings of American, Pan American and Trans World Airlines. He was a friend to retail merchandising when other bankers scoffed, was financial angel to many of today's largest firms. "I bet on people more than balance sheets," Lehman once told Litton Chairman Tex Thornton, who recalls: "I blinked my eyes a couple of times when I heard that...
...opportunity for impact." They are getting the message through to chief executives that they are not willing to put in the usual stint as a trainee, shuffling paper and learning company routines. "These younger, better-educated people demand a different kind of direction," says Edward J. Hanley, chairman of Allegheny Ludlum Steel Corp. "You have got to give them their head, put them in positions where they can make mistakes." Because many large companies are accustomed to stockpiling skills, the brightest young executives often move into small firms, where they can more readily assume the responsibility that they impatiently demand...
Golfing Decision. U.S. Trust's basic investment policies are set by a three-man leadership: Chairman Hoyt Ammidon, Vice Chairman Berkeley Johnson and President Charles Buck. The decision as to whether or not to invest is based about 20% on a company's product and ability to market it, and 80% on the bankers' personal assessment of the company's president and top management. Vice Chairman Johnson believes that "you can learn quite a bit about the ethics and personality of the man you are dealing with by playing golf or going shooting with...
...three real estate investments, buying a portfolio of tax-free municipal bonds and long-term growth stocks, and setting up trusts for his two children. Estate advisers even thought of future grandchildren and provided trusts for them in the doctor's will. "By creating charitable trusts," says Vice Chairman Johnson, "it is possible to make money stick to a family's bones decade after decade...
...moving at last to reform the tax code (see THE NATION), many well-used loopholes will be plugged. U.S. Trust will undoubtedly find new gaps in the law and apply them for the enrichment of company and client alike. Meanwhile, there probably will be a strong growth in what Chairman Ammidon calls "the managing of money so that its owners will be free to turn their full attention to their own businesses." Not only will troubled markets and tighter tax laws make it harder for the amateur investor to turn a profit, but many of the new millionaires...