Word: chairman
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...reorganization option faded after William O. Douglas (then SEC chairman, later a Supreme Court Justice) persuaded Congress in 1938 to approve more punitive bankruptcy laws, but it was resurrected by Congress in 1978 as Chapter 11 of the bankruptcy code. Since then Chapter 11 has been used to reorganize airlines, steelmakers and countless other companies in trouble...
Stores have to figure out how to tap into this recalibrated value system--one based on caution rather than the branded excess of Christmas past. "The American consumer is trading downward in the most dramatic fashion ever seen," says Howard Davidowitz, chairman of Davidowitz & Associates, a retail-consulting firm. What's more, the thrift mind-set has seeped into all income levels. Saks Fifth Avenue, for instance, had a 16.6% drop in sales in October. "Saving is cool right now," says Candace Corlett, president of WSL. "Conspicuous consumption is out, and people have lost their passion to buy." (See pictures...
...that Clinton's options as a Senator are limited, at least in the immediate future. In that chamber, she is just one of many presidential also-rans and a relatively junior member of an institution where power and advancement require seniority. Shortly after the election, she lobbied Health Committee chairman Edward Kennedy and majority leader Harry Reid to create a health-reform subcommittee for her to chair and was turned down. Her consolation prize - to head one of three ad hoc task forces that Kennedy has created - would not allow her to put much of a stamp...
Nowhere but on Capitol Hill could a 69-year-old politician serving his 17th term be considered a Young Turk. But in challenging and unseating a committee chairman known as "the Truck," California Congressman Henry Waxman has succeeded in the kind of power sortie that happens only once every few decades in Congress - and put himself in a position where he will help determine the fate of much of Barack Obama's domestic agenda...
...Many congressional veterans were surprised when House Democrats, meeting as a caucus, voted 137-122 to oust Michigan's John (the Truck) Dingell, 82, as chairman of the House Energy and Commerce Committee and give the post to Waxman. Few jobs in Congress are as powerful; the committee has one of the largest swaths of jurisdiction, encompassing energy, health-care and environmental issues. Waxman's elevation upends one of the most revered principles on Capitol Hill: the seniority system. "It's just been buried," says Representative Charlie Rangel of New York, chairman of the Ways and Means Committee...