Word: chairmen
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Dates: during 1960-1969
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Like the Nazi ideology that spawned it in 1937, Germany's corporate law is based on the "Fuhrer" principle: it al lows company board chairmen almost unlimited power, stockholders practically no rights. As a result Germans are understandably reluctant to buy stock...
...post offices, and world trade and world credit have replaced the old RFC problems. Our machinery to carry the mammoth load of old and new items needs updating, overhauling, modernizing and revising." And last week, Monroney and Indiana's Democratic Representative Ray J. Madden, as co-chairmen of a twelve-man Joint Committee on the Organization of Congress, began hearings to try to do just that. They found no lack of free advice...
Root of Evil. Pennsylvania's Democratic Senator Joseph S. Clark had no less than 27 separate proposals up his sleeve, including two that dealt with one of Clark's pet peeves: the seniority system of selecting committee chairmen. Clark suggested that henceforth chairmen be elected by secret ballot taken among each committee's majority party members, further urged that a mandatory retirement age of 70 be imposed on all chairmen. Wisconsin's Democratic Senator William Proxmire, mindful of the fact that nine of the Senate's 16 standing committees are chaired by Southerners, wanted...
...much-heralded replacement for the seniority system is given only a few pages at the end of the book. Bolling would have the Speaker nominate committee chairmen and members of the Ways and Means Committee (the Democrats' Committee on Committees) to be elected or rejected by the party caucus. New nominations would be made to replace rejected candidates. The caucus would also approve or reject decisions of the Ways and Means Committee on committee assignments. The advantages of this system are that they combine the effectiveness of a strong speaker and the representativeness of a powerful caucus...
...close-knit fraternity of men who grew up in the shadow of the late Arthur Vining Davis, for half a century the domineering chief of the world's largest aluminum company. In those eight years, in a series of frequent but gradual transitions, Alcoa's chairmen have three times passed on their duties as chief executive shortly before retirement. Last week, nearing 65, Chairman Lawrence Litchfield Jr. relinquished his duties as chief executive officer, a position he has held for only three years, to President John Dickson Harper, 55, Alcoa's first boss of the post-Davis...