Word: chips
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...hobby is part of an industry that is now worth hundreds of millions of dollars and has benefited from advances in miniaturized electronics, motors and light, high- strength materials spawned in the race to the moon. "I like pushing the edge in flight and technology," says Baugher, a chip off Jimmy Doolittle, "and I can walk away from my crashes...
Once dominant mainly in manufacturing, Japan's giant electronics companies are sharpening their edge in product development as well. Reason: manufacturing profits have bankrolled research and development. Japan now leads the U.S. in twelve of 25 strategic chip technologies, has pulled abreast in eight others, and is catching up in the remaining five...
...advertising industry, small shops are thinking big these days. Fast- moving and feisty, the upstarts are luring a growing share of blue-chip accounts away from the Madison Avenue behemoths. While agencies like Manhattan's Young & Rubicam (1987 billings: $4.9 billion) and London's Saatchi ) & Saatchi ($4.6 billion) have tried to dominate the business by taking over competitors, firms less than one-tenth their size are attracting large ad accounts to such off-the-avenue cities as Boston and Minneapolis. In mid- August the Richards Group of Dallas ($97 million) snared the $15 million account for the Long John Silver...
Banks have been virtually forced to make riskier loans because they have lost some of their best customers. Blue-chip corporations, which used to borrow from commercial banks, now increasingly raise money by issuing securities through investment banks. But the Glass-Steagall Act of 1933 bars commercial banks from underwriting most types of securities. That competitive inequity has led Wisconsin Democrat William Proxmire, chairman of the Senate Banking Committee, to push for a revision of Glass-Steagall that would let commercial banks into the securities business. His proposed bill appears stalled at the moment, but the eventual passage of something...
...Bentsen cut a wider swath in Washington. In the days before economist chic, he quickly established himself as the Senator with the numbers. His office was hung with spreadsheets and flow charts. In a world of financial illiterates, he became known as a man of probing analysis and computer-chip memory who actually knew how to wend intricate tax breaks for the oil and real estate industries through Congress...