Word: chrysler
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Dates: during 1980-1989
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Overnight, it seems. Back in the early '80s, the state had so much oil money that State Representative Hoyt ("Pappy") Moss proposed to bail out Chrysler, Cleveland and a couple of other basket cases in the Lower 48. A few years before that, the legislators, in a gesture of unprecedented largesse, did away with the state income tax. In its place, they substituted a state- sponsored giveaway. Each and every resident was paid an annual "dividend" of some $500 merely for living in the state. The big spenders in Juneau also voted to give residents 65 and older an additional...
...daring move, Chrysler will buy AMC. -- The merger whirlwind blows anew. -- A transatlantic insider- trading scam...
...Paris last week, Renault Chairman Raymond Levy emphasized that the proposed sale to Chrysler was "not an admission of failure." But he added that "we must concentrate our forces on our core businesses in Europe and not disperse them elsewhere." Translation: the financially battered, government- owned French company (estimated 1986 losses of $660 million or more on sales of around $21.6 billion) has spent $650 million during the past eight years in gradually assuming its controlling interest in AMC, but to little avail. Last year AMC's sales of the Alliance amounted to only 77,005 cars, down 41% from...
...last week's announcement was, of course, a milestone. Even though Iacocca said AMC will remain intact as a Chrysler subsidiary, at least for a time, the sale agreement marks the demise of a firm with origins that date back to 1902 and the production at Kenosha of the firstone-cylinder Rambler automobile by the Thomas B. Jeffery Co. A series of mergers culminated in the formation of American Motors in 1954. In the late 1950s and early 1960s, under the chairmanship of George Romney, the company carved out a niche for itself as a groundbreaking producer of small classics...
Suddenly the merger whirlwind started blowing once again last week, into every corner of the economy. Chrysler's agreement to buy AMC was only the most stunning of a series of takeover bids and pacts that swept through the boardrooms of airline companies, book publishers, casino operators, shoemakers and retailers. Says Thom Brown, chief of investment policy at Butcher & Singer, a Philadelphia-based investment-banking firm: "There are so many deals in the works that it's hard to keep a cap on them...