Word: co-chairman
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...equals" because neither Eaton nor Schrempp wanted to use the word acquisition. Schrempp feared it would touch off a xenophobic outcry in Washington. Eaton did not want to seem as if he'd just sold out. But Eaton blundered. He announced last May that he would step down as co-chairman within three years and turn the company over to Schrempp. Stallkamp, sensing what the consequences might be, pleaded with him not to say it, but Eaton wasn't swayed. "I believed strongly there should not be two CEOs," he explains. "But I probably made a mistake in saying...
...simply too burdened to be much more than a headache to anyone. Analysts estimate that its debt nearly doubles when the financial obligations of its many affiliates are thrown in. "We don't want to spend our hard-earned money buying someone else's hard-earned debt," said Ford co-chairman Jacques Nasser not long before he bought Volvo last month. Some top Ford executives were certain last fall that Nissan was worth a serious look, and they went so far as to invite Hanawa to Dearborn. But even before the Japanese executive got there, enough intelligence had come back...
...been faster than Americans to snap up such opportunities. But the Americans are about to get some help in spotting the good buys. Goldman Sachs has set up a new mergers- and-acquisitions team in Singapore to be headed by Richard Gnodde, one of its top specialists. Jon Corzine, co-chairman of Goldman Sachs, adds that the firm is planning to start a "recovery fund" targeted chiefly at Asia. Goldman's Asia president, Philip Murphy, indicates a major target will be consumer goods, which many others also consider an attractive field for U.S. investment. One reason is that some Asian...
This knack for covering all political bases carries all the way to the top of the Fanjul empire. Alfonso Fanjul served as co-chairman of Bill Clinton's Florida campaign in 1992. His brother Pepe was national vice chairman of finance for Bob Dole's presidential campaign in 1996 and was host to a $1,000-a-head fund raiser for Dole at his Palm Beach mansion. After Clinton's 1992 victory, Alfie was a member of the select group invited by the Clinton camp to attend the President-elect's "economic summit" in Little Rock...
...just two weeks ago assured Congress that hedge funds "are strongly regulated by those who lend the money. They are not technically regulated in the sense that banks are, but they are under fairly significant degrees of surveillance." On the other hand, Treasury Secretary Robert Rubin, a former co-chairman of Goldman Sachs, had put out a word of caution, saying that "people who extend credit tend to get a little less careful" in good times...