Word: corp
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Dates: during 1970-1979
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There are indeed many men of presidential caliber who have held high appointive office but never run in an election. Economist and Educator George Shultz, 55, now president of the Bechtel Corp., showed vision, courage and the ability to win the respect of his opponents when he was U.S. budget director and Secretary of Labor and Treasury. The brainy McGeorge Bundy, 56, the former Harvard dean who is head of the Ford Foundation, performed with authority as National Security Adviser in the Kennedy and Johnson Administrations (though his identification with the Viet Nam War would be a political burden...
...part because of the deep-rooted American suspicion of businessmen's motives. Many of our earlier Presidents (starting with George Washington) had some entrepreneurial experience, but the last out-and-out businessman who ran was Wendell Willkie in 1940. Says John T. Connor, chairman of Allied Chemical Corp. and former head of Merck & Co.: "Anyone with previous business experience becomes immediately suspect. Certain segments think that he can't make a decision in the public interest...
Copperweld Corp., a Pittsburgh-based producer of specialty steels, fought hard to stave off a takeover by Societe Imetal, a French concern controlled by the Rothschilds. Copperweld executives opposed the bid in court; employees staged placard-waving demonstrations pleading that the company stay American-owned. Stockholders, however, were more impressed by Imetal's offer to pay $42.40 each for shares that sold for $34.50 just before the fight, and last week Imetal announced it had bought 61% of Copperweld's outstanding stock...
...trend seems to be accelerating further, and target companies are often succumbing. Last month, for example, Otis Elevator finally went along with a takeover by United Technologies Corp., which bought two-thirds of Otis' stock after upping its bid to $42 a share from $40. The management of Garlock Inc., a producer of leakage-control devices for pipes and machinery, last week withdrew a court suit against a tender offer by Colt Industries, which increased its bid to $35 a share from $32. In other tender offers now being contested, Crane Co. is seeking shares of Anaconda...
Abboud now has the opportunity to apply such wisdom on a grand scale. Last week, after a superachieving career in U.S. banking, Abboud, 46, took over as chairman and chief executive of First Chicago Corp., parent of the First National Bank of Chicago, the nation's ninth largest bank (assets: $18.2 billion). If confronted today by a borrower in the same situation as his father, Abboud would make the loan that the Boston banker turned down. Abboud feels that banks have forgotten character and loaned money to "too many high rollers...