Word: crystallize
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Dates: during 1990-1999
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...setting detail. Malcolm has admitted to fabricating some of this detail, such as moving the site of a conversation from her flat in New York City to a restaurant in California. The myth is that by relying so heavily on seemingly verbatim quotations, the journalist is functioning as a crystal-clear piece of glass through which the reader can see the subject whole and true. But if the quotes are the result of art and not tape recording, the whole genre needs rethinking...
...easy to see why shareholders are unhappy with ITT. Explains Calpers chief Dale Hanson: "ITT is not one of the companies that bubble to the top when you think of performance." That's putting it mildly. According to Graef S. Crystal, a professor at the Haas Business School at the University of California, Berkeley, ITT's total return to shareholders during Araskog's 12- year tenure has been in the bottom 30% of America's 406 largest companies. Yet over the same period, he notes, Araskog's compensation has rocketed from a level that was 87 times as great...
Blowing it by the board of directors is usually pretty easy. Often enough, bosses who get big raises return the favor by handing out higher fees and benefits to the board. Says Graef Crystal, a professor at the Haas School of Business at the University of California, Berkeley: "Wherever you find highly paid CEOs, you'll find highly paid directors. It's no accident." At Coca- Cola, CEO Roberto Goizueta earned $10.6 million in salary and stock in 1989, more than three times the average for CEOs of the 200 largest U.S. firms (his 1990 compensation: $11.2 million). His board...
Unfortunately, recent evidence shows that these incentives generally don't work. Laudable in theory, their effect in practice is just the opposite of what's intended. Berkeley's Crystal, a top compensation consultant, has done a complex computer analysis of these stock grants. In 1989 the average annual return on investment at 38 large companies offering all three types of stock awards (including Bristol-Myers, Sara Lee, Unisys and Allied Signal) was 11.3%. But at 215 companies that offered only two kinds of treats (including Morgan Stanley and Paramount), the return was 12.7%, and firms offering only one (Disney...
...family -- but not before she convinced the boy that there are such phenomena as ghosts and guardian angels. As Alexander edges toward nervous collapse, Alice returns from a 20-year absence. With her is Cleo, a seductive and hilarious blond, flourishing every new-age artifice from palmistry and crystal therapy to numerology and astrology. Smitten, Alexander finds himself pulled toward opposing terminals: the arena of scientific investigation and the realm of emotion and mysticism...