Word: cuc
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Dates: during 2000-2009
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...1990s stock-market boom. The company expanded into real estate, then rental cars (Avis). Its share price rose almost 2,000% in four years, and Silverman's net worth rocketed toward $1 billion. He was hailed as a genius. Then, in 1997, he merged HFS with direct-marketer CUC to form Cendant. CUC was an e-commerce pioneer, giving Silverman a tangential link to the Internet bubble. Under CEO Walter Forbes, now awaiting jail, CUC was also a pioneer at fabricating earnings, Silverman later discovered. This was the first of the big end-of-the-century accounting scandals, and though...
This trip from private equity to public conglomerate and back wasn't pointless. According to company calculations, if you count every spinoff and asset sale--plus a $2.8 billion shareholder lawsuit payout in the wake of the CUC mess--a dollar invested in HFS when it went public in 1992 would be worth more than $14 now--a 22% annual return, or more than double the performance of the S&P 500. Which means Silverman is probably worth listening to on one of the great questions of our day: Is it better for a company to be traded...
...Quyen fell in love with her country's wildlife almost by accident. In 1996, after graduating from university with a geography degree, she took a summer job in Cuc Phuong National Park with the NGO Fauna & Flora International. She was put in charge of educating villagers to respect the park's wildlife, rather than hunt it. But by 2000, Quyen began planning a Vietnamese conservation group that could make the nation more self-reliant. "We can't expect foreigners to come and save our country," she says. "The work should be done by Vietnamese...
...autumn, I am coming home." Fritz Schröder never came home, and never met his newborn son. On Oct. 4, 1944, two months after Romania declared war on Germany, he was killed, reportedly by a Katyusha rocket, while fighting in a bunker just south of Ceanu Mare. Anica Cuc, 88, was 28 at the time. Taking a break in her garden from some afternoon weeding last week, she recalled an ox-drawn wooden cart pulling up outside the village church after the battle, where it deposited "eight or nine" bodies that were buried by German soldiers. "It was good...