Word: darman
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Dates: during 1980-1989
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Back in November, Deputy Treasury Secretary Richard Darman startled the business community with a stinging critique of what he called the U.S. "corpocracy," management that was "bloated, risk-averse, inefficient and unimaginative." After such a harsh assessment of big business, it came as a surprise when Darman, 43, announced last week that he was leaving the Reagan Administration to become a managing director at Shearson Lehman Bros., one of the nation's largest investment-banking firms...
This swing has been spurred by the insider-trading scandals, which find considerable resonance with Americans. Says Pollster Field: "The public doesn't distinguish between Wall Street and Big Business. I see Big Business becoming a target in 1988." Deputy Treasury Secretary Richard Darman, one of the intellectual turbines of the Reagan revolution, masterminded last year's successful push for tax reform. He has attempted to formulate a conservative populism that would save the Reagan Administration from being inextricably tied in the public mind with Big Business and Wall Street. Darman has used the term corpocracy to describe the bloated...
...corporate fitness trend is cresting at a time when some Government officials have taken pointed aim at businessmen for their inefficient ways. Last November, Deputy Treasury Secretary Richard Darman stirred controversy when he used the terms bloated and corpocracy to describe the U.S. business hierarchy. Darman's epithets rebutted executives who blamed federal tax and budget policies for problems with U.S. competitiveness. Both Darman and other officials, however, acknowledge that Big Business is changing its ways. Robert Ortner, chief economist for the Commerce Department, acclaims the present restructuring efforts of corporate America as "amazing...
...jobs to 19.1 million. But partly because of this slimming down, U.S. manufacturing productivity -- hourly output -- has risen by an average of 3.8% annually over the past five years, compared with 1.5% in the '70s. But no such productivity improvement is yet evident outside of manufacturing. Says Treasury's Darman: "We have to make ourselves more efficient in the service sector...
High corporate rank has provided no immunity from the restructuring effort that has taken place so far. "The efficiency problem," Darman points out, "is a white-collar problem even more than a blue-collar problem." Between 1983 and 1987, some 600,000 to 1.2 million middle- and upper-level executives with annual salaries of $40,000 or more lost their jobs. An additional 200,000 to 300,000 such executives are expected to receive pink slips over the next two years...