Word: debt
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Dates: during 1950-1959
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Spaghetti & Soccer. A self-made shipping tycoon (estimated worth: $100 million), blue-eyed Achille Lauro first burst into Italian politics in 1952 when he was elected mayor of Naples. Since then he has spent an estimated $4,000,000 of his own money and run up the biggest civic debt in Italian history ($160 million), giving his fellow townsmen spaghetti, circuses, repaved streets, and a first-class soccer team. (Mayor Lauro cheerfully forked over $200,000 to sign up one Swedish soccer star for Naples.) The Neapolitan crowds love him; opposition politicians consider him a gold-plated clown...
WHETHER they know it or not, the architect, the layout artist, the sign painter, and even the counter girl who wraps a candy box asymmetrically with a gay ribbon all owe a debt to a lone Dutchman named Piet Mondrian. Cubist Mondrian's crisp, rectilinear paintings, once scoffed at as being mere linoleum patterns, have been one of the most pervasive influences in 20th century design. With their novelty absorbed, his paintings are now being viewed in their own right, establishing Mondrian as one of art's great space organizers...
...next. The earliest date for a cut would be January 1959, and then only if the Government succeeds in checking its spending and inflation. Said Brundage: "For the present, I believe that our major fiscal objectives should be to maintain a budget surplus and continue reductions in the public debt, with reductions in the present high tax rates only when our budget surplus and the economic outlook justify them...
General Motors in existence today. When Du Pont took control during the post-World War I depression, the young auto giant was headed for the rocks. Brilliant, mercurial William Crapo Durant, who put the company together, was $80 million in debt and on the verge of bankruptcy. Du Pont had already put $49 million into the company's stock. By risking another $31 million of its capital, Du Pont bailed out Durant and put the company back on course, not only with cash, but also with managerial talent. Du Pont President Pierre S. du Pont, who had been actively...
Nick of Time. The 1929 crash left the Behns with a $122 million debt. Like a nine-lived cat, I.T. & T. was saved when the U.S. went off the gold standard, raising the value of foreign money. Sosthenes worked his way out of the hole (minus Hernand who died in 1933) by getting foreign subsidiaries to float local bond issues, boosting the parent company's U.S. credit. But no sooner was he solvent again than European upheavals put him right back in trouble...