Word: expression
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Dates: during 1980-1989
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Amid the welter of guides to individual countries, American Express stands out with a new series of eight pocket guides (Simon & Schuster; $7.95 each), detailed, small-print tours of cities and regions. The excellent volume on Rome includes history, sights, even ice cream shops. These minis are handy, although the profusion of tiny symbols can be confusing. Berlitz, in addition to its well-thumbed series of phrase books publishes city guides ($4.95) to sightseeing and activities, but do not look here for hotel or restaurant recommendations...
...deficit will remain a stubborn obstacle to holding down interest rates. "You can't talk of monetary policy in a vacuum without reference to the enormous debt level and to the responsibility of Congress and the President," says Harry Freeman, a senior vice president of Shearson/American Express. "Volcker is being asked to keep interest rates down when he only has part of the action." Congress continues to fail to cut the fiscal 1984 budget deficit below the projected $180 billion. The Senate last week approved funds for the B-1 bomber and chemical-weapons systems. The House passed...
...marathon secret negotiations started in April with a visit by Alleghany Corp. Chairman Fred Kirby II to American Express at the invitation of Chairman James Robinson 3rd and President Sanford Weill. The talks progressed into July and were partly conducted by radio telephone between Kirby's isolated summer retreat in the Adirondacks and American Express headquarters in Manhattan. At one point, Kirby used a pay phone in a country hotel to call Weill, who told the Alleghany boss he was not "going to negotiate a billion-dollar deal on the telephone." Thus the executives met face-to-face...
...proposed purchase of Investors Diversified Services, the principal subsidiary of Alleghany, continues American Express's push into financial services. In addition to its own credit cards and traveler's-check business, the company already owns Shearson, a leading Wall Street securities firm; Fireman's Fund, a large insurance company; and the non-U.S. banking subsidiaries of Switzerland's Trade Development Bank. The deal puts American Express back into the mutual-fund market, which it left in 1975. IDS is one of the top ten American managers of mutual stock-and money-market funds. It runs...
Under the proposed agreement, Alleghany will become an investment holding company whose principal asset is American Express stock. The deal will make Alleghany the largest single stockholder of the financial conglomerate with about a 10% stake. Alleghany will receive 15.3 million shares of American Express, nearly three times its book value. Says Robinson in defense of the deal: "It's a high price, but it's got the sales force and management in place. You've got to pay a premium for that...