Word: fiat
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...Europe's automakers unmoved. They mostly agree that overcapacity will result if all present expansion plans are carried out, and they frankly admit that within the next few years they expect a shake-out similar to the one that rocked the U.S. auto industry in the 1920s. Says Fiat Vice Chairman Giovanni Agnelli, 40: "There are about 40 automobile manufacturers in Europe today; 20 of them will probably have disappeared by 1970." But Agnelli, along with most of his competitors, believes that it is the other fellow who will get hurt...
Following right along behind No. 1 Jackie and her sister, the Princess, were Close Friends Mrs. Charles Wrightsman (husband: oil millionaire), Mrs. Loel Guinness (husband: international financier), Mrs. Gianni Agnelli (husband: Fiat auto heir), and Mrs. Hervé Alphand (husband: France's Ambassador to the U.S.). All of the six were present at a New Year's Eve party given by Mrs. Wrightsman in her 40-room Palm Beach winter place. The ladies, who among them spend about a quarter of a million dollars a year getting dressed, looked...
...loans it had made to Messerschmitt. It claimed 46.65% of the company's stock, left Willy an equal amount, and put the remaining 6.7% into trusteeship with the West German government. This week, with Messerschmitt now turning a tidy profit on the manufacture of F-104Gs and Fiat G91s for the West German air force, the government returned the trusteeship shares to Willy. Messerschmitt, now 64, plans to leave management of the company to others, is expected to concentrate on the technical end of such projects as his long cherished dream of building a Messerschmitt civilian airliner...
Italy's biggest steelmaker is a civil servant, but hardly servile. Says bullish-looking Ernesto Manuelli, 56, president of the state-controlled Finsider steel complex: "I have more freedom of action than a man in my position in private business. Presidents of Fiat or Pirelli often have to get their boards' permission before initiating changes. I don't." Several years ago, he rebuffed a government demand that Finsider build a plant in job-starved southern Italy, instead vastly expanded its plants in Genoa before moving down the Boot. Manuelli also publicly opposed the nationalization of Italy...
...constitution does not allow reasons of state to influence our judgement. God forbid it should! We must not regard political consequences, however formidable they might be; if rebellion was the certain consequence, we are bound to say, Justitia fiat, ruat coelum-Let justice be done, though the heavens fall...