Word: fords
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Dates: during 1970-1979
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...story the Ford Motor Co. did not deny is that in 1975, at just about the time reports began to circulate regarding a deep rift between Henry Ford and Iacocca, the company ordered up an audit of the travel and expense-account practices of a number of Ford executives. According to sources familiar with the details, the audit was really a full-scale investigation, and it was highly unusual. It ranged far beyond the expense accounts of some Ford managers, cost some $1.5 million in company money and was personally launched by Henry Ford. Most important, it centered...
...senior partner in the prestigious Detroit law firm of Bodman, Longley, Bogle and Armstrong. The financial aspects of the probe were directed by Norman A. Bolz, partner in the accounting firm of Coopers & Lybrand. Before the probe ended, 500 interviews had been conducted, and 50 Ford executives, among many others, had been questioned, Iacocca learned of the dimensions of the probe only from friends and business associates who had been grilled...
Initially, the probe focused on a large gathering of Ford dealers in Las Vegas. Private detectives were hired to check hotels, interview people who put on the entertainment for the dealers and ask questions of Las Vegas dancers and showgirls...
Around mid-October of 1975 the investigation was expanded to employees of a number of Ford Motor suppliers. These included U.S. Steel Corp., the Budd Co., the Kenyon & Eckhardt and J. Walter Thompson advertising agencies. The first contractor to be investigated was Diner's/Fugazy Travel and Incentive Inc., which is headed by William Fugazy Sr., a close friend of lacocca...
...investigation was wound up in December 1975. A full report was given to Franklin Murphy, an outside director who is chairman of the Ford board's audit committee and also chairman of the Los Angeles Times Mirror Co. Murphy had never authorized the investigation in the first place. The elaborate examination produced no damaging information about Iacocca. According to his friends, lacocca is enraged by the thought that people within the company may be spreading rumors concerning his personal life and finances...