Word: go-go
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Judging by his past record, that bullish view may be a trifle myopic. In 1975 Pharaon bought control of Detroit's Bank of the Commonwealth, a rickety go-go institution that had been saved from bankruptcy only by the intervention of the Federal Deposit Insurance Corporation. Despite much talk of expansion, Pharaon in 1976 sold his interest in that bank to a Paris-based company. Nonetheless, he professes great faith in the U.S. banking business. Last September he bought 20% of Houston's Main Bank, in which former Treasury Secretary John Connally is a stockholder...
Drabble focuses on a much smaller group, all of whose lives have been unpleasantly affected by political realities. Anthony Keating is recuperating from a heart attack. A go-go property speculator during the flush '60s, he has been left teetering near bankruptcy by the collapse of land prices. His friend and financial adviser, Len Wincobank, is serving a four-year prison term for fraud. Kitty Friedmann loses a foot and her husband in a random terrorist bombing. Keating's lover, Alison Murray, has a teen-age daughter jailed for reckless driving in a Balkan Communist state...
...obviously determined to send Lance back to Georgia with the highest recommendation that the President of the U.S. could give. The press conference was a moving, human performance. Yet, by insisting so vehemently that all of the many sharp criticisms of Lance's manipulations as a go-go Georgia banker had "been proven false and without foundation," Carter displayed a surprisingly irrational and stubborn refusal to face facts adverse to his friend and to his own reputation for cool judgment and high ethics...
...associates raised $7.4 million to buy a controlling interest in the National Bank of Georgia (Lance's share: 21%). As president, Lance kept a Bible on his desk and put his office right on the main floor, where people could easily get at him. He adopted a risky, go-go strategy financing agribusiness operations. One of Lance's safest deals: lending a total of $4.7 million to the Carter family's thriving peanut firm. Says King Cleveland, former chairman of NBG: "He got more new projects going in 24 months than...
...Georgia he was Jimmy Carter's friend, sharing his triumphs, helping him borrow money for his peanut warehouse. As a New South go-go banker, he made himself a millionaire, and he was one of the first men whom Carter appointed to a Cabinet-level position. Now the director of the Office of Management and Budget-who cruised around Washington during Inaugural week in a black Cadillac bearing special license plates with BERT on the front bumper and LANCE on the back-might be the first man to go. Last week Bert Lance was rapidly becoming...