Word: grandchildren
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Betty Shapiro, 74, is an outgoing widow with four grandchildren, three daughters and a former stockbroker named Doris Edelman whom she considered her "fourth daughter." But a three-member panel from the American Arbitration Association has concluded that Betty Shapiro's fourth daughter took Mom to the cleaners. Edelman bought and sold millions of dollars of mutual funds on Shapiro's account, generating some $200,000 in sales charges and commissions. The panel's judgment: Edelman's employer, Prudential-Bache Securities, must pay $1 million in punitive fees and $546,769 in compensation to Shapiro...
...reunion. So it was that on Dec. 30, 1987, Agnes Dreesman, a superb cook and flower arranger who frequently contributed culinary and horticultural creations to church and garden-club benefits, readied their house for a celebration. Marilyn, widowed in 1984, had flown in from Honolulu with the three grandchildren. Robert too would be home for dinner...
...hastened by the illness and retirement of CEO Donald Thomas, LBJ's lawyer, who ran the financial empire single-handedly for years. Neither Lady Bird Johnson, 78, nor daughters Lynda and Luci, who live far from Texas, are prepared to ride herd on the business. Besides, the seven Johnson grandchildren, who hold stakes in the company through their trusts, are growing up. "It's generational change," said family spokesman George Christian. "Everything dictated that they all go their separate ways." And probably quite comfortably: all the properties being offered are free of debt...
...smart politics. "Other rulers in other places have kept the money for themselves and their friends, doling out just enough to keep their populations contained during their reigns," says Jasem Mohammed al-Hussein, a wealthy Kuwaiti businessman. "Our rulers, the Sabahs, have earned our loyalty by providing for our grandchildren. That foresight, I am sure, is one of the reasons why Saddam has failed to find a Kuwaiti quisling to govern Kuwait in his name...
...shadow of John F. Kennedy's assassination. Back in 1929, just a few weeks after the stock-market crash, Herbert Hoover's family was having Christmas Eve dinner when fire broke out in the west wing of the White House. As fire trucks clanged, Lou Hoover gathered her grandchildren and read them Christmas stories to calm their fears...