Word: hammerism
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...Olympic" track and field trials in Eugene, Ore., a couple of Crimson tracksters emeritus posted impressive results. Tom Lenz wound up 11th in the hammer throw, and Ellen Hart secured a place for herself on the Olympic squad by finishing third in the 10,000 meters in spectacular fashion--an accomplishment all the more remarkable considering that she had suffered a debilitating injury earlier in the season...
Occidental's aged, autocratic chairman, Armand Hammer, 82, shoved aside the president he had installed only last year, Hungarian-born Zoltan Merszei, 57, an effective but sometimes abrasive former chairman of the Dow Chemical Co., and replaced him with Abboud. The ex-banker thus became the fifth man tapped for the Oxy-Pete presidency in the past decade by Hammer, who after 23 years at Occidental shows no signs of wanting to yield real authority to any possible successor. Said Hammer of his latest No. 2: "He's a brilliant banker and a smart businessman...
...also under legal attack for having dumped industrial wastes in the Love Canal outside Buffalo, an episode that occurred before Occidental acquired the firm. Merszei did not try to disguise his wounded feelings about his ouster as president. Said he: "The moves were all instituted and organized by Dr. Hammer. He has a great vision. I have great confidence in him, but sometimes there are things that I do not understand...
...alone. Hammer set out in life to pursue a career in medicine but was diverted into business instead. In 1957 he bought Occidental, then a West Coast oil company with just eight nearly played-out wells. Though he originally aimed to use his purchase merely as a tax shelter, he got interested in building up what has become a globe-girdling enterprise with oil in the North Sea and Libya, an elaborate 20-year fertilizer deal with the Soviet Union and ownership in the U.S. of the Island Creek Coal Co., the nation's fourth largest producer...
...deal maker rather than a manager, Hammer has found that his secretive style and grabbing ways have won him few friends on Wall Street and none at all on the Securities and Exchange Commission, which has charged that in effect the company's board of directors amounts to little more than a rubber stamp for the chairman. So far, there is slight reason to believe that Abboud's arrival will change Occidental's one-man-band character very much...