Word: horvitz
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Dates: during 1980-1989
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...First RepublicBank began last year, when the company, then called RepublicBank, acquired another Dallas firm, InterFirst, which was on the verge of collapse. InterFirst seemed salvageable, but its loan portfolio was in worse shape than RepublicBank assumed. As a result, First RepublicBank last year lost $657 million. Says Paul Horvitz, a professor at the University of Houston: "The merger may turn out to have been the worst business decision ever made." Worried First RepublicBank's depositors have pulled some $2 billion out of their accounts this year. If First Republic were to fail, it could cost the FDIC $5 billion...
Texans were heartened by the mergers, which need Federal Reserve Board approval. Paul Horvitz, a professor at the University of Houston, called the deals a "vote of confidence in the Texas economy." Still, their success is not assured. Said Mark Alpert, a banking analyst at Bear, Stearns, a New York City investment firm: "Nobody really knows where the bottom of the Texas slump might...
...contracts, for example, will allow a review of local work rules and set up joint councils that can make some decisions on plant operations and corporate operations. That is perhaps the most revolutionary part of the agreements. Says Wayne Horvitz, national director of the Federal Mediation and Conciliation Service under President Jimmy Carter: "The contracts demonstrate that it seems possible now to sit down across the table and try to work out more fundamental problems of business survival...
...week's ratification vote, but it almost certainly represented a mutually acceptable tradeoff. "We got to the top in more ways than the 17th floor," exults Violinist Sandor Balint. The management is just as happy. "I'm elated," says Bliss. The real hero is Federal Mediator Wayne Horvitz, who persuaded both sides to lay aside their almost pathological hostilities. Says he: "They got rid of all that nonsense in the last three days and stopped shouting at each other...