Word: jacobses
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Dates: during 1990-1999
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While Washington fiddles, the faltering U.S. economy has started imposing hardships that recall the severe slumps of the 1970s and early 1980s. Major American companies are slicing costs to the bone and declaring sweeping layoffs. "It's going to be brutal. Many businesses are broke, but won't admit it...
Aggravating the slump is a worldwide credit crunch that affects everyone from auto shoppers to Third World governments. Many lenders who were burned by bad loans in the 1980s are now prudent to a fault. Says Jacobs: "The banks are basically pushing panic buttons everywhere. They are saying, 'We don...
Hunger pains seem to come regularly for Philip Morris, the food-and-tobacco giant. Although it acquired General Foods in 1985 and Kraft in 1988, the company (1989 revenues: $44.8 billion) was still on the lookout for new morsels. Last week Philip Morris said it agreed to spend $3.8 billion...
The Swiss firm apparently was agreeable to a takeover because its chairman, Klaus Jacobs, had incurred $500 million in debt when he bought out his family's interest in the company. That burden was aggravated by rising European interest rates and slumping profits. For Philip Morris, whose 3,000 consumer...
His empire lay under siege last week, staggering beneath the burden of debt Trump has accumulated in his insatiable buying spree of the past few years. The Grand Acquisitor never seemed to notice that the Roaring Eighties had ended until suddenly his cash started running out. So far, Trump has...