Word: levitts
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Dates: during 1970-1979
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Since the mid-1960s, clusters of split-level houses have risen around Paris, looking much like suburban U.S. housing developments. Many have been built by two U.S. companies, Levitt & Sons and Kaufman & Broad. Now an heir of a famous French family is imitating the Levittown builders with great success. He is Maxime Breguet, 29, son of the founder of Breguet Aviation, which built, among many other planes, the Breguet 14 flown by the Lafayette escadrille in World...
...revelation about the now famous antitrust compromise that allowed it to hold on to Hartford Fire Insurance in return for selling all or part of six other companies. In fact, the Wall Street Journal revealed last week that ITT will not have to sell all of ITT Levitt & Sons. Several weeks after Justice Department officials outlined the terms of the antitrust compromise to the conglomerate's officers, ITT was allowed to buy one of Levitt's fast-growing subsidiaries. The transaction was not reported in any of ITT's financial documents; nor was it publicly reported...
...former Levitt operation, now renamed ITT Community Development Corp., is the builder of Palm Coast, a planned community on Florida's east coast that is optimistically scheduled to have a population of 750,000 by 1984. Justice Department officials contend that the transfer was proper because ITT subsidiaries had put together the land and arranged financing for the project. It was only after Levitt & Sons was bought by ITT in 1967, they say, that Palm Coast became a Levitt operation. Even so, the disclosure that ITT still owns the project means that the complex divestiture agreement it reached with...
Rooftop Rifles. Frank Gracia, head of a drug-rehabilitation program in the Southeast Bronx, became aware of the gangs six months ago. He told TIME Correspondent Leonard Levitt: "We had this street fair, selling sausages for a dime, sodas for a nickel. Well, these kids got in an argument with one of our people, broke his arm and all his fingers. Then they sent their girls over to tell us they wanted to fight us. Now, hell, I've been around. I was in gangs in the '50s. I was a junkie for 15 years before I kicked...
Hedged Bets. ITT's recent sorry relations with the U.S. Government raise some questions about its future growth. True, the trustbusters could have given the company a tougher deal; for example, they could have forced it to sell off Hartford Fire instead of the lesser Avis, Levitt and several other companies. ITT stands to collect about $600 million from those sales, and Geneen figures that he can reinvest the money-mostly in Europe-in ways that will raise profits by 10% to 12% a year. But the trustbusters have forbidden ITT from making any major acquisitions...