Word: life
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Dates: during 1960-1969
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...with startling frequency. Dr. Edgar Schein of the M.I.T. Sloan School of Management estimates that companies lose half of their new college graduates within the first three to five years of employment. Graduates of 15 years ago often regarded a job, like a marriage, as being for life; today's young men are more inclined to equate it with an affair-good until something more fetching comes along. George Robbins, dean of U.C.L.A.'s Graduate School of Business Administration, ascribes the job turnover to an increase in specialization, which tends to put loyalty to a profession above loyalty...
...major firms have run into severe difficulties. Heavy losses in both stocks and bonds last month forced Nuveen Corp. to arrange a major infusion of capital from Paul Revere Life Insurance Co. Nuveen had to resign its memberships in both the New York and American Stock Exchanges, which prohibit member firms from borrowing more than 25% of their capital from the outside. Though Nuveen plans to continue its brokerage activity through the Midwest Exchange, which has more lenient rules, the firm has laid off some 10% of its 450 employees. Meanwhile, McDonnell & Co., beset by financial and operating problems, recently...
...family-owned Krupp empire to become a public corporation, lawyers drew up a unique contract in which the late Alfried Krupp's son and sole heir, Arndt von Bohlen und Halbach, renounced his rights to a $500 million inheritance. In return, Arndt, for the rest of his life, would receive 2½% of the sales from Krupp's Rossenray coal mine, one of the richest in the Common Market. This year that stipend will amount...
What enrages the workers is that Arndt, now 31, admittedly devotes his life to a pursuit of pleasure. He spends his money supporting his yachts, estates and Rolls-Royces and buying extravagant gifts for his wife, former Austrian Princess Heñriette von Auersperg, who is four years older than he, and for the many men friends whose company he cherishes. "If Ruhrkohle takes over the responsibility of paying for Arndt, the state will be financing his playing," said Horst Niggermeier, a union official. "Is it right for 1,000 miners to work to support one playboy...
Personally, most Greek shipping men scorn the sybaritic life, preferring to live in.a quietly sumptuous style. They shuttle among offices and residences in several countries, unnoticed except by their captains (whom they instruct to call them at any hour of the night if a problem arises). Lemos, for example, maintains his principal office in London, owns a penthouse in Athens and a home in Rye, N.Y., and has permanent suites at Claridge's in London and the Lausanne Palace. Most of the shipowners return to their home islands for summer vacations. When all the clans gather on Inoussai...