Word: lumbers
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During its heyday, Executive Life swam with the sharks. When raider Charles Hurwitz took over San Francisco-based Pacific Lumber in 1986 with the help of $900 million in Drexel junk bonds, for example, First Executive Corporation, bought more than one-third of those bonds. Once in charge, Hurwitz terminated the pension plan and grabbed the $55 million worth of surplus pension funds to pay down part of his buyout debt. He then bought $38 million worth of Executive Life annuities to cover 2,500 people, thus shedding his obligations and saving himself the cost of the premiums...
...main player is Maxxam, a Houston conglomerate that issued junk bonds in order to purchase the lumber firm that formerly owned the forest. Among the bond buyers: the infamous Columbia Savings & Loan of Beverly Hills, which was seized by the government in January. The seizure has left Uncle Sam holding Columbia's share of the Maxxam bonds. Maxxam, left short of cash by the takeover, has increased the cutting and selling of the redwood timber, thus infuriating local conservationists...
...California in renovating more than a thousand homes that are near collapse. Better to rebuild old dwellings, they figure, than to build new homeless shelters. In one day of hard work the 1,000 Hartsville volunteers used 400 gal. of paint, 800 lbs. of nails, 7,000 ft. of lumber, 5,000 squares of shingles and 200 bags of cement, all paid for by local donations with an enviable provision: if they fell short, Sonoco Products Co., a plastics-packaging giant acting as sponsor, would write a check for the difference...
Neither is the command economy, the polaropposite (if there is such a thing) of the marketeconomy. Here production is God and the consumeris meaningless. Success is measured in raw output:pairs of shoes, tons of lumber, stacks of bricks...
...demonstrate the foolishness of the system,Smith recounts the monumental inefficiency of theSoviet trucking industry. Since transportation ismeasured in kilogram-miles, Soviet truckers preferto lug heavy cargoes of lumber halfway across thecountry, rather than trying to minimizetransportation costs...