Word: manhattanization
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Dates: during 1980-1989
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Just when corporate raider Paul Bilzerian seems to have hit rock bottom, his fall from grace goes even farther. Last month Bilzerian, 39, was convicted by a Manhattan jury on nine counts of securities fraud, which carry a potential 45-year prison sentence and $2.25 million in fines. Then last week the Securities and Exchange Commission filed a civil lawsuit accusing him of illegal stock transactions involving seven companies, including his 1988 takeover of Singer. The charges range from lying to the SEC about how he financed his raids to trying to hide the number of shares he owned...
Only a day later, Manhattan-based Merrill Lynch said it plans to move 2,500 of its 13,000 workers across the Hudson River to Jersey City. Angry over the rejection, New York City Mayor Ed Koch revoked Merrill Lynch's position as senior underwriter for the city's municipal bonds...
...mortgage each month." In New York he would borrow $30,000 to $50,000 a week and lose about 80% of it over a weekend. "Then I'd steal," he says. Sometimes he would pilfer racks of dresses off the streets in Manhattan's garment district and sell them in a back alley. He adds, "There's plenty of times I've taken a gun and held up people -- and I'm a white-collar person." Fleeing to California to escape bill collectors, he started a successful garment business in Los Angeles but continued betting beyond his means; eventually...
After tolerating an anything-goes climate in business during most of the 1980s, "people are starting to demand that corporations live up to the expectations that we have of them as citizens," says Alice Tepper Marlin, executive director of the Manhattan-based Council on Economic Priorities. While most Americans still feel confident about the economy and business in general, consumers have become increasingly aggressive in taking corporations to task for misbehavior and irresponsibility. Among the concerns: investment in South Africa, environmental pollution, hazardous products, offensive TV programming and testing on animals. Today's campaigners for corporate accountability, unlike those...
...sultry first Friday of summer, and office workers in Manhattan were streaming out of the city to start their weekend. Not so at the headquarters of Paramount Communications, formerly Gulf & Western, where the company's 14-member board of directors was making a high-stakes decision. Just 30 minutes after trading closed on the New York Stock Exchange, Paramount announced that it was increasing its hostile bid for Time Inc. from $175 a share to $200, thus raising its total offer from $10.7 billion to more than $12 billion...