Word: manhattanization
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...Africa group that produced We Are the World), the event is proposed as a 4,000-mile handholding chain running through 17 states and four time zones. On Sunday, May 25 (Memorial Day weekend), volunteers would link up at 3 p.m. EST in a line starting in Manhattan, crossing to Elizabeth, N.J., and winding through Washington, Chicago and St. Louis. The handholders will bypass the Rockies by swinging south through Fort Worth to Phoenix, then on to Los Angeles, where the last person in the chain will dip a toe in the Pacific...
...crushed by their huge debts if interest rates climb or the economy falls into a recession. Other critics call going private a waste of scarce capital. "As a financier, I regard it as an easy way to get rich," says Martin Whitman, president of M.J. Whitman & Co., a Manhattan investment firm. "But as a citizen who loves his country, I think there are better and more productive uses of the nation's money supply than to create debt to pay off stockholders...
...local officials dreamed that it would become a world financial capital in a class with Singapore. No one talks that way today. The decline in construction financing and restrictions by Saudi Arabia on dealings in the riyal, the Saudi currency, have hurt business. Many banks, including Citibank and Chase Manhattan, have slashed staffs and slimmed operations...
...conversation surely ranks as one of the oddest in the annals of broadcast journalism. During lunch at a Manhattan restaurant two weeks ago, Don Hewitt, executive producer of 60 Minutes, asked CBS Broadcast Group President Gene Jankowski a question. Would the company ever consider selling CBS News? If so, said Hewitt, he and several of the division's brightest stars, including Dan Rather, Diane Sawyer, Mike Wallace, Morley Safer and Bill Moyers, would like to buy it. "I told him CBS News is not for sale. It never was, never is," recalls Jankowski. "I didn't take it seriously...
...many staffers, the firings underscored their fear that the loyalties of Sauter, 50, and Joyce, 52, no longer belong to the news division but to Black Rock, the nickname for CBS Inc.'s Manhattan headquarters. According to their critics, the two men have their feet firmly on the corporate ladder and are eager to advance upward. Though both spent much of their careers as journalists (Sauter worked as a newspaperman for nine years, while Joyce began as a radio reporter), they made their reputations in management positions. Sauter served as the network's chief censor and head of the sports...