Word: millions
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Dates: during 1960-1969
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Lytton has made a career of living up to that flamboyant self-assessment. While competitors derisively nicknamed him "Black Bart," and grew apoplectic at his unbankerlike antics, he built his savings and loan holding company from a 1958 midget into a $685 million-asset mammoth, fifth largest in the U.S. And he burnished his status by becoming a patron of the arts, a party-giving friend of Presidents Kennedy and Johnson, and state finance chairman (from 1958 to 1962) of the Democratic Party...
...Much Credit. The big trouble was that money flowed in at a rate that strained Lytton's ability to invest it profitably. The collapse of the Southern California real estate market hit Lytton Financial hard, forcing its two subsidiary S&Ls to dispose of $56 million worth of foreclosed property in 1966 and 1967 at a loss of nearly $11 million. They still have $46 million more of foreclosed property on their books. To keep the capital reserves of the subsidiaries at the required level, Lytton borrowed through his holding company and lent them the money. Even so, those...
...which we goofed." He went on to explain that Merrill Lynch had already fined the salesmen involved and repaid $116,000 in losses suffered by customers. In recent years, Regan has also been one of the trustees responsible for deciding on charitable donations from the $35 million trust established by Founder Charles Merrill...
...prosperous postwar industrialization becomes more evident every day. Gone is the old, leisurely, Mediterranean pace. Traffic makes a trip home for a long lunch practically impossible, and crowded restaurants and coffee bars are no place for a noontime siesta. Still, Italians must have their coffee. They consume 20 million cups a day, even though they now have to gulp it on the run. The man who has done the most to exploit this yearning is Carlo Ernesto Valente, 54, whose Faema espresso-coffee machines can spill out a fresh cup of potent brew in as little as ten seconds...
...philosophy clashed with Valente's go-for-broke ideas. Gaggia went on to establish his own company, which has run a poor second to Valente's Faema. Last week at the Faema annual meeting in Milan, Valente proudly reported to shareholders (mostly family) that sales were $27.9 million in 1967 (up $6,500,000 from 1966). Faema coffee is now brewed in 54 countries; besides his Milan plant, Valente now has manufacturing operations in Barcelona, Paris, Frankfurt and Zurich...