Word: mk
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Dates: during 1990-1999
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...most shadowy operations, including the agency's infamous mind-control experiments of the 1950s and '60s; in Washington, Va. Gottlieb once said the paucity of U.S. knowledge on the effect of drugs "posed a threat of the magnitude of national survival" to explain the existence of MK-Ultra, a program that mandated dosing unsuspecting citizens with...
...seemed primed for increased profits in 1994. Disaffected directors blamed Agee for withholding from them the true state of the company. Partisans of the deposed chairman blamed Clark and a coterie of anonymous Agee detractors for precipitating a panic among lenders and stockholders, who, along with present and former MK employees, have brought 19 suits against Agee and the board...
...believed that the Buy America movement, coupled with Morrison Knudsen's position as the only U.S.-owned manufacturer of railcars, would make the business highly profitable. "He did have a coherent plan," says someone close to the board. "It's just a very difficult business." Moreover, this source adds, MK directors were "hardly wilting-violet people . They repeatedly asked tough questions...
Clark, baited by the legions of Agee detractors and alarmed by the worsening financial condition of the company, then took control of the succession effort. By the time the board met in San Francisco on Feb. 9, MK's lenders had joined the chorus calling for Agee's ouster. Only one director, Chicago fund manager John Rogers, voted in Agee's favor...
...clueless as the MK board members might appear, experts in corporate governance say there is often little that outside directors can do to straighten out a com-pany before things go very wrong. "They often hear from management, 'Don't worry. It's just a temporary trend,' " says Jay Lorsch, a professor at the Harvard Business School. "It is very hard, even for a very smart group of directors, to understand these things...