Word: multibillions
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Dates: during 1980-1989
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Peretz's pal showed a darker side when he took his Cabinet position. He immediately announced support for a multibillion-dollar cut in student aid, a stance he has strengthened in the past 20 months. Supporters of educational equality jumped on Bennett because they feared a two-tiered system of higher education: Ivy College for the rich, State U. for the poor. This was the same Bill Bennett, who as the head of NEH, had refused to comply with an affirmative action decree from the Equal Employment Opportunity Commission...
...NEVER interned. Armed with a Crimson Ph.D., $600 and an idea for storing computer memory, he started Wang Laboratories. But the road to building a multibillion-dollar corporation was fraught with obstacles, not the least of which were the legal battles with IBM over the patent on his idea...
...entrepreneurs frequently find it hard to turn over the reins of "their" company to a successor. Armand Hammer, chairman and chief executive officer of Occidental Petroleum, still jets around the world at 88, and has outlasted several presumed heirs. After 41 years at the helm of W.R. Grace, the multibillion- dollar chemical producer, J. Peter Grace, 73, has been overseeing a major restructuring of the company and shows no signs of stepping down. Robert W. Woodruff, longtime chairman of Coca-Cola, "retired" in 1955 but remained in control of the company for an additional 25 years, well into...
...months, portents have flashed across the financial heavens, feeding expectations of renewed vigor for the sluggish world economy. The price of oil has been in free fall, lifting a multibillion-dollar burden from industrialized and Third World countries. International interest rates have been dropping steadily, clearing away yet another obstacle to growth. In the U.S., the declining dollar has been named a harbinger of strengthened international competitiveness, meaning that the country's bedraggled manufacturing and farming sectors would once again revive and help refuel the world's foremost engine of economic expansion...
...politically popular for the country's leadership to repudiate the loans. Said Thurow: "What better way for the Mexicans to tweak the Yank's nose than to default on all of the debts." That could set off a financial crisis in the U.S., where many large banks still have multibillion-dollar loans to Mexico on their books. De Vries said, however, that financiers were likely to work out yet another package of new credit with the country...