Word: mutualization
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Dates: during 1930-1939
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...parting shot at the dictators he added: "By setting an example of international solidarity, cooperation, mutual trust and mutual helpfulness, we may keep faith alive in the heart of anxious and troubled humanity, and at the same time lift democracy high above the ugly truculence of autocracy...
...insurance industry's enormous power, last week heard Bill Douglas try to prove that insurance directors use their influence to swing business their own way. Evidence: 1) while a director of New York Life, Alfred E. Smith solicited fuel oil contracts for certain of its properties; 2) Mutual Life's deposit at Bankers Trust Co. jumped from $150,000 to $1,500,000 when Bankers Trust's President S. Sloan Colt became a director; 3) the Chicago law firm of Mitchell D. Follansbee, director of Metropolitan Life, has received $334,000 in fees from the Metropolitan since...
...hearings, Acting Chairman Hatton W. Sumners, who had borrowed a cough drop from Northwestern Mutual's President Michael J. Cleary, tossed Witness Cleary a new box of cough drops, commenting: "Nobody can say this committee can be bought...
...point Witness Ecker remarked that "the agent in his canvassing-he is resourceful. . . ." One aspect of Metropolitan agents' resourcefulness was considered next day. The Metropolitan is a mutual company, its policyholders being its shareholders and theoretically therefore electors of the management. Bill Douglas set out to show that this was only theoretical, that mutual management was actually self-perpetuating-just as the Armstrong Investigation concluded over 30 years ago. Noting that in the 23 years since Metropolitan shifted to mutual status the management slate has never been opposed, Bill Douglas further noted that at election time it is customary...
Further treading on the industry's toes, Dancer Douglas politely explained that the Met was "not singled out as a culprit," that other mutual companies employ the same "election machinery." The swing session was then adjourned until this week, and Bill Douglas journeyed to Manhattan to speak before the annual dinner of Fordham University alumni, there cut some verbal capers of his own: "The convenient and impersonalized use of the corporate device has unquestionably contributed to moral decadence. This has especially been true with the growth of bigness. . . . Individual responsibility before God has no counterpart in the corporate system...