Word: newberger
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...another. The conflict may take the form of slipping some of his firm's business to a relative or profiting from owning (or owning stock in) a supplier. Last week Chrysler Corp.. which touched off the current conflict-of-interest furor by sacking President William C. Newberg for owning interests in suppliers, announced that an investigation has found its present 36 top executives in the clear. Shaken by the Chrysler case, other corporations are anxiously examining their own houses to see if they are in order. Businessmen are likely to get some unwelcome help from Congress, which plans...
Never Again. Unlike Chrysler's Newberg. Shanks later informed the Pru's finance committee, which raised no objections (the Pru does not handle short-term loans itself). Georgia-Pacific's'Cheatham calls the Shanks deal "just a way of helping the company." The Journal also turned up the fact that Cheatham, in addition to all the other suits he wears, is co-owner of Oregon's Old Dominion Co., an investment firm that owns timber that Georgia-Pacific has contracted to cut under a deal like Shanks's. Carrol Shanks maintains that "there...
...troubles of the harassed Chrysler Corp.-which burst into public view with the forced resignation of President William C. Newberg for profiting from suppliers' sales to Chrysler-showed no sign of letting up. Last week Chrysler reluctantly admitted-ten days after the fact -that another Chrysler employee, John E. Ruedisueli, a purchasing agent, had been fired for a "violation of company purchasing policies." After Newberg's ousting, company lawyers and accountants began an investigation of other Chrysler executives. Presumably more firings are to come...
...Country Boy. The man who was apparently least concerned by the mess was Newberg himself, who righteously announced that he had disposed "of the current differences of opinion in a way that would leave my record clean without any doubt as to my integrity." He did not seem distressed at losing a six-figure-salary job as head of the ninth largest U.S. corporation, or disturbed by the harm he had done to the reputation of Chrysler, where he had worked 27 years...
Profitless Prosperity. One of the chief offenders was Newberg, whom Colbert had groomed to succeed himself. Angry at the reports that Newberg had disregarded the ultimatum, Colbert put to work Chrysler's lawyers and auditors to make sure. When the evidence showed that Newberg was profiting from Chrysler's purchases from smaller suppliers, Colbert got the board of directors to fire him. The investigation has not stopped with Newberg, Colbert admitted last week. It could well be that Newberg is just the first and biggest offender to get caught...