Word: onassisism
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Dates: during 1960-1969
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Richard Cardinal Cushing, Archbishop of Boston, said yesterday that he will offer his resignation to the Pope, effective this year, because of the abuse and criticism he has received for defending Jacqueline Kennedy's marriage to Aristotle Onassis.
His main strength is tankers, and wisely so. In the mid-1950s, when Onassis began building supertankers, which later grew to 250,000 tons, he was told that they would never pay because they could not negotiate the Suez Canal. When Nasser closed the canal in 1956, Onassis made more...
The key to success in the supertanker business is collateral. Like the other independents?a group that soon came to be known as the Argonauts?Onassis practiced a clever technique of self-financing. Because the oil companies were unwilling to tie up cash reserves in new hulls, he only asked...
Successful as the scheme proved, the oil-tanker business remains a fragile floating crap game in international finance. Fortunately for Onassis, the demand for petroleum imposed by the Marshall Plan, the Korean War and now Viet Nam has kept the tankers cruising through the past 30 years at an ever...
According to an American associate, Eliot Bailen, Onassis "is not an officer of any corporation, domestic or foreign, but an owner holding stock that gives him control of corporations." As a result, he controls some 100 companies in a dozen nations, operating a fleet of perhaps 4,000,000 tons...