Word: onassisism
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Onassis' canny business dealings have helped fuel such sentiments. In 1952, he alienated his friend Prince Rainier of Monaco by quietly buying up a majority interest in the Société des Bains de Mer, which runs the Monte Carlo Casino. His reason: he had been snubbed in his search for...
Earlier in the 1950s, Onassis became intrigued with whaling, ran a 20-ship fleet. When his vessels invaded the territorial whaling waters of Peru, the Peruvian navy confiscated his flagship only to discover that, thanks to a Lloyd's insurance policy, Onassis was not losing a penny. Divining correctly that...
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...