Word: ouster
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With that, Packwood's political nightmare--and the one he had threatened to visit upon his Senate colleagues--was laid to rest. By bowing out now, Packwood spared the Senate the dual anguish of deliberating over the ouster of one of its own members while seeing a huge agenda to pass welfare reform, Medicare and other budget cutbacks, and tax reductions derailed by an ugly floor fight. Had Packwood battled on, he might have become the first Senator since the Civil War--and the 16th in history--to be expelled. The committee's damning recommendation left little doubt...
...giant chemicals company W.R. Grace & Co. As head of a federal economics commission during the Reagan presidency, Grace was a highly visible cheerleader for government efficiency and deficit reduction. But it was his predilection for spending millions of his company's dollars on personal perks that led to his ouster...
...ouster rattled large Grace shareholders like the College Retirement Equities Fund (which holds some 8% of the company's stock), who had applauded Bolduc's strategy of selling off subsidiaries to pare down the firm to a few core businesses. Declares Joseph Cappello, who follows the conglomerate for New Vernon Associates in New Jersey: "Bolduc had done a tremendous job. The reason to buy W.R. Grace stock was the changes he brought to the company...
...timing of Bolduc's ouster raised questions in some quarters about whether the board might have used the harassment charges as the ultimate weapon in a long-standing corporate power struggle. Before his departure, Bolduc had repeatedly clashed with then chairman J. Peter Grace, 81, who suffers from lung cancer. Among other things, Bolduc wanted the company to disclose to its shareholders that it was spending, among other things, $165,000 on Grace's annual nursing care and $200,000 a year for his security guards...
Walsh, who has watched every council meeting on television since his ouster, says he expects "the issues of quality of life in Cambridge" to take precedence this election year...