Word: parkinsonism
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Dates: during 1950-1959
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Behind locked doors last week, directors of Manhattan's Equitable Life Assurance Society met to perform an unpleasant job: the ouster of Chairman Thomas I. Parkinson, 71. They did not have much choice. State Superintendent of Insurance Alfred J. Bohlinger, who had brought out a report charging Parkinson with "nepotism" in handling the society's affairs (TIME, Nov. 9), threatened to get a court order to remove Parkinson. After twelve hours of debate, the board found a face-saving way to satisfy the state's insurance superintendent, allow Parkinson to get his retirement...
Many of the charges had been aired before, although not in a formal report, and Equitable had taken steps to correct any practices criticized. And as Equitable's President Ray D. Murphy quickly pointed out, Parkinson had been preparing to retire when his term as chairman of the board runs out next February. What shocked insurance men. for whom Parkinson has often been the country's leading spokesman, was the implication that Parkinson was being forced out of his $100,000-a-year job under fire. Parkinson lost no time correcting that impression. Said he: "I am proud...
...That Parkinson meant to fight it out was no surprise; he has never ducked a challenge. He likes to tell how, as a young graduate of University of Pennsylvania Law School, he applied for a job with an insurance company and was turned down with the answer: "You won't do, young man. you're not the type that makes good in life insurance." Parkinson did so well outside insurance that eventually the insurance men came to him. After practicing law for five years, he helped revise New York City's administrative code (the rules and regulations...
...Offensive. In meeting the charges last week, Parkinson took the offensive himself. He implied that he was being kicked out to leave his $100,000-a-year job vacant for a high state official. Bohlinger, who said that he did not want the job, found that he had some more explaining to do. Newspapers raised the question whether Bohlinger was not violating the state law, since his wife is chairman of the board of and controls a New York insurance brokerage concern, left her by her first husband, a former Equitable agent. Though the state law states that the insurance...
Embarrassed by all the uproar, Equitable's directors seemed anxious to smooth over the trouble if they could. But neither Parkinson nor Bohlinger was in any mood to let them do so. Using his broad legal powers as superintendent, Bohlinger requested a special meeting of Equitable's directors to consider the entire affair. Parkinson canceled plans to enter the hospital for an eye operation, was expected to be at the meeting...