Word: pontiacs
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Dates: during 1970-1979
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...announced last week that it will spend $3 billion over the next four years to develop and produce smaller versions of its Buick, Pontiac and Chevrolet models. In April it will roll out a new Cadillac tailored for the age of rising gasoline costs: it will be 1,000 Ibs. lighter, 2 ft. shorter and almost 1 ft. narrower than today's four-door, 5,100-lb. Calais De-Ville. In addition, GM is planning to reduce its five distinct body styles to two or three. The company's eight engine varieties may be cut to four...
When an outsider moves to take control of a long-established local business, the process can be about as amicable as a custody fight in family court. Right now, two modest-sized U.S. banks, one in San Jose, Calif., the other in Pontiac, Mich., each with assets in the $300 million range, are embroiled in takeover proceedings that are even more acrimonious than usual. The reason: in both cases, the would-be investors are Arab nationals-the forerunners, as some impassioned local citizens see them, of a full-scale economic invasion by Middle East oil sheiks...
...outlook is cloudier in Michigan. A nearly unanimous board of directors of Pontiac's Community National Bank is working hard to thwart a tender offer by Ahmad C. Sarakbi, 45, for 50.1% of the bank's shares. A wealthy Lebanese oil broker, Sarakbi is supported by a former chairman of the bank who deplores its present management policies, and a lone director who has been feuding with his colleagues. Sarakbi insists he is acting completely on his own, but Community National directors worry that he could be acting for larger non-government Middle East oil interests looking...
Flowing Surpluses. The two episodes differ quite sharply, of course. Khashoggi is a veteran absentee investor in California banks; Sarakbi has no banking experience and has declared his intention that Community National "would serve as a liaison between Pontiac and the Middle East." Yet both deals amply demonstrate the kind of wrenching problems, emotional as well as economic, that many communities will be grappling with when oil-country surpluses begin to flow heavily into the U.S. in the form of investments in property and businesses, big and small. In fact, Americans will simply be experiencing what people in other lands...
Robert D. Miles Pontiac, Mich...