Word: ponts
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Dates: during 1970-1979
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...Government are bent on forcing tough reforms. The Federal Trade Commission in particular has been working inventively to root out deceptive ads. In a variety of actions it has challenged some advertising of giant companies including Coca-Cola, ITT, Continental Baking, Standard Oil of California, Du Pont, Mattel and MacDonald's hamburger chain. In response, ad agencies and their clients are now taking their most serious step yet toward self-regulation...
Perot intends to make F.I. du Pont one of Wall Street's strongest brokerages no matter what the cost. "I believe in over-financing, if necessary, to restore confidence in the firm after what it has been through," he says. "I am going to make it as solid as the Prudential." One small problem is that his own wealth is almost wholly in E.D.S. stock, and that is not always a good rock to build on. In nine days last April, E.D.S. stock dropped from 150 to 75, and Perot's paper value plunged from just under...
Urged by Washington. Some high officials in the Nixon Administration also knew, and they feared that a collapse of F.I. du Pont might wreck other salvage operations then under way on Wall Street, notably the rescue of Goodbody & Co. by Merrill Lynch. These Administration officials urged Perot to step in. Perot at first agreed to put up $10 million; later he decided to acquire control. While not dwelling on the point, Perot feels that he acted in part from patriotism, as he is doing in his well-known campaign to free American war prisoners in Viet Nam. "It was something...
...Perot has put up $30 million and taken control of at least 80% of the shares in the brokerage company. The previous owners, including several members of the Du Pont chemical family, will retain a 10% to 20% interest, the exact amount to be determined by a complex formula based on how well the firm performs over the next two years. As the firm's new president, Perot has installed one of the Texas-born vice presidents of his computer firm, 32-year-old Morton Meyerson...
Perot has not ruled out the idea of buying into other Wall Street houses, though he has no definite plans for doing so. The computer wizard is convinced that his investment will pay off not only for Du Pont but also for his own company. Though brokerages have spent millions on computer technology, he believes few of them are using it wisely. Perot intends to make Du Pont a model operation. "Just imagine the impact when E.D.S. turns Du Pont around," he exults. "It will mean plenty of business for us because we will have dramatically proved to the financial...