Word: profiteer
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Dates: during 1960-1969
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...painful and costly process. For one thing, since electric cars tend to be extremely durable, "planned obsolescence" would itself become obsolete. For another, the new cars, to minimize the drain on their batteries, would have to be light, small and free of many of today's high-profit accessories. As for the oil industry, Netschert figures that it would lose fully half its market...
...With some unexpected difficulty in Cornell's case. The New York State attorney general has filed suit to block sale of the Cornell Aeronautical Laboratory to EDP Technology, Inc., a Washington, D.C., company. The state contends that Cornell has no right to sell the lab to a private, profit-making company...
...tourist overseas knows that the place to change money, pick up the mail from home and meet fellow travelers is American Express. Famed as they are, however, the American Express offices in Paris, Rome, Tokyo and just about every other capital have never been the company's big profit makers. For many years, Amexco was really not much more than a bank with a tourist front. Lately it has branched into two dozen other areas of business, to become a sort of department store of financial and travel-related services...
...paternal pride in diversification moves. Clark has not hesitated to shed businesses as well-including some that made money but not as much as he would have liked. Amexco acquired the Uni-card credit business in 1965 and expanded it, but sold it last January-for a $16.6 million profit. Early last month, it agreed to sell its freight operations to Pacific Intermountain Express...
...other hand, Clark has been willing to suffer through initial disappointment with a business that gives signs of eventually becoming a major profit maker. He nursed the American Express credit-card operation through years of losses while Amexco was spending heavily to promote it. The company now has 3,000,000 cardholders, who charge purchases of $1.3 billion a year, and is by far the biggest factor in the field, though it is being increasingly challenged by the many cards issued by banks...