Word: profiteer
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Dates: during 1970-1979
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Getting out of computers could save the company up to $120 million in taxes on future profits. Having already divested the company of a West German mail-order house, an Italian manufacturer of refrigerators and washing machines, a water-treatment equipment firm and a phototypesetting product line, Singer's management is clearly concentrating on reducing a debt that now exceeds $700 million and increasing earnings that peaked in 1973 at $94 million on $2.4 billion in sales. Throughout Singer's fling with multinational conglomeration, its oldest product never stopped making money. In 1974 the consumer-products division, chiefly...
...State Farm suffered an underwriting loss of $100 million, and Allstate a property and liability deficit of $215.4 million. (An underwriting loss is an excess of claims paid over receipts from policy premiums and reserves set aside to handle those claims. An insurance company's overall profit or loss is also determined by other factors, such as how well its investments fare.) Those losses contributed to a record underwriting deficit of $4 billion expected for all property and liability insurers in 1975; underwriting losses forced at least 26 of the smaller companies out of business...
Rating Bureaus. The prime targets of the Administration are property and liability insurers. These companies jointly organize rating bureaus, which in each state compile statistical information that enables insurers to determine average risks and costs. In many states the rating bureaus also add a profit markup and file a schedule of premium rates that state authorities generally accept. The Administration believes this practice makes rates higher than they would be if each company filed its own premium schedules, and it thinks the practice would be illegal under federal antitrust laws...
...pumping in 1968, eventually taking 150,000 bbl. a day out of 120 wells, and Gulf paid taxes and royalties-most recently $10 per bbl.-to the territorial government of Angola. By 1973, the wells had repaid Gulfs $250 million investment, and since then they have been returning a profit to the Pittsburgh-based company...
...Publisher Otis Chandler and Clay Felker, editor of New York magazine. Says Felker: "The Gannett chain may make more money, but they don't have her concern for quality." Graham has maintained the quality by preserving generous editorial budgets, but she wants to raise the company's profit margin from last year...