Word: profiteered
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Dates: during 1970-1979
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...Harvard administration with the larger community of governmental and business administrators results in several remarkable misconceptions. The first, and most damaging, of these is that Harvard is a corporate entity in the classical capitalistic sense. Labor disputes are couched in the classic terms of struggling proletariat versus grasping, profit-conscious management; budget surpluses are denounced as "inexcusable" by The Crimson, and students stand amazed at the greed of an administration that could let alumni-giving projections play a part in determining sex-ratios in admissions...
Clearly, this interpretation of Harvard's structure is incorrect and unfair. Harvard has no stockholders, makes no profit, pays no dividends. Instead, the University has a limited income which it must divide between the maintenance of its plant, the development of new facilities (housing, library, and recreational), the funding of various academic programs, food and a myriad of other expenditures. All the money gets spent; if not this then next year; if not on one program, then on another. When fees are increased or expenditures curtailed, nobody makes money because of it. The University as a whole is the sole...
Hughes was also pleased-so pleased that he took the project on for very little fee profit. For the design of the entire recovery system, Hughes revived his old relationship with Lockheed Co. The firm, which has in recent years acquired expertise in deep-sea rescue vessels, developed an innovative design. The main ship-a hefty 36,000-tonner that would be 618 ft. in length and 115.5 ft. in beam-would serve as a floating, highly stable platform. Amidships would stand a high derrick that would pass piping directly through a well, or "moon pool," in the ship...
...toward revitalizing a company that long ago lost its place as the monarch of U.S. food retailing. He knew that A. & P.'s secretive, sometimes smug management had determinedly followed outmoded policies. It failed to invest in modern suburban supermarkets but held on to too many small, low-profit central city stores that seemed mustily Dickensian compared with the competition. So Scott won the board's preliminary approval to shut down fully one-third of the chain's 3,500 stores...
This is A. & P.'s second major effort recently to fatten profits. Early in 1972, to boost the drooping sales, the chain began converting all its stores to discount outlets under the all-but-abandoned WEO ("Where Economy Originates") program. The first year it lost $51 million. Since 1973, it has been back in the black, but it may show a loss for its most recent quarter. Profit margins have shrunk to less than half of the 1? on a dollar that the company had traditionally earned. Part of the problem has been A. & P.'s inclination...