Word: profiteered
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Dates: during 1970-1979
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...General Motors asked him to take over the management of a money-losing subsidiary, Eastern Air Lines. Red ink was hardly unusual in the aviation business in those days; no airline, in fact, had ever operated in the black. Within a year the tightfisted Rickenbacker made Eastern profitable, and in 1938 he raised $3.5 million and took control of the line. Every year from 1935 to 1960 Eastern turned a profit under Rickenbacker's management, thereby disproving the prevailing theory that airlines inevitably needed federal subsidies. Rickenbacker worked hard as a salesman for Eastern and for commercial aviation...
...slightly tougher in some ways than the relatively successful Phase II, the latest controls are by no means as stiff as the Administration had hinted they would be. They allow farmers to sell for whatever the market will bear; they continue earlier wage guidelines; and despite some tightening on profit margins, they will pinch most corporate earnings only slightly. Phase IV should slow the rising price spiral, but there is little chance it will lower inflation to acceptable levels this year...
...Vietnam Profit. South Korea's "economic miracle" was stoked by massive U.S. aid. Since the armistice, the U.S. has poured $4.5 billion of direct nonmilitary aid into the country, plus hundreds of millions of dollars generated by the 43,000 American forces stationed there. Just as Japan reaped the economic spin-off from the Korean War, so South Korea found itself profiting from the war in Viet Nam, where it stationed 30,000 marines and received at least $150 million annually in U.S. payments for its troops...
...holding down prices for processed foods while permitting the cost of raw farm produce to rise, the freeze has laid the groundwork for shortages later this year. Faced with soaring prices for feed, farmers killed baby chicks, sows and milk cows. Unable to earn a profit, meatpackers closed down, and food processors slowed production. Beef production could drop 2% this year; earlier it had been expected to rise 3.5%. Pork production is likely to dip by 3%, and output of broiler chickens is running 1.5% behind last year's pace. Says Don Paarlberg, chief economist of the Agriculture Department...
...crate appliance store into a wildly successful discount business that is expanding its unbuttoned merchandising methods far and wide. JGE's sales have gone from $1.8 million in 1971, its first year of discounting, to an expected $8 million this year. Operating on gross profit margins of about 12%, less than half as much as other appliance dealers, the Rosenbergs will post net earnings of about $250,000 from their single outlet...