Word: reinvestments
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Bennett is an investor; he doesn't see the Harvard fund as different from the John Hancock Mutual Fund in terms of how it should be handled. His job is "to invest and reinvest the billion to provide the largest possible income." If his investments go the least bit sour, the pinch may be felt from Wigglesworth to Mallinckrodt. There's a hot line on George Bennett's desk--it goes directly to Cambridge. But some critics, with memories of the Middle South controversy, think a wall of dollars has sprung up somewhere in between
...fast-growing Phillips, will be erected on 400 acres of sugar-cane fields in Guayama district on Puerto Rico's south shore. Phillips will invest $45 million in the core plant, receive a twelve-year tax forgiveness, get on stream in 21 months. Then the company will reinvest its earnings for ten years (to a total of $55 million) in a string of satellite petrochemical plants on 2,600 surrounding acres. The satellites will be owned jointly by Phillips, other U.S. companies and Puerto Rican investors, will turn out urea for fertilizers, polyethylene, polystyrene and polyester for plastic...
...bosses. There are other advantages of family ownership, of course. The family firms have the asset of secrecy, a particular plus in the brutally competitive clothing or package-goods businesses, where products are often pirated. Relieved of shareholders' probing questions and pressures to declare dividends, family managers can reinvest all their profits or, for that matter, take a bad loss without having to worry about criticism. Says Roy Goodman, president of Brooklyn's prospering Ex-Lax Co. (500 million chocolate tablets a year): "We have flexibility in the decision-making process. We can get many things done without...
Though a few families claim conquistadors as forebears, others rose up from the land only two generations ago. To their credit, most wealthy Panamanians normally reinvest their profit at home, instead of socking it away in U.S and Swiss banks...
...government has been crying for Amforp to sell out, and the company itself has been eager to convert its assets into cash. Last April a deal was struck: the government of President Joao Goulart agreed to pay Amforp $142.7 million over 25 years, and the company pledged to reinvest $101,250,000 in other government-approved ventures in Brazil...