Word: rjr
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...American Medical Association calls it a "drug delivery device." The R.J. Reynolds Tobacco Co. touts it as a "cleaner smoke." The product in dispute is Premier, RJR's so-called smokeless cigarette, which the A.M.A. contends should be federally regulated. The feud has been fanned by a recent issue of the Journal of the A.M.A., which portrays Premier as a product that fosters nicotine addiction...
...shocking protest over his company's involvement in tobacco, the Big Fig Newton hangs up his green booties for good. RJR-Nabisco's new owners, the takeover giant Kohlberg, Kravitz and Roberts (a.k.a. Harvard's slush fund), fill his pointy shoes with another prominent ambassador of good will. "Indeed, it is a profound honor to assume such a prestigious post. It is a veritable step up the ladder, one might say," former Dean of Students Archie C. Epps III tells Gourmet magazine...
...Drexel still displays its characteristic moxie. The firm is handling a $3.5 billion junk-bond offering as part of the $25 billion leveraged buyout of RJR Nabisco. For its share in financing history's largest takeover, Drexel expects to take in $229 million before expenses. Many clients still profess their allegiance. Says raider and oilman Pickens, who relied on Drexel's financing clout to make bids for Gulf Corp. and Phillips Petroleum: "I have the highest regard for Fred Joseph...
MOST BODACIOUS BIDDER RJR Nabisco chief Ross Johnson and some colleagues offered to buy out the company for $17.6 billion in a deal that could have netted Johnson $100 million. The bidding eventually hit $25 billion, but RJR directors rebuked Johnson and awarded the company to the Manhattan buyout firm Kohlberg Kravis Roberts. Last week the House Energy and Commerce Committee announced a probe of the deal...
Analysts agree that leveraged buyouts serve no one but the dealmakers. Professor Robert Reich at the Kennedy School has said of the RJR takeover that it "clearly exposes the greed and rapaciousness of so many of these takeovers." As the University is run more and more like a corporation, it seems to be losing--no matter how much its administrators protest--its moral purpose, so that the only standards in visible practice are those dictated by the University's own greed...