Word: salesmen
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Whatever happens, I.O.S. will be in for a managerial housecleaning. As Cornfeld put it last week: "A hell of a lot more people will go." It would be dangerous, however, if many salesmen defected on their own. European financial pages are carrying ads placed by rival funds trying to lure I.O.S. salesmen -and their clients. The 14,000-man sales force-I.O.S.'s principal asset-has dwindled by several thousand. Unless it can be kept together, there will not be much left of the company to salvage...
...company became vulnerable as a result of a $110 million issue of stock in I.O.S. that was floated last fall. At first, many I.O.S. salesmen and other insiders hungrily loaded up on the shares on 50% margin. When rumors began circulating that I.O.S. earnings would not live up to the officers' overconfident predictions, Swiss and German banks dumped thousands of shares. The price plunged, the insiders got margin calls, and many were sold out. European bankers, who had always viewed Cornfeld as a competitor and abhorred his company's hard-selling and high-living style, were hardly displeased...
Profits v. Predictions. Some bankers, particularly in Germany, may have been happy to sell their I.O.S. shares and help the slide along. They were never particularly fond of the aggressive American whose salesmen persuaded so many people to take their money out of banks and buy mutual funds. The moment that I.O.S. shares began to fall, rumor mills splattered speculative theories all over Western Europe. The British press printed gossip that I.O.S., short of cash, was unloading large blocks of its securities portfolio. Mass-circulation German dailies aired tales (equally untrue) that I.O.S. President Edward Cowett and Sales Chief Allen...
Preparing for the interview with him. I put on a clean shirt, and took the subway ride to the Mutual of New York office on Boylston Street, overlooking the Boston Common. I walked in, and saw all these business types-insurance salesmen...
Insurance is a tough business, and its salesmen are some of the shrewdest. What's a nice guy doing selling insurance...