Word: sanford
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...thrift industry that survives the coming decade will probably look very different from what it is today. Says Jonathan Gray, who follows the industry for the Sanford C. Bernstein investment firm: "If there's one word to describe the industry's future, it's turmoil." Gray envisions a severe industry shake-out. In just a decade, he points out, the number of U.S. thrifts has already fallen from 4,200 to less than 3,000. By the late 1990s, he predicts, there will be just 1,000 left...
...bolder the reach, the more it suits him. Sanford Weill, who resigned as president of American Express in 1985, has since made daring but unsuccessful bids to take over BankAmerica and the consumer-loan subsidiary of Manufacturers Hanover Trust. Last week Weill's persistence paid off. Commercial Credit Group, the Baltimore-based consumer-finance company (assets: $4.4 billion) he now heads, agreed to take over Primerica, a Connecticut-based financial-services firm that has three times the assets of Weill's corporation and owns the Smith Barney brokerage firm...
...Sematech a group of 14 semiconductor manufacturers has been working since last year on joint research, bolstered by a $100 million federal grant. Says Sanford Kane, an IBM official who serves as chairman of Sematech's executive committee: "We've discovered a formula where normally fierce industry competitors can work together with the Government. Fear ((of foreign rivals)) can be a very persuasive motivator." Democratic Presidential Candidate Michael Dukakis apparently thinks the idea could serve older industries as well. On a tour of a specialty-steel plant in Pittsburgh last week, he promised that as President he would create...
What to do with the money until it is needed? Democratic Senator Terry Sanford of North Carolina has introduced a bill that would require the trust fund to make loans for education and economic development. Republican Congressman Bill Green of New York wants to invest the fund in public works like housing projects. Says he: "The future, albeit temporary, riches of the Social Security system offer us a genuine opportunity to deal with some pressing national needs." But critics charge that using the surplus for general governmental programs creates a demand that is hard to turn off once the need...
Tobacco's profitability gives the industry large resources for fighting lawsuits. Estimates of what cigarette manufacturers have spent on defense in recent years range from $600 million to $3 billion. According to calculations by Marc Cohen, who follows the industry for the Sanford C. Bernstein investment firm, U.S. tobacco companies could lose 15,000 verdicts a year like Cipollone's and pay the total $6 billion in damages simply by raising the price of cigarettes 25 cents a pack -- even taking into account a 10% drop in business because of the price increase...