Word: schmertz
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...congressional leaders, have pushed president Lewis Preston, a former chairman of the J.P. Morgan banking company, to initiate what may become historic changes at the bank. In 1992 he launched an overhaul of the $104 billion loan portfolio and a year later hired New York public relations whiz Herb Schmertz to revamp the institution's image. Schmertz turned in a confidential report several months ago that acknowledged some of the most serious accusations against the bank and said there exists "a significant gap" between what the bank says and what it does...
...Business also makes the American press its target in a how-to book by Herb Schmertz called Good-bye to the Low Profile. Schmertz is the public relations fellow who earns praise for Mobil Oil's sponsorship of public television's Masterpiece Theater and mixed notices for Mobil's disputatious ads in newspapers and magazines. He believes in practicing contentiousness on the press. His advice is often shrewd: "If there's something you want to hide, but are required to disclose, put it in a press release . . . Most journalists find it hard to take seriously what you give them willingly...
...company and the paper. In a story published in April 1983 the Journal claimed that the son of William Tavoulareas, then president of Mobil, had sold ships to the company, thus raising questions about the ethics of such family deals. In strong letters to Journal editors, Herbert Schmertz, Mobil's vice president for public affairs, accused the paper of stealing company documents and conducting a "vendetta against Mobil...
Journal editors said last week that Mobil's move would not hinder their reporting efforts. Said Managing Editor Norman Pearlstine: "The fact that we don't always print articles the way Herb Schmertz or his staff writes press releases should come as no surprise to anybody. We'll certainly continue to ask Mobil for comment when it is appropriate. It is an important company...
...that Mobil's boycott would work. Said Sheldon Zalaznick, managing editor of Forbes: "This is corporate governance by tantrum. They will not get what they want, which is a better-behaved Wall Street Journal." Zalaznick thinks Mobil will eventually realize that and reopen the door. When it does, Schmertz will doubtless have plenty to say. -By Janice Castro. Reported by Barry Kalb/New York