Word: shankses
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"As head of one of the world's largest insurance companies, I live in a glass house." So last week said a shaken Carrol Shanks, president of the Prudential Insurance Co. What shook Shanks was that his glass wall had been suddenly and rudely pierced by some mighty embarrassing...
The Journal sprang its surprise after Reporter Ed Cony visited the Georgia-Pacific Corp. to do a story on the integrated lumber industry. Back in June, the New York Times had reported the deal between Georgia-Pacific and Shanks in a story that gave no figures, caused little comment. But...
Plastered on $250,000. As top man at Prudential for 14 years, strait-laced Carrol Shanks, 61, has long had official dealings with Georgia-Pacific. The Pru has lent Georgia-Pacific more than $50 million, now finances about a quarter of the company's long-term debt. In turn...
Shanks's unofficial dealings with Georgia-Pacific began one day last year when he and G.P. Chairman Owen Cheatham, 57-also a Prudential director-were chatting about tax savings. "I was looking for a deal where I could make a good capital gain." says Shanks, "because I take such...
One-Day Loan. The Timber Conservation Co. owned 13,000 acres in Oregon that Georgia-Pacific wanted. Carrol Shanks bought Timber Conservation on the spot for $8,592.000. financed by a one-day loan from the Bank of America. Minutes later, he liquidated the company, sold its 13,000 acres...