Word: standardly
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Dates: during 1960-1969
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Iron Mike's Domain. Few men understand the problems and profit of this kind of U.S. manifest destiny better than the short (5 ft. 8 in.), bald, square-jawed chairman and chief executive of the world's biggest oil company, Standard Oil of New Jersey.*He is 63-year-old Michael Lawrence Haider (rhymes with strider), and he views the world from a 29th-floor office in midtown Manhattan's RCA Building...
...quite a view. In terms of globalization, few, if any, corporations can match the 85-year experience around the world of Jersey Standard, or its range of activities. With 52% of its vast assets abroad, Jersey is the world's biggest private overseas investor. Thus "Iron Mike" Haider, in the course of a day's work, may be involved in everything from a Middle East coup to whether Jersey should eventually construct a 1,000,000-ton supertanker, or what the President of the U.S. has on his mind...
...Jersey Standard is actually a holding company and-thanks in considerable part to Haider-a highly decentralized corporate parent to 300 affiliates that do all its exploring, producing, refining and marketing of petroleum products in more than 100 nations. Out of all this, Jersey's most recent annual earnings were $1.1 billion from well-oiled sales of $13.6 billion...
...Roger Blough, another buff. On business trips, he likes to get up a Cajun card game known as Bouree, a variety of pitch in which pots get increasingly more costly. He seldom loses at Bouree, but he can afford it if he does. For running its global empire, Jersey Standard last year paid him $395,833 in salary and bonuses. He is a devoted family man, but he is so anxious to keep his personal life out of the public eye that he does not even list his wife and daughter...
...globalization on the U.S. balance of payments. "The European splurge," says Assistant Commerce Secretary for International Business Lawrence Mc-Quade, "was an example of American businessmen losing their heads about a market. Their massive investment triggered the voluntary payments program." Under this voluntary program, 625 U.S. corporations, including Jersey Standard, are making "special efforts" to repatriate income from abroad more rapidly and to borrow more money abroad...