Word: stockings
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Dates: during 1980-1989
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Megamillionaires with a willed fortune are often ambivalent about it. Inheriting Dow Jones stock now worth $150 million, recalls Christopher Bancroft, was like winning an elephant in a raffle: "I didn't know what the hell to do with it." Laura, a fourth-generation Rockefeller whose maiden name is hidden behind two marriages, remembers her family's vast compound as a "verdant cage." A psychiatric social worker, she happily gives away her inherited income to favorite causes like the Children's Defense Fund...
...repeatedly threatened to stage a hostile takeover, and even tried unsuccessfully to replace Texaco's directors in an old-fashion proxy fight late last spring. Finally, after 14 hours of peace talks, Icahn agreed last week to sign a standstill agreement that prevents him from buying any more stock in the company or trying to wrest control for another seven years...
...motive is not, however, strictly sentimental. Toth had a stock of T-shirts printed that read--you guessed it--"The Giant Sloth: The Legend Continues." He predicts that once the movement catches fire, he will be able to hawk the shirts in dining halls and unload them on giant sloth fans at $7 a crack. Keep that in mind when you are tempted to discount John Kenneth Galbraith's thesis that producers create the demand for their products...
...their promise, ESOPs can mean sacrifices for workers. In many instances, employees accept wage concessions in return for their stock. The United Steelworkers of America has saved dozens of failing mills in such wage- for-stock trade-offs. In distressed industries faced with low-wage foreign competition, says James Smith, a U.S.W. staffer in Pittsburgh, "one of the ways American workers can compete is by having some investment income along with a lower labor income." But an ESOP is no guarantee that a company will thrive. Despite its stock plan, New Jersey's Hyatt Clark Industries, a ball- bearing maker...
Well, they're entitled, because they do. Employee stock-ownership plans, or ESOPs, have rapidly come of age as morale-boosting incentives and takeover tools...