Word: succession
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...media conglomerate was $27 billion in debt and the Securities & Exchange Commission had taken a keen interest in America Online's premerger accounting practices - basically, the company was the Wall Street equivalent of the dorky kid whom nobody sat next to at lunch. Parsons had some success at Time Warner - he removed 'AOL' from the company's name and streamlined its business practices - but by the time he stepped down in 2008 the media behemoth was still saddled with underperforming departments and a stagnant share price. The question now is, what can he do for Citi? (See the best business...
...hope the Israelis know there is a non-Israeli who fervently prays for their success [Jan. 12]. Hamas provokes, as always, and waits for the world to condemn Israel. I don't know why people cannot see through this cheap trick. Vani Valluri, SECUNDERABAD, INDIA...
...natural performer, he looked a bit like Leo McKern, who played Mortimer's most famous barrister, the blustery, homespun Horace Rumpole of the Bailey. The TV series ran in England, off and on, from 1978 to 1992 and repeated its success...
Thus began a pattern of alternating conservatism and risk-taking, success and near failure, that has marked the banking enterprise now known as Citigroup--and the American financial system--ever since. James Stillman, who became City's president in 1891, combined prudence with great ambition. City Bank cruised through the Panic of 1893, thanks in part to the huge stash of gold that Stillman had acquired--gold being the backing for credit then--because he sensed trouble. City joined J.P. Morgan in bailing out the nearly bankrupt Federal Government in 1895 and soon grew to be the country's biggest...
...government bonds--gave way to a new era of growth in the 1950s. The drivers were international expansion and domestic innovation, and the leader was Walter Wriston. The bank's CEO from 1967 to 1984, Wriston changed the y in City to an i. After years of success, though, he left the bank with billions in bad loans to Latin America. Only profits generated by the U.S. retail-banking and credit-card juggernaut built by Wriston's protégé John Reed--combined with a certain amount of forbearance by bank regulators and a lot of cash from Saudi Arabia--enabled...