Word: sunbeams
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...there would be a lot of saints on Wall Street. The most hallowed of the lot would include the highly successful Michael Price, who oversees $26 billion at Franklin Mutual Advisers, and the equally prosperous CEO-for-rent Al Dunlap, who is doing a tour at small-appliance maker Sunbeam Corp. In a brazen display of cronyism, the two last week publicly denounced ITT Corp.'s tactics in fending off a hostile takeover by Hilton Hotels. Picture that: Price, whom FORTUNE magazine calls "the scariest s.o.b. on Wall Street," linking with Dunlap, whose endearing nicknames include "Chainsaw" and "Rambo...
...then fomenting change to boost the stock price. He forced the merger of Chase and Chemical banks in 1995. He is currently engaged in a public battle with Dow Jones & Co. as well as ITT. And, oh, yes, little more than a year ago, Price, a 21% owner of Sunbeam, got Dunlap hired as CEO. The pay was right: Dunlap got 2.5 million stock options that, if all could be exercised today, would bring him $70 million. So when Dunlap and Price sent ITT's board separate letters on the same date, Aug. 8, demanding the same action...
...probably looked like a neatly packaged, over-the-counter cure for a financial headache. In need of cash for new public health campaigns on smoking and violence, the American Medical Association decided to turn to the Sunbeam Corp. While best known for its food mixers, blenders and toasters, the Delray Beach, Fla., company also makes medical equipment--thermometers, heating pads and blood-pressure monitors. Under an arrangement that could conceivably net the association millions of dollars a year in royalties, last week it gave Sunbeam exclusive rights to fix the A.M.A. seal on some of the firm's health-care...
Perhaps indicative of how out of touch the A.M.A. is was its surprised reaction to the furor that the Sunbeam deal provoked. "People are too willing to think something sinister is going on here," complains Larry Jellen, the A.M.A.'s vice president of marketing. "Our intentions are exceptionally honorable." Maybe so, but the A.M.A. might have found it instructive to do a case history. Back in the 1950s the organization retreated from another health-product-endorsement program out of liability concerns...
CHICAGO: Suddenly the American Medical Association has cold feet. After agreeing to allow the Sunbeam Corporation to use the AMA logo on its medical equipment, the organization said today it wants to reconsider the five-year endorsement package. Why? It seems the esteemed group of doctors have not actually tested Sunbeam's wares, which makes the 'stamp of approval' meaningless. Critics maintain the AMA could hurt its credibility by lending its name for cash. TIME science writer Christine Gorman agrees: "It's when the money is changing hands that we start questioning this kind of agreement," she says. Will...