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Thomas Bertram Lance started work, after dropping out of the University of Georgia, as a $90-a-month teller at the Calhoun First National Bank, run by his wife's grandfather. Seven years later Bert Lance and his friends bought control of the bank, and the hulking (6 ft. 4 in.) country slicker from Young Harris (pop. 544) helped turn the area into a prosperous carpet center with his high-risk loans to local small businesses. He soon parlayed his bank connections into a paper empire, tried unsuccessfully to succeed his friend Jimmy Carter as Governor of Georgia, took...

Author: /time Magazine | Title: Nation: Carter: A Friend Is in Need | 6/4/1979 | See Source »

...Federal Reserve has little direct control. Sears, Roebuck and other retail chains are pushing instant credit, as are finance companies, credit unions and similar "near banks." Moreover, bank depositors can lay their hands on credit and cash around the clock by sticking plastic cards into street-corner automated teller machines. Says Finn Caspersen, chairman of Beneficial Corp., which charges up to 20% interest on personal loans: "The consumer is borrowing today's dollar to get today's goods and is paying back with tomorrow's inflated dollars. It's a rational choice...

Author: /time Magazine | Title: Business: The Fed vs. Jimmy's Aides | 4/30/1979 | See Source »

...Saturday night's bill will also include the Jassin' Singers and the Joel Press Jazz Quartet, both of which are local groups who regularly perform new works. The festival will receive a strong kickoff Friday night when world-famous ballet dancer Edward Villella hosts the opening reception at Bonwit Teller's. He won't be dancing, though; he's just in town to promote the festival and the National Dance Week, which neatly coincides with it, April 23 through...

Author: By Michael E. Silver, | Title: Dancing the Night Away | 4/19/1979 | See Source »

Manhattan's Fifth Avenue is a rugged road for fashion retailers. Those that have failed in the past decade include Best & Co., Arnold Constable and Peck & Peck. Now one of the street's very biggest names will disappear: Bonwit Teller. For most of its 80-year history, Bonwit's specialized in dressing well-heeled women in genteel elegance. But the store moved from mere affluence to a position of real fashion influence in the 1960s, when its sharp-tongued president, Mildred Custin, decided that Bonwit's should take the lead in promoting the designs of such...

Author: /time Magazine | Title: Business: Clearance Sale | 2/12/1979 | See Source »

...Hanigan, 67, announced the sale of Bonwit's twelve-story Manhattan building and real estate leases to Developer Donald Trump for $10 million. Allied Stores, a large retail chain, is negotiating to buy Bonwit's twelve branches across the country, which it would operate under the Bonwit Teller name. But at Fifth Avenue and 57th Street, where Bonwit's was rouged cheek by powdered jowl with Tiffany and Bergdorf Goodman, there will probably be some sort of highrise...

Author: /time Magazine | Title: Business: Clearance Sale | 2/12/1979 | See Source »

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