Word: temco
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...built the conglomerates were vastly different from the reigning generation of bosses. They were classic outsiders--non-Eastern, non-American, non-Wasp and non-Ivy. Rebels such as James Ling, founder of Ling-Temco-Vought, Charles Bluhdorn of Gulf & Western Industries (satirized as Engulf & Devour) and Harold Geneen of International Telephone and Telegraph stormed America's corporate towers even as students and protesters were laying siege to the nation's ivory towers...
...conglomerates grew so rapidly as Ling-Temco-Vought, Inc. in the late 1960s, and few have come apart so spectacularly in the 1970s. Today the company is no longer a high flyer, and Founder James J. Ling, having created and failed with another conglomerate, Omega-Alpha, is fighting stockholder fraud suits. But thanks to Ling's penchant for corporate spinoffs, parts of the old LTV have emerged to flourish as independent companies. The one with the most exotic projects is Dallas-based E-Systems Inc., a company with a meaningless name, an ultrasophisticated product line and operations that extend...
...farmers were the only inhabitants of the 120-acre area of thicket and coconut groves 20 miles south of Mexico's swank Acapulco resort on the Pacific. Then in 1968, Dallas multimillionaire Troy V. (for Victor) Post, newly enriched by the sale of his Greatamerica Corp. to Ling-Temco-Vought for $500 million, brought his genius and fortune to bear on the wasteland. Before long he had transformed it into an earthly paradise, a resort complete with a luxury hotel and detached villas, two of the world's best golf courses, an Olympic-size swimming pool, a discotheque...
...audacious entrepreneurs who built conglomerate empires from scratch in the 1960s, James Derrick Slater endured the longest. Americans like James Ling (Ling-Temco-Vought), Bernie Cornfeld (Investors Overseas Services) and John King (King Resources) saw their corporate houses of cards collapse around them, but England's merger lord and his mammoth Slater, Walker Securities Ltd. seemed to grow more prosperous every year. Now Slater, 46, has also had his comeuppance, His company's role in alleged fiscal improprieties is under investigation in Hong Kong and Singapore; he has resigned as chairman of Slater, Walker and gone into seclusion...
...might have become a nuclear physicist or a chess master. Instead, James Joseph Ling became the quintessential conglomerator. In the roaring '60s he created a company that eventually ran up sales of $3.75 billion a year from products as diverse as jet planes and hamburgers. By 1969, Ling-Temco-Vought of Dallas was the 14th largest industrial enterprise in the U.S. In 1970, with LTV stock crashing and bankers hounding him for huge debts, Ling's own directors booted...