Word: texaco
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...wasn't prudent," says Williams, "for an institution to have such a large portion of its endowment subject to the vicissitudes of a single stock." After some years of litigation, he and the board managed to clear the way to sell, in 1984, its Getty Oil stock to Texaco for $10 billion. In the end, this gave Williams $2.3 billion to play with in creating the Getty Center. With shrewd management, this endowment has since grown to $4.3 billion--four times that of New York's Metropolitan Museum of Art. Because the Getty Trust is obliged to spend...
WASHINGTON: What do the Texaco Tapes and the White House videos have in common? Answer: Paul Ginzburg, one of the country's leading experts in tape-tampering...
...York-based Ginzburg was instrumental in the trial of top Texaco executives who were recorded making racist remarks about black colleagues. Now he's been drafted by the Senate Governmental Affairs Committee, to find out if there's been any untoward editing of the Clinton coffee videos. "We think some of those tapes may have been cut off intentionally, altered in some way," said Indiana representative Dan Burton...
...course, whatever Clinton may say on that missing audio with Huang isn't going to be as incriminating as the Texaco chiefs' words. Nor is Ginzburg likely to find anything on the scale of Nixon's missing seventeen minutes. But Fred Thompson's campaign finance investigation ?which reconvenes Wednesday to kvetch about the klatches ? is desperate. Not only have the 100 hours of tape run out of steam, but Democrats keep pulling out compromising pictures of Reagan and Dole, performing equally dubious fund-raising tricks. Thompson needs Ginzburg to work miracles ? or at the least, raise his eyebrows a little...
...they follow? No other big entertainment company has a direct-purchase program. But in this era of increasing shareholder power, whenever an industry bellwether makes the move, others tend to fall into line. US West was the first among telecom companies, in 1994; eight others have direct purchase now. Texaco got the ball rolling in oil five years earlier; now you can own Chevron and Mobil that way. Disney's move to reinstate direct purchase most likely will have influence outside its industry as well. CEOs of all stripes will probably conclude that it must have good reason--beyond...