Word: trust
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Dates: during 1990-1999
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Mutual understanding is the basis for state-to-state relations. Without it, it would be impossible for countries to build trust and promote cooperation with each other. Since the establishment of diplomatic ties between China and the United States, the exchanges and mutual understanding between our two peoples have broadened and deepened steadily. However, this is not enough. To promote the development of China-U.S. relations, China needs to know the United States better, and vice versa...
Starwood Lodging, a real estate investment trust (REIT) based in Phoenix, Ariz., was able to outbid Hilton because of a loophole in the tax laws that jacks up a reit's market value. If ITT stockholders approve the deal, the new combination would become the largest lodging company in the world, with 650 hotels in 70 countries and total annual revenues of more than $10 billion. As for Araskog, 65, under the plan he will step down next year and get a seat on Starwood's board plus a consolation prize: a $55 million severance package that was designed...
...money was all in Getty Oil stock, and its sheer bulk was obviously going to force the trustees of the J. Paul Getty Trust to revise their ideas of a cultural mission. The man mainly responsible for this reshaping was Harold Williams, former head of the Securities and Exchange Commission in the Carter Administration and dean of UCLA's Graduate School of Management. In 1981 the Getty Trust hired Williams to manage the money and figure out what the new institution should...
...first item on his agenda was to diversify the trust's money. "It 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...
...diversified Getty envisioned by Williams and the trust had to be, in every conceivable way, a class act. After the original list of 33 architects had been whittled down to three finalists, the committee in 1984 settled on the New York City-based Meier, America's chief exponent of "late Modernist" classicism. He was the one who, it was believed, could deliver an impeccable and thoughtful level of planning and detailing. One of the factors in Meier's favor was that even then he was an experienced museum designer (the Frankfort Museum for Decorative Arts, 1979-85; the High Museum...