Word: tycooning
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...headed by former Defense Secretary Clark Clifford and his law partner Robert Altman. Clifford and Altman, who served as attorneys for B.C.C.I. throughout the 1980s, have denied knowing it owned First American. The other two secretly owned banks were the National Bank of Georgia, which Ghaith Pharaon, a Saudi tycoon and B.C.C.I. front man, acquired from Carter Administration official Bert Lance, and Miami's CenTrust Savings. Pharaon used B.C.C.I. funds to become a partner of financier David Paul, who built CenTrust into a giant house of cards before it collapsed last year at a cost to taxpayers of more than...
...such loans had enabled B.C.C.I. to buy clandestine control in three American banks: First American Bankshares in Washington, National Bank of Georgia (later purchased by First American) and Independence Bank of Encino, Calif. The latter two were bought officially by Abedi's front man, Ghaith Pharaon, the putative Saudi tycoon who received an ) estimated $500 million in B.C.C.I. loans in the 1970s and '80s. Those loans were secured only by shares of stock in the companies Pharaon purchased, which meant that they were never to be repaid...
...lost almost $250 million on the News since 1980, half of it within the past year, the Tribune Co. finally gave up. To end a sometimes violent five-month strike, during which the paper kept publishing but virtually all revenue disappeared, the News was "sold" to British-based media tycoon Robert Maxwell, 67. In truth, the "buyer" was paid $60 million just to take the paper off the Tribune Co.'s hands. The bulk of that will go to buyouts and severance pay. To add to the Tribune Co.'s pain, in just six days Maxwell extracted $72 million...
...year tailspin. But the turmoil of recent months has given the cause fresh life. Many of the party's new vanguard deny they want to turn back the clock, and yet the Kremlin has begun targeting for investigation prominent private businessman Artyom Tarasov, a self-made Moscow tycoon...
...abandon his $5 million dream house. Even though it was one- third completed, Monaghan halted construction of the 22,000-sq.-ft. mansion in Ann Arbor, Mich., which he had intended to be the keystone in a development of exceedingly expensive mansions designed by eminent architects. The pizza tycoon, who is shifting his attention toward charitable works, felt he could no longer justify spending so much on a personal whim. Said he: "I began thinking, 'My gosh, am I building this out of pride, or what?' " Humility has its limits: he plans to keep his multimillion-dollar auto collection...