Word: vought
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Dates: during 1970-1979
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...will emphasize efforts to design an American satellite killer to defend against the Soviet version. In September the Defense Department quietly awarded the $58.7 million contract for its own ASAT program to the Vought Corp. of Dallas. The U.S. plan is to leap frog the relatively crude Soviet ASAT technology and put into space by the mid-1980s hunter-killer satellites armed with lasers that could vaporize metal in 20 billionths of a second...
Unfortunately, even Carter's token reductions are likely to encounter spirited opposition from congressmen whose districts will thereby suffer adverse economic consequences. The decision to end production of the A-7E attack plane, for example, would force the closing of the Vought Corporation's Dallas plant, a move that has angered several influential congressmen, including House Majority Leader Rep. James Wright (D-Tex.) and House Appropriations Committee Chairman George H. Mahon (D-Tex.). Proposals to terminate production of the Minuteman III missile and cutback orders of F-15 fighter planes have provoked similar responses...
...their merits and to deal separately with the adverse economic consequences that might arise in the event of reductions. The justification of Pentagon programs on economic grounds is a sham--it panders to the economic sectors least in need of government aid; those who would lose jobs if the Vought plant in Dallas closed are likely to find jobs more easily than the permanently unemployed of the Dallas ghetto. The central question, as always, is the ordering of governmental priorities, not the preservation of economic interests for their own sake...
...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...
...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...