Word: wente
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Dates: during 1960-1969
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...accounts (along with an equal amount of loans with good repayment records) to two competitor S&Ls. At the same time, the authorities blocked Lytton from using profits of the subsidiary S&Ls to meet his holding-company debts. Plans to raise $12 million capital in the stock market went awry. To raise funds to satisfy personal creditors, Chairman-President Lytton last month sold 60%-$2.1 million worth-of his stock in Lytton Financial, reducing his holding to about...
...Goofed." After joining Merrill Lynch in 1946, fresh from South Pacific service with the Marines, he went through the firm's sales training program and caught the eye of the then sales-promotion chief, Robert Magowan. While other graduates were sent out to run branch offices, Regan remained behind at the 70 Pine Street headquarters for increasingly responsible administrative jobs...
...company discovered that some of its salesmen were misrepresenting a small cigarette-filter company in order to sell its stock, Regan was dispatched to an SEC public hearing in Washington to explain. Said he simply: "Let's face it. This is one in which we goofed." He went on to explain that Merrill Lynch had already fined the salesmen involved and repaid $116,000 in losses suffered by customers. In recent years, Regan has also been one of the trustees responsible for deciding on charitable donations from the $35 million trust established by Founder Charles Merrill...
Built by Hitler to turn out "people's cars," the Volkswagen factory made only 210 cars before it went into war production, and after V-E day it was a shambles, 60% destroyed by Allied bombs. Nordhoff, too, was part of the postwar wreckage-a lifelong German automan who, because he had manufactured trucks for the Wehrmacht, was forbidden to work in the U.S. zone at anything except manual labor...
...team of Valente and Gaggia had sold 90 of their machines. But the partners split up two years later when Gaggia's limited-production philosophy clashed with Valente's go-for-broke ideas. Gaggia went on to establish his own company, which has run a poor second to Valente's Faema. Last week at the Faema annual meeting in Milan, Valente proudly reported to shareholders (mostly family) that sales were $27.9 million in 1967 (up $6,500,000 from 1966). Faema coffee is now brewed in 54 countries; besides his Milan plant, Valente now has manufacturing operations...