Word: write-offs
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Pickens claims that inept management can be found everywhere among the large oil firms. He zestfully points out that petroleum companies made four of the seven acquisitions that FORTUNE magazine rated last year as the worst of the past decade (examples: Mobil's $1.86 billion purchase of Marcor, the owner...
Meanwhile, Bank of America was trying to clean up its scandal. The banking corporation, the nation's second-largest (assets: $121 billion), has announced that it would have to make a $95 million fourth-quarter write-off to cover the cost of buying back failed securities that the bank had...
Adam has made life tough for Coleco. The company will take an estimated $110 million write-off against 1984 earnings because of the flop. Indeed, Adam might have driven Coleco to its knees were it not for the company's success with another product: the Cabbage Patch Kids. Coleco last...
Two other oil companies last week disclosed major house-cleaning steps, partly the result of an 18-month slide in oil prices. Texaco announced plans to take a $765 million write-off on its fourth-quarter earnings, partly to reflect the decreased value of several underused refineries and oil tankers...
The measures forced on First Chicago were much stronger than those on Bank of America. The Comptroller imposed a detailed plan for tightening up almost every aspect of the way the bank handles problem loans of $10 million or more. In October the bank shocked the financial community by announcing...