Word: branches
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Dates: during 1990-1999
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...runs its own hotels in Miami) opened Morgans in midtown Manhattan. It was both a professional and a personal reclamation project. The two spent slightly more than a year in prison for tax evasion following the collapse of their disco empire; soon after, they ventured into a more respectable branch of the hospitality industry. "People expected to see go-go dancers in the lobby," cracks Schrager, who is married with two young daughters. Yet Morgans was a quiet refuge from the city's hustle and bustle that quickly attracted a following from the high-profile worlds of fashion, media...
Executives at Charles Schwab faced a similar painful trade-off in 1997. In 1996 the discount brokerage developed a separate online unit called e.Schwab. "But customers were understandably confused," says Martha Deevy, senior vice president of Schwab's electronic brokerage business. "The online customers wanted to go into a branch office to talk to someone in person, and the branch customers wanted the convenience of trading online." So Schwab gave the customers what they wanted, uniting the businesses and dropping the cost of all trades to the online price--$29.95. Schwab took a hit in the short run, the price...
...aggressive," says Burke. "They're more concerned with accounts and assets than with profits." ETrade was not profitable in 1998, or in two of three quarters in 1999. But because it can keep its own forgiving investors happy despite those numbers, and because it's not encumbered by expensive branch offices, the company is more nimble than its brick-and-mortar competitors, Burke says. But that may change soon: Cotsakos, who's thrived on the bold moves only Net moguls seem to get away with, said in September that he plans to form an alliance with a traditional financial company...
...George W. Bush is trying to keep his enemies closer, he's got a funny way of showing it. Even while extending another GOP olive branch to Pat Buchanan (well, mostly to his supporters), Bush hinted Wednesday night that the nascent Perot-Buchanan Reform party alliance was an attempt to do to Bush what they did to his father: Bring him down. "I've always thought the 1992 campaign was hard for my dad to get traction in the race because of, first, Patrick J. Buchanan, and then Ross Perot inflicted a series of cuts," the younger Bush said...
...service in 1995 as an e-mail list of cool events. But now his site is getting 5 million hits a month, and he's relocating his five-person office from his Haight-Ashbury dining room to a nearby church and planning to launch a New York City branch. He could make much more money, but he won't accept advertisements...