Word: partnership
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Dates: during 1960-1969
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Last week, in the biggest venture of its kind for many years, three giants hammered together a joint enterprise. Hartford's Aetna Life & Casualty (assets: $8.6 billion) agreed to go into a partnership with California-based Kaiser Industries and Kaiser Aluminum & Chemical Corp. They expect to move into commercial, industrial, residential, recreational and agricultural real estate. The three will pool $175 million in cash and properties. Among the latter are Aetna's 630-acre Warner Ranch near downtown Burbank, the Kaiser Companies' 6,000-acre Hawaii Kai residential and resort complex in Honolulu...
...other's capital. Party relations have been virtually nonexistent since 1963. Some trade still continues, but a recent Soviet survey reports that current two-way trade, estimated in 1967 to be $106 million, is less than 6% of 1961 levels. Given the steady disintegration of the once solid partnership of the two Communist giants, the frontier clashes-and last week's explosion-became inevitable...
...Lehman Brothers and other investment banking houses can earn $500,000 or more a year. Their incomes depend upon how much capital they contribute to the firm and the size of the mergers, underwritings and other deals that they bring in. Unlike commercial bankers, however, the investment bankers have partnership arrangements that make them personally liable for losses...
...dimmed in recent years, buffeted by resurgent nationalism. "Integration is like a bicycle," says Walter Hallstein, the former president of the European Economic Community and one of the fervid dreamers. "You either move on or you fall off." Giovanni Agnelli, chairman of Fiat, describes the present arrangement of economic partnership without political integration in lustier Italian metaphor. "There is not yet a united Europe. As law scholars would say, the marriage among European countries was not consummated...
...Greek politicians and other leaders and for years sent them cards at Christmas and on their saints' days. After a few small business deals in Greece taught him how to cut through Athens' labyrinthine bureaucracy, his biggest coup came in 1962, when Standard Oil (N.J.) went into partnership with him. The Greek government sought bids for an oil refinery, but Pappas and Esso beat out Aristotle Onassis and 14 other competitors by proposing a package deal that called for construction of a huge industrial complex, including a steel mill, near Salonika. Pappas knew that almost every developing country...