Word: secretly
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Dates: during 1980-1989
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...half-century under an economic system that practiced pick- a-number pricing, taught enterprises to hoard inventory and rewarded them for producing a million left shoes. As Mikhail Gorbachev is discovering, it is much easier to learn to use political freedoms than to revive a moribund command economy. Casting secret ballots, speaking up in public, banding together to advance common interests: all these come fairly naturally. Instilling entrepreneurial spirit and managerial efficiency on any level higher than selling lemonade at curbside is a lot harder. Eastern Europe is littered with the wreckage of previous attempts at economic reform...
...executives of General Motors thumbed through the December issue of Automobile Magazine, they found an unpleasant surprise. There, in a series of high-quality color photos, was GM's top-secret Saturn automobile, which the company has spent $3 billion to develop and plans to roll into showrooms late next year. What really sent the motor moguls into orbit were signs that the Saturn pictures, along with shots of the 1993 Chevrolet Camaro and Pontiac Firebird in the same issue, had been leaked to the trade magazine by an employee in GM's design studios. Unlike the grainy, long-distance...
...Consumer affairs found "gross irregularities" in art auction houses, he says. Chandelier bidding amounted to "an industry practice, both above and below the reserve." (A chandelier bid above the reserve violates present rules.) Aponte was also concerned about the practices of not announcing buy-ins and of keeping reserves secret. The auction houses held that if bidders knew what the reserve on a lot was, it would chill the market. Art dealers, lobbying the agency, maintained that the reserve should be disclosed and that bidding should start...
Last month Sotheby's $27 million loan to Bond, which up to then had been a closely guarded secret, was disclosed by Bond's own company. How much has been repaid? Sotheby's won't say; a spokesman for Dallhold soothingly announced that "all is in order" and only "10% to 25% of the picture price" (between $5.4 million and $13 million) remained to be paid. The balance would be satisfied by the sale of Bond's Manet, La Promenade, at Sotheby's last week...
Local stations use satellites to expand their newscasts -- and their profits. GM is angry over leaked pictures of its top-secret Saturn. Sony and Warner strike a deal...