Word: bendix
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Nonetheless there were some intriguing tidbits on the alphabetic menu. Treasury Secretary Michael Blumenthal, when chairman of Bendix Corp., was the highest paid Cabinet member, with roughly $600,000 in salary and benefits for 1976. But he owned two singularly inexpensive cars: a 1973 Ford Pinto and a 1975 Honda. Health, Education and Welfare Secretary Joseph Califano earned $505,490 from his Washington law firm, about twice what Secretary of State Cyrus Vance drew from his law firm on Wall Street. But Vance's assets-six Es, two Ds, three Cs, one B and two As (at least...
...Bendix Corp., the Michigan-based manufacturer of automotive and aircraft parts, housebuilding materials, metalworking tools and many other things, is a nononsense, tightly reined outfit. It made money throughout the recession and stacked up just under $3 billion in sales last fiscal year. Agee, who was named the company's chairman last December after Michael Blumenthal was selected to be Jimmy Carter's Treasury Secretary, is a tested and talented manager and financial man-as he tells anyone who asks. Practically the only thing he is touchy about is his age: businessmen, Wall Streeters and journalists often remark...
Rapid Rise. In 1971 Blumenthal of Bendix decided to set up an "office of the chief executive," consisting of himself and three executive vice presidents. Early the next year, a head-hunter was dispatched to offer Agee one of the second-rank spots. Agee, impressed by Blumenthal's intellect and rapid rise from refugee to corporate leader, accepted. "I brought more business experience to the table than Blumenthal had," Agee says unblinkingly. At Bendix, Agee helped to install what he calls "early-warning systems" in budgetary planning to forestall "unpleasant surprises." He joined Blumenthal in leaning hard on lower...
...Bendix...
While it is not yet clear what economic actions he will take. Carter has begun surrounding himself with people who are expected to follow moderately stimulative fiscal policies. Last week he named Michael Blumenthal, chief executive of Bendix Corp., to be Treasury Secretary, and Charles Schultze, once Lyndon Johnson's budget boss, to head the Council of Economic Advisers (see THE NATION...