Word: chairman
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Dates: during 2000-2009
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Many companies are girding for the future by bulking up to unprecedented size. Robert Hormats, vice chairman of Goldman Sachs International, noted that in 1996 there were 211 corporate megamergers (deals worth $1 billion or more) around the world, valued at $1.2 trillion. In 1999 there were 476, worth $3.8 trillion. One of the main spark plugs for the trend was the new European currency, the euro, which encouraged companies to grow outside national borders. Last year more than 60% of the world's megamergers involved European companies. "We're likely to see more megamergers and more countries involved," Hormats...
Laura D'Andrea Tyson, dean of the Haas School of Business at the University of California, Berkeley, and chairman of the White House Council of Economic Advisers during the first Clinton Administration, pointed out that the Internet is starting to roll through financial industries as it has through American retailing. Big brokerage houses like Morgan Stanley Dean Witter and Merrill Lynch are launching online services against burgeoning upstarts like Charles Schwab and E*Trade--just as Internet-based brokers start to offer subscribers such customized services as video interaction with financial advisers. The losers? Maybe neither. "These new approaches aren...
Unfortunately, another effect of the boom has been to raise consumer debt and the U.S. balance-of-payments deficit to alarming levels. These have added to the inflation concerns of Federal Reserve Chairman Alan Greenspan, who on Feb. 2 jacked up interest rates another quarter of a percentage point. Further tightening could spook an increasingly jittery stock market, and the pressure for a bigger boost remains strong. Much of America's current wealth could evaporate with stunning speed. Despite big average increases in disposable income, Tyson pointed out, "savings rates are still declining, and no one knows what...
Other board members were more optimistic. "Europe is at the beginning of a renaissance," predicted Kenneth Courtis, the Tokyo-based vice chairman of Goldman Sachs Asia. "The euro is creating a competitive marketplace almost as big as the U.S.--and in effect outside the control of any government." In addition, the weak euro--down from a value of $1.17 at its birth a year ago to less than $1 now--has been a boon to European exporters. On the other hand, Hormats was worried that the euro's slide has taken some of the pressure off structural reform...
Last month he wrote letters begging the heads of the legislative groups to please stop. Rendell told TIME he hoped to "get the attention" of congressional pooh-bahs to keep them from "overpromising" to donors. But Democratic leaders Tom Daschle and Dick Gephardt complained to Gore campaign chairman Tony Coelho, who handpicked Rendell for the DNC post. Within the hour, a Rendell aide personally retrieved the letters and issued an apology. Why so contrite? Because for the first time in memory, the congressional committees have raised more cash than...