Word: gramco
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Dates: during 1968-1968
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...Both GRAMCO and U.S. Investment Fund are the brainchildren of a one time White House summer intern, GRAMCO President and Founder Keith Barish, 25. Even before he left the University of Miami after his junior year in 1965, Barish had accumulated a small fortune with various enterprises, including a housing project in Mexico; he had also founded Manufacturer's National Bank of Hialeah (assets: $10 million) and become a director of Hamilton Life Insurance Co. Though his first love was politics ("I thought the greatest thing in the world would be to be a U.S. Congressman"), Barish decided...
...give his venture prestige, Barish shrewdly enlisted as directors of GRAMCO Ltd. not only Salinger but half a dozen other Government aides. Among them: former HEW Under Secretary Ivan Nestingen, former Commerce Department Executive John Stillman and former White House Assistant Richard Donahue. As chairman, a role that he assumed on leaving Continental...
...Brass Plate. For his efforts, Salinger gets a hefty salary plus stock options. One of his frequent tasks, Salinger concedes, is helping to dispel investor worries about GRAMCO's Nassau base. Lax laws, loosely enforced, have given the Bahamas a reputation as a haven for promoters of dubious activities...
...GRAMCO as well as its customers, the location offers some important advantages. When buying, foreign investors escape the 15% U.S. interest-equalization tax. When selling their shares, they avoid U.S. capital-gains taxes. Because the Bahamas have no income tax, GRAMCO's revenue also enjoys a tax-free status...
While all too many Nassau-based firms consist chiefly of a brass plate on a lawyer's door and someone to answer the mail, GRAMCO's 100 Nassau staffers fill three floors in two office buildings. To make sure that every penny of income and outgo is handled meticulously, GRAMCO has turned the routine operation of the fund over to the prestigious Trust Corp. of the Bahamas, which is jointly owned by such institutions as Manhattan's Morgan Guaranty Trust Co., the Royal Bank of Canada and London's Westminster Bank...