Word: laeries
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Ambition v. Talent. Despite that assurance, the news stoked fresh doubts about conglomerates; some of them, warned American Bankers Association President Howard Laeri, "may turn out to have more ambition than talent." Such fears were quickly reflected on the stock market. Last week Litton's common stock, which sold for over $120 a share last October, closed at $73.37. Other conglomerate stocks, including Teledyne and Ling-Temco-Vought, also dropped sharply...