Word: manhattanization
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Dates: during 1990-1999
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Before launching Investcorp, Kirdar worked for Chase Manhattan Bank, where he was in charge of operations in the Persian Gulf. (Many of his senior executives are Chase alumni.) He was there at the height of the oil shocks of the 1970s and forged close ties with some of the richest men in the region. Abdul-Rahman Al-Ateeqi, a former Oil Minister and Finance Minister of Kuwait, has been Investcorp's chairman since the beginning. The vice chairman, Ahmed Ali Kanoo, heads a family with a net worth estimated at $1.5 billion...
Another little-noticed case involves even more serious charges. The complaint, filed in Manhattan federal court, accuses Investcorp and five of its board members, as well as other defendants, of fraud and extortion. According to the complaint, the defendants tried to loot the Saudi European Bank, an Arab-owned institution in Paris. The lawsuit was filed by the bank's former parent company, headed by Syrian-born banker Jamal Radwan. The complaint charges that several defendants concocted a scheme for Investcorp to take over Saudi European Bank. In addition, Kirdar allegedly threatened to persuade other banks to stop doing business...
...dismissed." (Other defendants deny all charges). When TIME asked Kirdar to comment on the litigation, he not only rejected the charges but also said he barely knew Radwan and doubted he had ever spoken more than "15 words" to him. Both men, however, worked for Chase Manhattan in the Middle East in the '70s and, says Radwan, both attended management meetings. Radwan supplied Time with a photograph of himself with Kirdar taken in Switzerland...
Competition heightened soon after the debut of Tagamet HB, when SmithKline filed suit against J&J/Merck in federal district court in Manhattan. The company sought "to stop defendant from deceiving the public and undermining the launch of Tagamet HB...through false and misleading television commercials" and advertisements. The suit cited such claims as "8 out of 10 doctors and pharmacists chose Pepcid AC over Tagamet...
...40¢ for a one-a-day Pepcid AC tablet or a Tagamet HB two-tablet dose, although both products currently offer substantial rebates. Still, booming sales of the new acid blockers seem to show that heartburn sufferers are not troubled by sticker shock. At a Duane Reade drugstore in Manhattan, Darlene Jackson, 35, picked up a box of Tagamet HB and noted the higher price but decided to buy it anyway. "If it works," she said, "it's worth...