Word: partnerized
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
They work for no salaries. When they join the firm (or when a partner retires) the assets of the partnership are sold at their market value to the new group. New partners may or not bring in new capital-if they are self-made men such as S. Parker Gilbert they frequently have none to begin with-but they sign the articles of partnership which makes them individually liable for all the debts of the firm and they are assigned a fixed share in all future profits and losses. Last week John W. Davis, eminent counsel of the firm, admitted...
...newshawks, and completely surrounded by as many spectators as could jam into the room. In tribute to the drawing power of the late great Morgan, his namesake was kept on the stand as much as possible though he could give few details. To get an accurate account of transactions Partner Whitney had to bear the brunt of questioning. When the house had been sold out for three successive days, the show moved into the Senate Caucus Room, largest available. Said Senator Glass: "All that is lacking is peanuts and pink lemonade...
Directorships: Q. Of how many corporations are partners directors'? A. 167. Q. Have they used their banking power to force their way in and control industry? A. J. P. Morgan dislikes having his partners serve as directors; they do so only by earnest request of companies who want financial advisers. Q. Do partner-directors force companies to finance with Morgan? A. No. Sometimes such companies finance elsewhere but often finance with Morgan. Q. Do not the interest of the partners as bankers conflict with their duties as directors? A. No. Partners as directors have their chief interest...
...admission of S. Parker Gilbert to partnership as a means of establishing a $21,000,000 loss to avoid paying income taxes in 1931, 1932 and 1933? A. For 20 years the firm has always taken profits or losses by sales of assets every time a new partner was admitted or old partners retired; actually the firm had other losses in 1931 and 1932 so that no taxes would have been paid even without establishment of the $21,000,000 loss.∙ Q. Has not the firm used the capital gains and losses section as a means of avoiding taxes...
...Government and other marketable securities" had declined $28,000,000 in book value (TIME, May 8). At the same time, Frank Altschul, chairman of the Stock Exchange List Committee, made public a year-long file of correspondence between his body and Allied Chemical. Mr. Altschul, Lazard Freres partner and brother-in-law to New York's Governor Lehman, had politely and persistently asked for a complete statement of the company's financial setup. Just as persistently and politely the company-that is, Mr. Weber-had refused. The only benefit from such a move, suave Mr. Weber insisted, would...