Word: textron
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...that the town's founder, Ace Borger, was shot dead in the post office. He cheerfully relates that his last exposure to classroom economics was a basic course at the Coast Guard Academy 33 years ago. All his knowledge of money markets was picked up while he ran Textron Inc., the $2.8 billion conglomerate based in Providence that makes thousands of products, ranging from helicopters to watchbands...
...Proxmire also claimed that Miller was not expert enough in financial markets. In fact, Miller had been a director of the Boston Federal Reserve Bank for seven years, and FORTUNE judged him "a whiz" at managing Textron's pension funds. In early 1974 he took management of those funds away from banks and shifted most of their assets from stocks into bonds. The move was well timed and caused Textron's pension funds to prosper far more than funds generally from then...
Miller has moved into Washington with much command and in some two months he has brought to the board a new flexibility and crispness. Says one staffer: "We can't keep up with him. He's an electric mosquito." The former Textron Inc. chairman roams the Fed's cold marble halls at a slow jogger's pace, thrusting out his hand to someone he does not know and saying, "Hi, I'm Bill Miller." He signs memos "Bill," calls almost everyone at the Federal Reserve by his first name, and works in shirtsleeves...
...money have so far earned high marks from bankers and businessmen. He is widely regarded as one of Carter's best appointments in an Administration that has more than its share of second-raters. But a shadow of sorts hangs over even Bill Miller. While he was Textron's boss, its Bell helicopter division paid off foreign officials and influence peddlers to boost sales. Miller insisted during his confirmation hearing, and again last week, that the payments were made by lower managers without his knowledge. The Securities and Exchange Commission is investigating, and Miller stands to be absolved...
Freeze Executive Pay. Federal Reserve Chief G. William Miller, who took a cut from $400,000 to $57,500 when he left the chairmanship of Textron, recommends that "top business executives demonstrate their leadership in the fight by holding down their own compensation." A one-year moratorium on raises by people earning, say, $100,000 or more would not make much economic difference, but it might be worth something symbolically...