Word: thomson
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...move, President James E. Thomson, 63, became vice chairman of the board, chairman of the policy committee and chief planning officer. Following Thomson as president will be Donald T. Regan, 49, a Massachusetts Irishman from Harvard who was a 1940 classmate of John F. Kennedy. Chairman George J. Leness remains as chief executive. But since Merrill Lynch has a mandatory retirement age of 65, Chairman Leness will step out late this year and turn his title over to Thomson. When Thomson retires a year after that, Regan will step in to run the world's largest investment house...
...THOMSON: I certainly believe we could. I would caution that this is a job that is going to be incumbent on all of us, this process of learning to live in the same world with the Chinese Communist Revolution and helping to moderate it and helping to assimilate it. Our role, even if played with the greatest skill, and with a great deal of luck, may be marginal at best to the outcome...
...THOMSON: What I am concerned about is really a contemporary manifestation of a theme in American history. You know it was Jefferson who said that the American Revolution was "intended for all mankind...
...THOMSON: I think many of the steps we took from 1949, 1950, onward seemed plausible at that time within the immediate circumstances although had we had better expertise available to bring to bear on the problem even in those early periods, I think that many of these decisions could have been avoided, would have seemed less plausible even in the light of the expertise at that time and, of course, in terms of hindsight this is a process of really collective error, cumulative error, collective guilt by both parties, a long and tragic and deep involvement, and at each stage...
...THOMSON: Absolutely...