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Almanac
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Business New Haven
12/14/1998
By:
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The Great & Mighty Oz
R. Nelson (Oz) Griebel, president of BankBoston Connecticut, has a new job. Griebel has been named to replace Richard A Stebbins as regional president of the bank's newly formed West Region, which includes Connecticut and western Massachusetts. Griebel will enjoy a new title - executive vice president of the bank - and become a member of BankBoston's executive management group as well. The west region is one of five newly defined regions across New England, each of which will be headed by its own BankBoston executive.
Doing Well, Then Doing Good
Having profited from the stock market's spectacular rise of the 1990s, the average affluent American is giving more money back to society in the form of charitable contributions. According to a U.S Trust sampling of the top one percent wealthiest Americans - those with adjusted gross incomes in excess of $225,000 or a net worth of more than $3 million - the rich give an average of eight percent of their after-tax incomes to charity - compared with approximately three percent of after-tax earnings for those in the general population. In addition, nearly 70 percent of those surveyed have increased their charitable giving as a consequence of the '90s bull market. A large majority - some 83 percent - also volunteer time to good causes.
Not Up in Smoke
Mere weeks after 46 states dropped their lawsuits against the tobacco industry in exchange for fat settlement checks, tobacco stocks are soaring to their highest prices in years. That's good news for Yale University, whose tobacco investments totaled about $17 million in June, the last time the university announced its holdings. Heavy investment in Philip Morris made the tobacco company one of the 20 largest holdings in Yale's domestic equity portfolio. Last spring, when the Yale Corporation decided against divesting its portfolio of tobacco stocks, Philip Morris shares stood valued at just under $40. At the end of November the stock was trading in the $57 range. Under terms of the recent settlement, in exchange for a $206 billion payoff to the states and e to curtail some advertising, the tobacco giants snuffed out a legal liability that threatened to bankrupt the industry.
Wrestle-Mania for Starter
The New Haven-based Starter Corp. has signed a multi-year agreement to produce World Championship Wrestling apparel, the company announced yesterday. Under terms of the agreement, Starter will produce adult, youth and kids apparel including jackets, shirts and hats that bear the WCW and “New World Order” logos for the professional wrestling group, which is a subsidiary of the Turner Broadcasting System. A limited selection of WCW merchandise will be rolled out this month in time for the Christmas shopping season, anticipating the delivery to stores of a complete line of apparel by the spring of 1999. The WCW talent roster includes such luminaries as Bill Goldberg and former NFL player Bret (Hitman) Hart.
Jail to the Chief?
Shoppers and merchants in the city's Broadway section were recently on the lookout for a con artist said to have duped a number of individuals and business owners out of thousands of dollars in recent weeks. Claiming to be a Harvard-educated investment banker, the man, who goes by aliases including “Sultan,” “Chief” and “Chandler,” has insinuated himself into the confidences of a number of Yale-area students and business owners, according to the Yale Daily News. According to one source, the individual is said to have robbed the Affordable Limousine Service of $6,900 after he conned the company into employing him based on false credentials.
Seat of Their Pants
The Cold War must really be over. Connecticut has been chosen as the new home for the IBP Aerospace Group, which manufacturers the Russian-designed Zvezda K-36 ejection seats for U.S. and foreign military aircraft. The seats will be the first Russian military aircraft technology to be manufactured in the United States and available in the American marketplace. IBP Aerospace is setting up shop in a 40,000-square-foot assembly and office facility in East Hartford, greased by a $6 million loan package from the Connecticut Development Authority, as well as an additional $1 million from the state's Department of Economic & Community Development, to be used for employee training. The new plant is expected to employee some 200 new workers over the next three years.
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