Business: Good Faith
"Rip Van Winkling is no excuse" was the astonishing accusation hurled by New York Supreme Court Justice William H. Black last summer against Bethlehem Steel's august Chairman Charles M. Schwab and a batch of lesser bigwigs. Mr. Schwab failed to recall what happened between 1927 and 1934 when the American Society of Mechanical Engineers, which he once headed, lost $215,000 on an engineering index. Members sued to recover, and Justice Black found against Tycoon Schwab's "inconceivable ignorance" (TIME, June 20). Last week the Appellate Division delivered a decision, devoid of Justice Black's wit and invective, unanimously reversing his opinion: "Defendants acted in good faith. . . . None profited. . . ."
Most Popular »
- Obama's Half Brother Makes a Name for Himself in China
- Five Things the U.S. Can Learn from China
- China Investigates Deaths After Swine Flu Shot
- Can Dems Resolve Their Abortion Split?
- Spanish Outraged by Teen Masturbation Workshops
- The Vanished Army: Solving an Ancient Egyptian Mystery
- The Meaning and Mythos of Manny Pacquiao
- Good and Bad News for Boxing: Only One Pacquiao
- Why Does the U.S. Want to Seize Mosques?
- Australia Apologizes to Abused Child Migrants
- Business & Finance: Hobby Factory
- Spanish Outraged by Teen Masturbation Workshops
- Priests Spar Over What It Means to Be Catholic
- Religion: Segregation & the Churches
- Books: A Ballad for All Times
- Sarah Palin's Going Rogue: The Early Reviews Are In
Quotes of the Day »
CHRISTINE LINDBERG of Oxford's U.S. dictionary program, on why unfriend was chosen as Word of the Year by the New Oxford American Dictionary; it refers to removing someone on a social-networking site like Facebook
Quotes of the Day »
CHRISTINE LINDBERG of Oxford's U.S. dictionary program, on why unfriend was chosen as Word of the Year by the New Oxford American Dictionary; it refers to removing someone on a social-networking site like Facebook
RSS