#2959: AD links Christy’s Pig-Farm Pedophile Hazing To Tracey’s Starnet Spoliation And Larry’s Tenants’ Bombs
United States Marine Field McConnell
Plum City Online – (AbelDanger.net)
May 9, 2017
To Whom It May Concern:
Field McConnell – United States Marine and Global Operations Director of Abel Danger (AD) – has linked Christy Clark’s apparent role as a victim of pig-farm pedophile hazing ceremonies at universities which she attended but from which she failed to graduate (Simon Fraser, Sorbonne and Edinburgh U.) to Tracey McVicar’s alleged spoliation of evidence of blackmail, kiddie porn and sado-masochistic death pools on Starnet computer networks and the bombing of Larry Silverstein’s tenants including IRS, ITT, U.S. Secret Service and Standard Chartered Bank (Global Custodian) in the Salomon (WTC7) building in New York on 9/11.
McConnell looks forward to an invitation to brief President Trump in the presence of retired Marine Corps two-star Randolph “Tex” Alles, director of the United States Secret Service, on how to destroy – to paraphrase the late David Rockefeller – a supranational community of pedophile elites and world bankers.
“David Rockefeller, Sr (12 June 1915–20 March 2017) was a prominent American banker, statesman, globalist, and a grandson of oil tycoon John D. Rockefeller. .. Quote ‘We are grateful to The Washington Post, The New York Times, Time magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. … It would have been impossible for us to develop our plan for the world if we had been subject to the bright lights of publicity during those years. But, the world is now much more sophisticated and prepared to march towards a world government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries.'”
Purported remarks at a Bilderberg Group meeting in Baden-Baden, Germany in June 1991, as quoted in Programming, Pitfalls and Puppy-Dog Tales (1993) by Gyeorgos C. Hatonn, p. 65 and various nationalist tracts. The ultimate source for the quotation (i.e. the person who passed it on to the public) is never identified.”
“Posted on August 6, 2012 by Max
Standard Chartered Bank accused of scheming with Iran to hide transactions
BusinessInsider: ‘You F—ing Americans. Who Are You To Tell Us, The Rest Of The World, That We’re Not Going To Deal With Iranians'”
“In 1996, the Pickton brothers established the Piggy’s Palace Good Times Society, a [Liberal Party] federally registered charity with an alleged mandate to raise funds for service organizations through special events such as dances and shows. Neighbours complained of rowdiness, drug use, drunkenness and noise from parties attended by as many as 1,700 people, including bikers and sex trade workers from the Downtown Eastside. In 2000, the City of Port Coquitlam shut Piggy’s Palace [where the Liberal governments of Canada and British Columbia allegedly used Serco Demon face-recognition software to blackmail witnesses to the torture murder of and the cannibal feasting on up to 60 prostitutes] down.”
“Christina Joan “Christy” Clark, MLA (born October 29, 1965) is a Canadian politician who currently serves as the 35th Premier of British Columbia, Canada. Clark was sworn in as premier on March 14, 2011, after she won the leadership of the British Columbia Liberal Party in the 2011 leadership election on February 26, 2011. She is the second woman to serve as premier of British Columbia, after Rita Johnston in 1991, however Clark is so far the only female premier of BC to carry an election in her own right.
Clark served as a Member of the Legislature from 1996 to 2005, serving as deputy premier from 2001 to 2005 during the first term of Gordon Campbell‘s government. She left politics in 2005, and became the host of an afternoon radio talk show. At the time of her leadership victory, Clark was not a member of the Legislative Assembly of British Columbia. She re-entered the legislature after winning a by-election on May 11, 2011, in Vancouver-Point Grey, the seat left vacant by Campbell. ..
Clark was born on October 29, 1964 in Burnaby, British Columbia, the daughter of Mavis Audrey (née Bain) and Jim Clark. Her father was a teacher and a three-time candidate for the legislative assembly, and her mother, who was born in Glasgow, Scotland, was a marriage and family therapist in Vancouver. On June 8, 2016, she shared that, as a 13-year-old girl on her way to work at her first job, she was forcibly grabbed and pulled into some bushes; she also shared that she had been subject to other sexual offences throughout her life and that she had not felt able to share this until a campus sexual assault bill proposed by the Green Party came up.
Clark graduated from Burnaby South Senior Secondary before attending Simon Fraser University (SFU), the Sorbonne in France and the University of Edinburgh in Scotland  to major in political science and religious studies. She did not graduate from any post-secondary institution.
In 2001, Clark gave birth to her only child, Hamish Marissen-Clark, with then husband Mark Marissen. Clark was the second woman in Canadian history to give birth to a child while serving as a cabinet minister, after Pauline Marois, then a Quebec provincial minister, in 1985.”
“ROBERT PICKTON: THE VANCOUVER MISSING WOMEN
Courtesy of the Crime Library Low Track Vancouver’s Downtown Eastside is the poorest neighborhood in British Columbia–in all of Canada, for that matter. No other slum or ghetto in the country matches the squalor of this 10-block urban wasteland, with its rundown hotels and pawn shops, stained and fractured sidewalks, gutters and alleyways littered with garbage, used condoms and discarded hypodermic needles. Downtown Eastside has another name as well, used commonly by residents and the police who clean up after them. They call the district “Low Track,” and it fits.
Low Track is Vancouver’s Skid Row. Its cold heart is the intersection of Main and Hastings, nicknamed “Pain and Wastings” by the denizens who know it best. Low Track is the heart of British Columbia’s rock-bottom drug scene, estimates of its junkie population ranging from 5,000 to 10,000 at any given moment. The drugs of choice are heroin and crack cocaine, supplied by motorcycle gangs or Asian cartels that stake out choice blocks for themselves and defend their turf with brute force. Most of Low Track’s female addicts support their habits via prostitution, trolling the streets night and day, haunted creatures rendered skeletal by what one Seattle Times reporter has dubbed “the Jenny Crack diet.” Safe sex is an illusion in this neighborhood, which boasts the highest HIV infection rate in North America.
Low Track’s recent history is a tale of unrelenting failure. Vancouver lured affluent tourists by the hundreds of thousands to Expo ’86, but the prospect of easy money brought a corresponding influx of the poor and hopeless, most of them gravitating to Downtown Eastside. Around the same time, competition among drug cartels flooded the district with cheap narcotics, encouraging a new generation of addicts to turn on, tune in and drop out. Surrounding districts passed new laws to purge their streets of prostitutes, driving the women out of Burnaby and North Vancouver, into Downtown Eastside. In 1994, federal cutbacks left welfare recipients short of cash, while mental hospitals disgorged patients onto the streets. By 1997, careless sex and shared needles had taken their toll in Low Track, one-fourth of the neighborhood’s residents testing HIV-positive. So far, government needle-exchange programs have failed to stem the plague, despite provision of some 2.8 million needles in Low Track each year.Low Track is infamous for its “kiddy stroll,” featuring prostitutes as young as 11. Some of those work the streets, while others are secured by their pimps in special trick pads. New prospects arrive in Low Track every day, runaways and adventure-seekers dubbed “twinkies” by those already trapped in The Life. A 1995 survey of Downtown Eastside’s working girls revealed that 73 percent of them entered the sex trade as children and the same percent were unwed mothers, averaging three children each. Of those, 90 percent had lost children to the state; fewer than half knew where their children were. Nearly three-quarters of the Low Track prostitutes were Aboriginals. More than 80 percent were born and raised outside Vancouver. In 1998 they averaged one death per day from drug overdoses, the highest rate in Canadian history.
But there were other dangers on the street, as well. Three years before Expo ’86 opened its gates, prostitutes began to vanish from Low Track. By the time police noticed the trend, 14 years later, more than two-dozen had already disappeared without a trace.”
“Tracey McVicar on her journey from Wall Street wizard to inner-city teacher to one of B.C.’s most influential board directors
It took one book to radically shake up Tracey McVicar’s life.
Thanks to Ordinary Resurrections: Children in the Years of Hope, based on the experiences of educator Jonathan Kozol in a South Bronx school, McVicar left 12 years of investment banking during the frenzied technology run-up of the ’90s to teach kids in an inner-city New York City school in 2001. Even though she later returned to finance (she’s now the Vancouver managing partner of private equity firm CAI Capital Management Co.), it’s a career curveball that she describes as “living a dream.”
While she found investment banking rewarding and enjoyed how the high-performing environment attracted smart people, often with a good sense of humour, McVicar laments the singular focus on making money. The business, says the UBC commerce grad, is “bereft of helping others by its nature. To be really good, you have to be consumed by it and really live it.” She describes an environment where people were hiring Bryan Adams for their weddings, and everybody one-upped each other on their latest luxury vehicle. “I wondered to myself, ‘Just who are you?’ I felt I was going in a direction that wouldn’t be very fulfilling later.
Turns out “fulfillment” is a recurring theme over our brunch of poached eggs and bacon at Mosaic restaurant in Vancouver’s Hyatt hotel. McVicar—who worked at RBC Capital Markets from 1990 to 1997 and Raymond James Ltd. (and its predecessor, Goepel Shields & Partners) from 1997 to 2001—set up NYC-headquartered CAI in Vancouver after returning to B.C. following 9/11. “Of course that changed everything,” says McVicar, who was in Brooklyn at the time of the attacks although had been due to pick up some computers, donated to her school, at the World Trade Center that morning. “My idealistic dream of teaching in the inner city, earning $28,000 a year, living in New York, was just that—a dream. I realized that both me and the school would be much better off if I went back to finance, back to Canada and donated that amount every year instead.””
“CAI and our investee companies benefit from the participation of our SPECIAL INVESTORS, a group of seasoned leaders, most of whom have spent their careers running large and diverse businesses. Collectively, they have served as directors of over one hundred leading North American companies. They assist CAI and our portfolio companies by identifying and creating opportunities for investment and growth as well as, on occasion, serving on the boards of those companies.
Ralph M. Barford
Larry I. Bell
Jalynn H. Bennett
Roy F. Bennett
Peter J. G. Bentley
Richard S. Braddock
Paul G. S. Cantor
Thomas P. D’aquino
L. Yves Fortier, Q.C.
Alexander M. Haig, Jr.
Graham O. Harrison
David L. Johnston
Hon. Donald S. Macdonald
John H. McArthur
Hon. Frank McKenna
W. Darcy McKeough
Joseph J. Meleone
J. Edward Newall
Larence G. Pathy
Lynton R. Wilson
Walter B. Wriston
Adam H. Zimmerman”
“The making of CAI
At or about the same time that Restler was guiding the privatization of Hydro’s gas division, he decided to leave Shearson Lehman Brothers. Along with about a half dozen others from business and Wall Street, he started a small, boutique investment firm called CAI Capital Management.
CAI opened its doors in 1989, and began looking for both investors and investment opportunities. It found both in Canada. MacDonald Dettwiler and Associates, the Richmond-based firm specializing in satellite imaging, [Bin Laden drag and drop,] space robotics and environmental monitoring, was one of the earliest companies with which Restler and CAI held discussions. Talks remained exploratory until 1999, when the New York firm and another investor together acquired a one-third interest in the Richmond company.
Restler soon took a seat on MDA’s board of directors, and a year later he was joined by David Emerson — a CAI investor and, since 2008, a “senior advisor” at the equity firm’s Vancouver office.
By 2004, CAI (with a substantial profit) had exited its position in MacDonald Dettwiler, and that same year Emerson won election as a Liberal Member of Parliament for Vancouver-Kingsway. (He crossed the floor days after the 2006 general election to join the victorious Conservatives and retain his seat at the cabinet table. Rather than face his constituents and answer for that controversial decision, Emerson retired prior to the 2008 election.)”
“Starnet raid included IRS, U.S. Customs officials
SNMM Shares issued 0 close $0 Friday Aug 20 1999 by Brent Mudry It was an exciting day for followers of Star-Net Communications International Inc., with a pre-dawn raid of the company`s operational headquarters by 100 police officers capping an 18-month Internet gambling and pornography probe, the late-morning release of British Columbia Premier Glen Clark`s long-awaited search warrant, the late-afternoon release of the Starnet search warrant and the expected imminent resignation of Mr. Clark in a high-profile gambling scandal. While Friday the 13th is superstitious for many, the Vancouver action unfolded a week later, on Friday the 20th. The day kicked off at 5:30 a.m., when 100 uniformed and plainclothes officers raided Starnet`s premises. Six hours later, at 11:30 a.m., the search warrant of the March 2 searches of the homes, offices and vehicles of Mr. Clark, neighbour Dimitrios Pilarinos, his casino partner Steve Ng, an early Starnet shareholder, and a number of other associates, was finally released in the Supreme Court of British Columbia, after a protracted legal battle by Mr. Clark and the targets. Minutes before the 4 p.m. closing of the B.C. Provincial Court Vancouver registry, the Starnet search warrant was released.
POLICE CAMP OUT IN STARNET`S OFFICES It will be a busy weekend for the police and Starnet`s officials and lawyers. “Throughout the weekend, there will be several dozen officers on site from the RCMP and VPD. . . handling massive quantities of information,” says VPD spokeswoman Ann Drennan. Court documents reveal the Starnet interest extends far beyond Vancouver. Officers, officials and accountants from various law enforcement organizations are involved in the probe. The United States Internal Revenue`s Criminal Investigation Division, the U.S. Customs Service and the Ontario Provincial Police are assisting and observing in the investigation. The RCMP notes that due to the complex nature of computer networks and the Internet, several briefings and planning sessions with technical personnel of these U.S. and Canadian agencies were required, with equipment needs to be tested. “To accommodate these requirements and to meet various travel itineraries of the Vancouver arrival of the assisting investigators, it is requested that the execution date of this warrant to search be delayed until the 20th of August,” stated Officer Ryan on Aug. 19.
The RCMP also notes that personnel from the IRS and the U.S. Customs Service are required to assist, as a result of their experience with international monetary payments and transfer systems and expertise in conducting high-tech computer network investigations. In addition, accountants from the RCMP Integrated Proceeds of Crime Section are required, to quickly identify monetary transfers, accounts and assets which may have been derived from the proceeds of crime. The early-morning timing of the raid was prompted by police concerns of security and preservation of evidence. Officer Ryan suggested there may be physical and computerized security systems in place at Starnet’s Vancouver offices or its associated offices in Antigua, which could be engaged to impede police entry. Besides dealing with Starnet`s physical security of heavy steel doors and surveillance, police were concerned about remote access to the system. In a July 27 interview, an Internet technology consultant with some knowledge of Starnet’s operation provided potentially-key details to police.
The source told police that in late 1996, he observed an odd box in Starnet’s premises, connected to its computer networks. A Starnet employee, Jason Bolduc, allegedly told him it was a cellular control system which permitted Starnet staff to phone a number and enter a code which would allow certain instructions to be given to the network, including shutting the system down or turning it on. Besides pulling in search and seizure personnel from across North America, the police appear to have been well-prepared for the logistics of the raid. On April 27, the RCMP executed a search warrant on the offices of Sprint Canada in Richmond, to determine the type of telecommunications services provided to Starnet. The police were given Starnet’s billing records for all outgoing long distance calls and all incoming toll-free calls from February to mid-April. A well-timed international Gaming Summit and Expo, held at Vancouver’s Hyatt Regency hotel, from June 23 to 25, was also quite fruitful. A special constable attended an open house for conference delegates at Starnet’s offices and was given a detailed tour of the premises, mentally mapping the layout of the assorted offices, including a lottery ticket on-line distribution operation. Two weeks after the hosted tour, the RCMP obtained a general warrant on July 9 to use computer network utility tools to trace the route that Starnet-related data packets took through the Internet, as they were transferred between police computers and Internet gambling Web sites. Finally, on July 23, the police obtained a warrant to create operating keys for doors in and around Starnet’s Vancouver offices, to facilitate the execution of a search warrant without loss of evidence.
THE STARNET SEARCH WARRANT The 61-page Starnet “Information to Obtain a Search Warrant” details the 18-month probe by the Co-ordinated Law Enforcement Unit, a B.C. Attorney General agency, led by the Royal Canadian Mounted Police commercial crime and proceeds-of-crime sections and the Vancouver Police Department. While no charges have yet been laid, court documents reveal eight proposed counts related to illegal bookmaking, betting and gambling, and the distribution of adult pornography and kiddie porn. Although the proposed charges may later be modified, dropped or expanded, the list of named parties is extensive. It should be clearly noted that no parties have yet been charged, and all parties are presumed innocent after any charges are laid. The 15 individual parties named, all uncharged and presumed innocent at present, include Starnet chief executive Mark Dohlen, president Paul Giles, chairman and chief financial officer John Carley, secretary-treasurer Chris Zacharias, chief operations officer Jason King, finance vice-president Benjamin Wong, corporate development vice-president Grant Johnson, offshore operations vice-president Terrence Bowering and senior software engineer Michael Hiebert. Other named Starnet employees and associates include Ken Lelek, Bret Conkin, Wolf Bergelt, Richard Thiessen, Mitchell White, Jason Bolduc. The 11 named companies include Starnet Communications International, Starnet Communications Canada, World Gaming Service, EFS Caribbean, EFS St. Kitts, Softec Systems Caribbean, Starnet USA, EFS Australia, Canadian Global Interactive, Global Interactive and Absolute Technologies. In Count 1, RCMP officer Michael Ryan, who swore the search warrant application on Thursday, claims that targeted parties possessed proceeds of crime related to illegal gambling operations between May 19, 1995, and Aug. 18, 1999, contrary to Section 354(1) of the Criminal Code of Canada. The as-yet-uncharged defendants allegedly possessed money knowingly derived directly or indirectly from the commission of indictable offences, including book-making, betting, making agreements for the purchase or sale of betting or gaming privileges, providing information intended for use in connection with betting on games or sports, and sending, transmitting, delivering or receiving messages by telephone or mail that conveyed information relating to this book-making, betting or wagering. All counts cover the same stated date range.
In Count 2, the RCMP allege the as-yet-uncharged potential defendants unlawfully conspired together, and with diverse persons unknown, to commit the indictable offence of having possession of proceeds of crime. This proceeds conspiracy charge cites Section 354(1) and Section 465(1)(c) of the Code. Count 3 is another proceeds conspiracy charge, covering money or other property relating to an offence under Section 202 of the Code and contrary to Section 202(1)(c) of the Code, resulting in an offence contrary to Section 465(1)(c) of the Code. Count 4 relates to the gambling operation itself, claiming unlawful conspiracy to commit the indictable offence of engaging in the business of betting and making arrangements for the purchase or sale of betting or gaming privileges, contrary to Section 202(1)(e) of the Code, resulting in an offence contary to Section 465(1)(c). Count 5 relates to the dissemination of gambling information, claiming conpiracy to commit the indictable offence of providing information intended for use in connection with betting on games or sports, contrary to Section 202(1)(f) of the Code, resulting in an offence contrary to Section 465(1)(c). The sixth and final gambling-related count relates to conspiracy to commit the indictable offence of willfully and knowingly sending, transmitting, delivering or receiving any messages by telephone or mail, which conveyed information relating to book-making, betting or wagering, or was intended to do the same, contary to Section 202(1)(i) of the Code, resulting in an offence contrary to Section 465(1)(c). The final two counts relate to Starnet`s Internet pornography operations. In Count 7, the RCMP claims the uncharged potential defendants had possession, for the purpose of publication, distribution or circulation, obscene pictures, mainly computerized images depicting obscene acts, contrary to Section 163(1)(a) of the Code. The final potential charge, Count 8, relates to the printing, publishing or possession, for the purpose of publication, child pornography, contrary to Section 163.1 of the Code.
Officer Ryan notes the police Starnet operation, code-named “Project Enigma,” an investigation into illegal gambling, distribution of pornography and money laundering, all using the Internet, was started in December of 1997. The initial investigation was referred to the CLEU Proceeds of Crime section for assessment in June of 1998 and the investigation was approved by CLEU management for project status in September of 1998. The background probe includes That`s Entertainment, registered in July of 1992, a Howe Street-based Internet Web site in the business of booking strippers for performances in Japan, Macau, Greece, England, Iceland, Austria, Switzerland, Germany, Mexico, Venezuela, the United States and Canada. Another company, 399413 Alberta, was registered in December of 1992, to book strippers for clubs. The only directors identified in the annual reports for 1993 and 1994 were Mr. Lelek and Lloyd Robinson. In 1995, Mr. Robinson stepped down and Mr. Lelek continued as the sole director. Continuing the corporate chronology, Starnet Computer Communications was incorporated in May of 1994, with Mr. Giles, Mr Lelek, Mr. Thiessen and Mr. White as founding directors. In November of that year, Mr. Giles, Mr. Lelek and Mr. Thiessen stepped down, replaced by new directors Mr. Dohlen and Mr. Bolduc. The company changed its name to Sizzle Entertainment Group in August of 1996. The RCMP notes that in May of 1995, 496926 BC was incorporated, with Mr. White and Mr. McPhee as founding directors. That November, Mr. McPhee was replaced by new directors Mr. Dohlen and Mr. Bolduc. In August of 1996, the company changed its name to Starnet Communications Canada, with 1996 and 1997 directors including Messrs. Bolduc, Dohlen, White, Zacharias and Carley. Court documents note three other companies of chronology. In June of 1995, That’s Acting was incorporated, with Mr. Lelek, of 1712 Queens Ave. in West Vancouver, as sole director since then. In August of 1998, two numbered companies were incorporated: 544062 BC, with Mr. Giles as sole director, and 544063 BC, with Mr. Thiessen as sole director. The RCMP also confirms that a search of Barbados corporate records shows that Starnet Communications International was incorporated in Barbados on Nov. 21, 1996, by local attorney Trevor Carmichael, with Messrs. Dohlen, Carley, Bolduc, Armstrong, Giles and Roy Gould as directors. Citing United States Securities and Exchange Commission reports, the police note that in January of 1997, Starnet received loans of $208,000 from Celestine Fund Management, secured by all of Starnet’s assets. Celestine was a privately-held investment fund with principal offices in the British Virgin Islands, in the business of providing short-term financing. On June 10, 1997, Celestine sold the note to DGD Wealth Management, a Richmond-based holding company of which Mr. Gould is director, Larissa Grierson is secretary and Renwick Day is a director. Court documents note that RCMP officers, under cover of Project Enigma, were busy Internet gamblers on numerous Starnet-related sites, betting on numerous NHL, NFL and NBA games and English soccer matches. The operatives also became immersed in Starnet’s other Internet gambling opportunities. A Nov. 16, 1998, Starnet complaint of attempted credit card fraud by a customer was particularly helpful.
A VPD credit card fraud detective accepted the invitation and was ushered into Starnet`s heavily-secured Carrall Street headquarters in Gastown. After passing through a solid steel door, with Starnet surveillance equipment on both sides, the officer was asked to leave his police badge at the reception, which he declined. He noticed two more solid steel doors into other interior office areas and a uniformed security guard. The curious officer was told that Starnet`s Internet servers were in the building. The Starnet employee hesitated and then claimed “actually the backup servers are here, the real ones are in Antigua.” Another goldmine was the curbside garbage outside the home of Mr. Giles. On Feb. 26, several officers poked through the garbage and found various corporate documents. Especially interesting is a Jan. 28 Starnet letter addressed to the Honourable Lester Bird, Prime Minister’s Office, Antigua, stating that the matter of licensing had become critical to the immediate future of Starnet and its licensees in Antigua and Barbuda, and unless their proposal was accepted, Starnet would be forced to relocate to St. Kitts. A curbside garbage search two weeks earlier, outside Mr. Giles` home, yielded a handwritten “will and testiment (sic)” dated Jan. 5, signed by Mr. Giles and witnessed by Emmi Visser and an unknown person. The RCMP notes this document states that “Starnet owes me US 50,000, Roy has 130,000 US or more,” that “options exercised by Roy should be an additional 60,000 US or more” and an indication that 500,000 to 550,000 free-trading bearer certificates are held by “Roy Gould @ United Capital in West Van.” Court documents note that other records found in the garbage bag indicated that Mr. Giles has an account with United Capital, also identified as UCC
United Capital Corp. (c)
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“ITT Corporation (ITT) is an American worldwide manufacturing company based in White Plains, New York, producing specialty components for the aerospace, transportation, energy and industrial markets.
The company was founded in 1920 as International Telephone & Telegraph. During the 1960s and 1970s, under the leadership of CEO Harold Geneen, the company rose to prominence as the archetypal conglomerate, deriving its growth from hundreds of acquisitions in diversified industries. ITT divested its telecommunications assets in 1986, and in 1995 spun off its non-manufacturing divisions, later to be purchased byStarwood Hotels & Resorts Worldwide.”
“ITT to Spin Off Operations Into 3 Publicly Held Firms
June 14, 1995 |JAMES F. PELTZ | TIMES STAFF WRITER
In one of the most dramatic breakups in U.S. corporate history, ITT Corp. announced Tuesday that it plans to split itself into three companies and dismantle what has long been one of America’s most familiar conglomerates.
The New York-based company–a global hodgepodge that at times has owned everything from Wonder Bread to Avis rental cars–plans to divide its remaining insurance, industrial and hotel/entertainment divisions into separate publicly held companies, which have combined annual sales of $25 billion.
… “It’s a watershed event in corporate America,” said analyst Jay Cohen of Salomon Bros. Inc.
ITT’s breakup is further evidence that the gigantic conglomerate–so fashionable in U.S. business during the 1960s and ’70s–is largely a dinosaur today. It has become an enterprise that is too unwieldy in an age when corporations must be nimble and efficient, many experts believe. ..
Yet the bust-up of ITT–which today owns Sheraton hotels, Hartford insurance and such gaming properties as Caesars World–had been expected. Long prodded by disgruntled investors who felt the company’s stock price understated the true value of the firm’s various assets, ITT had hinted for months that it might split itself up.
When the announcement finally came Tuesday, investors cheered the move and boosted ITT’s stock price $6.25 a share to $115.50, in New York Stock Exchange composite trading.”
Field McConnell, United States Naval Academy, 1971; Forensic Economist; 30 year airline and 22 year military pilot; 23,000 hours of safety; Tel: 715 307 8222
McConnell’s Co-researcher David Hawkins Tel: 604 542-0891 Forensic Economist; former leader of oil-well blow-out teams; now sponsors Grand Juries in CSI Crime and Safety Investigation