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What Exactly Did Frank Lorenzo Do?  
User currently offlinepoLOT From United States of America, joined Jul 2011, 2122 posts, RR: 1
Posted (2 years 10 months 1 day 9 hours ago) and read 11002 times:

Considering how vilified Frank Lorenzo is in the industry, I have always wondered what specifically he did to garner so much hate (as his actions generally took place before my time). I have tried to do some research on my own, but it can be difficult as descriptions are usually either very general, stating how he was feared by labor due to his practices, or extreme, basically stopping short of claiming that he required his workers to sacrifice their first born child.

From what I gather his notoriety seemed to have started with forcing CO into bankruptcy to lower labor costs, and the formation of the non-union New York Air. While I understand how the union would be upset over the second issue, how was CO's bankruptcy different from the ones the other legacy carriers went through in the past decade? Or is it just that it was really the first of its kind in a different era and mindset amongst the labor group? Is it the case that his actions were really that extreme, or is it just that he did so many unpopular things in succession (New York Air, bankruptcy, his attempted takeover of basically every airline for sale, helping to break up EA etc) that he just became infamous?

Just to note, I am not supporting or defending him and his actions, and I would prefer that this not turn into a management vs union flamefest, I'm just curious on how he ended up being "one of the most hated men in America" and banned from the industry?

[Edited 2011-09-24 16:56:01]

34 replies: All unread, showing first 25:
 
User currently onlineOzarkD9S From United States of America, joined Oct 2001, 4993 posts, RR: 21
Reply 1, posted (2 years 10 months 1 day 9 hours ago) and read 10981 times:

All the info you ever need is right here:

http://www.amazon.com/Grounded-Loren...ooks&ie=UTF8&qid=1316908890&sr=1-1



Next Up: STL-LGA-RIC-ATL-STL
User currently offlineDelta787 From United States of America, joined May 2006, 321 posts, RR: 0
Reply 2, posted (2 years 10 months 1 day 6 hours ago) and read 10623 times:

He is a person who I have mixed views about overall. I firmly believe that if he hadnt taken over Continental in the 1980s, the airline would have ceased to exist a long time ago. However, his leadership at Eastern was a contributing factor to their eventual demise. I still think it would be naive to say that he was the sole reason that Eastern Air Lines eventually went out of business.

[Edited 2011-09-24 20:14:03]


Fly Delta!
User currently offlinemhkansan From United States of America, joined Jan 2010, 668 posts, RR: 1
Reply 3, posted (2 years 10 months 1 day 6 hours ago) and read 10530 times:

Found it on Amazon for $3.50 used and just bought it! Thanks!

User currently offline747400sp From United States of America, joined Aug 2003, 3477 posts, RR: 2
Reply 4, posted (2 years 10 months 1 day 5 hours ago) and read 10462 times:

Ask an ex-Eastern pilot that quesion.

User currently offlineTrnsWrld From United States of America, joined May 1999, 916 posts, RR: 0
Reply 5, posted (2 years 10 months 18 hours ago) and read 10035 times:

Kind of reminds me of another infamous name.... Carl Icahn

User currently offlinesccutler From United States of America, joined Jan 2000, 5486 posts, RR: 28
Reply 6, posted (2 years 10 months 18 hours ago) and read 9955 times:

Francisco will always be a controversial soul.

Sum it up like this:

He saved two airlines, then reached too far.

Texas International would never have survived had Lorenzo and his crew not taken over, and applied serious financial discipline and new-idea marketing. The leveraging to Texas International's renewed strength into buying very-nearly-dead Continental was remarkable.

Rewritten history is an interesting thing, though - the (first) bankruptcy of CO was not a strategically-planned event intended to do away with union contracts; it was compelled by the refusal of one (and only one) union to participate in the agreed and effective renewal of the airline's untenable financial condition. Can you guess which union?

As things went later, my contention is that, had Frank been more focused on discussing, and less on dictating, he might have salvaged the whole EAL situation (although the IAM had already made that an exceedingly unlikely occurrence under any management), but that was simply not his style.

So maybe Frank Lorenzo is not who you want to work for - but he was the right man at the right time for Continental in 1983; no Frank then, No CO/UA today. He is no saint, but he's scarcely the devil many cast him to be, either.



...three miles from BRONS, clear for the ILS one five approach...
User currently offlinelax777lr From United States of America, joined Apr 2010, 79 posts, RR: 0
Reply 7, posted (2 years 10 months 18 hours ago) and read 9918 times:

Here's your bible for the NA airline business. Enjoy  http://www.amazon.com/Hard-Landing-C...est-Profits-Airlines/dp/0812928350

User currently offlinepoLOT From United States of America, joined Jul 2011, 2122 posts, RR: 1
Reply 8, posted (2 years 10 months 18 hours ago) and read 9867 times:

Thanks everyone for all the book recommendations. I've ordered them and excited to check them out.

User currently offlineLoneStarMike From United States of America, joined Jul 2000, 3811 posts, RR: 34
Reply 9, posted (2 years 10 months 17 hours ago) and read 9739 times:

While you're waiting for your books to arrive, you might want to check out Texas Monthly's cover story for March 1987 about Frank Lorenzo.

Top Gun - March 1987

Please note: per books.google.com's TOS, I'm only able to provide a link to the search results page. So you have to click on the above link, then when the results page comes up, just click on the link that ends in "Page 98" and it should take you right to the page the article begins on. At the end of page 103, it skips to page 185.

Also, there are 6 icons near the top. Zoom in, zoom out, show one page at a time, show two pages at a time, show thumbnails of all pages, and show full screen. If you click on the icon for full screen, it gets rid of the sidebar on the left hand side.


LoneStarMike


User currently offlinesrbmod From , joined Dec 1969, posts, RR:
Reply 10, posted (2 years 10 months 16 hours ago) and read 9576 times:

Quoting TrnsWrld (Reply 6):
Kind of reminds me of another infamous name.... Carl Icahn

TWA picked what they thought the lesser of the two evils since Texas Air was also making a play for the airline. I think that the result would have been the same either way.

Quoting sccutler (Reply 7):

As things went later, my contention is that, had Frank been more focused on discussing, and less on dictating, he might have salvaged the whole EAL situation (although the IAM had already made that an exceedingly unlikely occurrence under any management), but that was simply not his style.

Eastern had been troubled for many years before Borman sold out to Texas Air. Borman wanted out because of the ongoing labor issues at the airline that were affecting efforts to ease some of Eastern's financial situations (which they never seemed to be able to get straightened out,). Borman gave the three major unions at the airline an ultimatum to either grant them the concessions they wanted or the airline would be sold to Texas Air. The unions opted to let the airline be sold to Texas Air. Considering how some of the more hardline IAM folks at Eastern viewed the folding of the airline in 1991 as a "victory", it's likely they probably did this to try to get back at Texas Air for what happened at CO. What seems to make this a likely reason is the fact that there were several potential buyers of the airline prior to the 1989 strikes and the deals fell through because of the unions refusal to make any concessions and this also led to the failure of several potential deals that emerged during the strike and towards the end of the airline.

The hatred that some have for Lorenzo is perhaps misplaced since it really could be argued that the IAM never intended to negotiate in good faith in order to end the strike and that the labor action was more or less an act of revenge against Texas Air and Frank Lorenzo. My grandfather worked at Eastern for about 38 years before retiring and was on both sides of the fence when it came to the unions, as he was a member of the union and once he was promoted into management, he had to leave the union. He often said that the unions were going to kill the airline and he was saying this years before it happened. The IAM uses Frank Lorenzo's name as a scare tactic in union elections, as I worked at AirTran back in late 1999 when the IAM was attempting to unionize the ramp, customer service, and reservations agents. They used the fact that FL CEO (at the time) Joe Leonard was an Eastern executive during the Lorenzo years and implied that if they (they IAM) wasn't voted in that Lorenzo was going to be involved with the airline (A complete falsehood since while he was never "banned" from the airline industry, he was strongly discouraged from being involved in the airline industry, and there was no way any airline would take that sort of a gamble.).

Frank Lorenzo did get a bad reputation for some of the things that he did, but not everything can be pinned on him. What happened at Eastern was the results of the actions of a number of people, from the airline, to the unions to the White House (President Bush did not intervene in this strike and chose to ignore the recommendations of the NMB to put together a presidential emergency board in order to try to get the sides to reach an agreement, a move that would have delayed a strike. He later vetoed a bill that would have created a congressional committee to investigate the ongoing labor dispute in an attempt to end the dispute.). Some say that Bush lost Georgia in 1992 because of his refusal to intervene in the strike, as a lot of former Eastern employees lived in the Atlanta area.


User currently offlinenwaesc From United States of America, joined Aug 2007, 3380 posts, RR: 9
Reply 11, posted (2 years 10 months 15 hours ago) and read 9222 times:

Quoting OzarkD9S (Reply 1):
All the info you ever need is right here:

http://www.amazon.com/Grounded-Loren...r=1-1
Quoting lax777lr (Reply 7):
Here's your bible for the NA airline business. Enjoy  http://www.amazon.com/Hard-Landing-C...est-Profits-Airlines/dp/0812928350

+1

Quoting mhkansan (Reply 3):
Found it on Amazon for $3.50 used and just bought it! Thanks!
Quoting lax777lr (Reply 7):
Thanks everyone for all the book recommendations. I've ordered them and excited to check them out.

Enjoy! Don't be surprised if you both find yourselves staying up all night to finish them!



"Nothing ever happens here, " I said. "I just wait."
User currently offline727LOVER From United States of America, joined Oct 2001, 6380 posts, RR: 17
Reply 12, posted (2 years 10 months 14 hours ago) and read 8323 times:

Quoting srbmod (Reply 10):
The unions opted to let the airline be sold to Texas Air

I thought that the pilots and FAs had agrred to concessions, but good ol Charlie Bryan refused. We always hear Charlie's name, but who was the the ALPA leader in 1989 that joined in a sympathy srtike.

Also, before the EA BK judge took control from Lorenzo, was it Lorenzo's plan to merge EA and CO? At that point EA was really just ATL and some NE-Florida routes, would have fit perfectly with CO. DL would not be the mass in ATL it is now if that had happened.


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Listen Betty, don't start up with your 'White Zone' s*** again.
User currently offlinesrbmod From , joined Dec 1969, posts, RR:
Reply 13, posted (2 years 10 months 13 hours ago) and read 7810 times:

Quoting 727LOVER (Reply 12):
I thought that the pilots and FAs had agrred to concessions, but good ol Charlie Bryan refused. We always hear Charlie's name, but who was the the ALPA leader in 1989 that joined in a sympathy srtike.

Also, before the EA BK judge took control from Lorenzo, was it Lorenzo's plan to merge EA and CO? At that point EA was really just ATL and some NE-Florida routes, would have fit perfectly with CO. DL would not be the mass in ATL it is now if that had happened.

The IAM was the lead dog in the dispute, but as evidenced by the fact that the pilots (ALPA) and F/As (TWU) joined the strike, there was solidarity for a time amongst the unions. They eventually saw the futility of the strike and returned to work (a number of their ranks had already crossed the picket line) while the IAM folks opted for go for the Pyrrhic Victory.

If he would have merged them, the strike and the CH. 11 filing soon there after probably would have been when such a merger would have been undertaken. That move could have forced the unions to work out a deal. Lorenzo was more interested in the assets of Eastern than the airline itself. For him, the prize in the deal was Eastern's SystemOne computer reservations system as well as some of the newer a/c in the fleet, the A300s. If he thought Eastern was a viable company, then he wouldn't have transferred assets from Eastern to Texas Air and Continental and perhaps would have sold off SystemOne to an outside company and used the money from that sale to help the airline instead of "selling" it to a Texas Air subsidiary formed as a holding company at a heavily discounted price (SystemOne was reportedly worth between $200-400 million at the time and was "sold" for $100 million and Eastern had to pay that company to lease the system.).

[Edited 2011-09-25 13:59:34]

User currently offlinelongbowpilot From United States of America, joined Jan 2005, 577 posts, RR: 4
Reply 14, posted (2 years 10 months 13 hours ago) and read 7609 times:
Support Airliners.net - become a First Class Member!

Quoting TrnsWrld (Reply 5):
Kind of reminds me of another infamous name.... Carl Icahn

   Sometimes I think he should be referred to as "He-Who-Must-Not-Be-Named."


User currently onlineOzarkD9S From United States of America, joined Oct 2001, 4993 posts, RR: 21
Reply 15, posted (2 years 10 months 12 hours ago) and read 7583 times:

Quoting sccutler (Reply 6):


Texas International would never have survived had Lorenzo and his crew not taken over, and applied serious financial discipline and new-idea marketing.

As it was still the deregulated era, TI would have been "Gentleman's Routed" into a financially stronger carrier. I cant imagine what trunk would have wanted them, maybe CO or BN. Locals that bumped up against TI's markets were Frontier, Ozark and Southern. Hughes Airwest as well, if TI was flying to LAX when Lorenzo got there.

Quoting srbmod (Reply 10):


TWA picked what they thought the lesser of the two evils since Texas Air was also making a play for the airline. I think that the result would have been the same either way.

Probably, only now it would UA merging with TWA instead of CO.  



Next Up: STL-LGA-RIC-ATL-STL
User currently offlinesrbmod From , joined Dec 1969, posts, RR:
Reply 16, posted (2 years 10 months 12 hours ago) and read 7427 times:

Quoting OzarkD9S (Reply 15):
Probably, only now it would UA merging with TWA instead of CO.

One thing to note is that in the late 80s, Carl Icahn almost bought Eastern from Texas Air. He was among several suitors for the airline during the last few years of the airline, including Peter Ueberroth (Businessman best known for leading the 1984 Olympics in LA and MLB commissioner.), Jay Pritzker (Hyatt Hotels and Braniff II) and Kirk Kerkorian (MGM). These deals fell through for various reasons, including the unions (in particular the IAM) not willing to work a deal in order to allow the deal to happen and Lorenzo's own actions scuttled the deals.


User currently offline727LOVER From United States of America, joined Oct 2001, 6380 posts, RR: 17
Reply 17, posted (2 years 10 months 12 hours ago) and read 7280 times:

Didnt Frankie try to start a FRIENDSHIP Airlines???


Listen Betty, don't start up with your 'White Zone' s*** again.
User currently offlineswatpamike From United States of America, joined May 2004, 581 posts, RR: 0
Reply 18, posted (2 years 10 months 12 hours ago) and read 7196 times:

Quoting OzarkD9S (Reply 1):

Great book

Cheers

Mike


User currently offlinedhr From United Kingdom, joined Jun 2007, 117 posts, RR: 0
Reply 19, posted (2 years 10 months 12 hours ago) and read 7057 times:

Frank Lorenzo was a legend of his time in the aviation industry in the USA, regardless of what anyone else says. If he didn't have a firm hand against the unions I doubt any of the current legacy airlines would be around today such as CO or UA. In an era where US airlines were struggling to be competitive because of extremely high labour costs, some airlines turned to tier pay levels where you had existing employees on high salaries while new employees on lower salaries but still this wasn't enough to tackle the problems. Someone had to take the fight to the unions and it just happened to be Frank Lorenzo who had the balls to do it.

On top of this, nearly every airline he bought was totally rejigged and brought back to life with a lower cost base and competitive against the other legacy carriers. Obviously sometimes it didn't work out with some airlines but in the majority it worked.

Quoting OzarkD9S (Reply 1):
All the info you ever need is right here:

http://www.amazon.com/Grounded-Loren...r=1-1

A fantastic book which is a good reference of what the airline industry was like in the 80's, I definately recommend this book and then come to your own conclusions. A definate legend of the US aviation industry.


User currently offlinekfitz From , joined Dec 1969, posts, RR:
Reply 20, posted (2 years 10 months 11 hours ago) and read 6815 times:

When Frank Lorenzo comes up, those with a predisposed ideological bias against union representation will attempt to paint him in the "not to bad", "savior" type of light.

The reality of the situation is that Lorenzo brought a new level of contention and toxicity that up until then, had never been realized in this industry. He nearly destroyed Continental, and drove it into the mess that Mr. Bethune had to come in and clean up. He was a short sided, and extremely petty man driven by his, what some people would call, extreme borderline-hate for his unionized workers below him. His legacy will always be tarnished and cast in negative light, and for good reason. The FAA even denied him a certificate to start a new airline in the 90s (a scab outfit naturally).

And lest we forget Alvin L. Feldman, chairman of Continental in 1981, who committed suicide in his LA office after the plan to hold back Lorenzo's hostile Texas Air disaster fell apart. Frank Lorenzo leaves a legacy of blood, hate, and massive distrust and he will always be remembered for the coward he was and still is. He's a shameful and shameless man.


User currently offlineltbewr From United States of America, joined Jan 2004, 13028 posts, RR: 12
Reply 21, posted (2 years 10 months 10 hours ago) and read 6475 times:

One of the key problems of Lorenzo and Ichan was their insatiable greed for money. This is probably shown best in the late 1980's fictional movie "Wall Street" which has an Eastern like airline takeover as part of it's storyline.

In the era of 1982-1987, as the movie "Wall Street" had as it's theme, many with lots of money and greedy investors competing with each other would take over companies paying outrageous amounts for their stock. Often the top executives of the target companies would get huge buyouts or payoffs from the stock deals, rather than real shareholders. Then these investors would strip out all there cash (especially in what were over-funded pension funds, forgetting the future needs or the cash needed to pay for new aircraft, etc), force labor costs cuts, then sell out to the highest bidder, keeping their profits. Those that made the deals (the big brokerage houses, investment banks, law firms, accountants) often got huge fees causing distorted support for these deals for the fees, forgetting the potential disasters too many would become later. The advancements in personal computers and the early versions of spreadsheet programs like MS's Excel, helped crunch the numbers so much faster than in the past and taken advantage of by the big players of their time.

All too often there were illegal and highly unethical practices in these deals. The stock market crashed in October 1987 due to the investment bubble busting from in large part from too many of these excessive deals. Many of these massive deals went bust from then on, many companies went Bankruptcy with some disappearing or bought out by others. Some of the big players like the Drexel Burnham firm who provided much of the cash for these deals with high risk, high interest paying 'junk bonds' went out of business due to their excesses. Some of the principals involved went to jail for illegal practices (insider trading, etc.). Others like Ichan were banned from any further investments in airlines and other business due to the damage done.

It is too bad we didn't learn from these lessons of history to prevent the 2002-2008 real property and investment bubble that hurts us today.

[Edited 2011-09-25 15:58:15]

User currently offlineViscount724 From Switzerland, joined Oct 2006, 24786 posts, RR: 22
Reply 22, posted (2 years 10 months 10 hours ago) and read 6362 times:

Lorenzo interview from 1984, a few months after CO's first bankruptcy filing.
http://www.youtube.com/watch?v=hlBlEGB9JbM

Another related news report from February 1984.
http://www.youtube.com/watch?v=_oDBb0PKufs&NR=1


User currently offlinemrskyguy From United States of America, joined Aug 2008, 1214 posts, RR: 3
Reply 23, posted (2 years 10 months 10 hours ago) and read 6229 times:

Personally I'm surprised the "world" isn't angrier with Charlie Bryan over the Eastern debacle. Ultimately I think Lorenzo did keep the COA brand alive through the eventual cannibalization of his airline portfolio, but Eastern did have a fighting chance. Everything I've read seemed to indicate that Frank was willing to play ball, but Charlie Bryan wouldn't budge 1 inch.


"The strength of the turbulence is directly proportional to the temperature of your coffee." -- Gunter's 2nd Law of Air
User currently offlineSquid From , joined Dec 1969, posts, RR:
Reply 24, posted (2 years 10 months 8 hours ago) and read 5749 times:

There will always be people that criticize Frank Lorenzo, and people that praise him, but the truth is, his actual performance was somewhere in the middle.

Similar to the airline mavericks running the major carriers prior to deregulation, Frank Lorenzo loved aviation, however unlike the airline leaders prior to deregulation, Frank Lorenzo was a shrewd businessman. What he realized very early was that the airline unions, up to deregulation, were able to command high wages because the Civil Aeronautics Board would simply raise ticket fares to cover it. The industry was floundering during the 70's due to the prolonged recession and rising fuel prices. Therefore it was decided to deregulate the industry to allow the airlines to compete in a free market. The thinking was that the strong and innovative carriers would survive, and ticket prices would fall leading to higher consumer demand. Frank Lorenzo realized that Texas International had to get big very fast in order to compete; therefore he moved first to acquire National, which resulted in a bidding war with Pan Am. Pan Am won the bid but paid way too much for it. This allowed Frank Lorenzo to build up enough cash and liquidity to acquire Continental, and airline much bigger than even National. Of course he made many promises that he didn't keep, including moving the Continental HQ from the LA area to Houston. He received a lot of criticism for that decision, but as we have seen over the years, airlines make all sorts of promises they have no intention of actually following through with in order to get what they want. Also, Frank Lorenzo, realizing that the country was still in a recession with many people out of work, could find people willing to be pilots, mechanics, flight attendants, and ticket agents for much less than the unionized employees at Continental were being paid. Although Frank Lorenzo took a more draconian approach through bankruptcy and union busting, over the next few years, almost all the major airlines employee's had to take severe wage and benefit cuts. They just instead had to endure it little by little with a 3% cut for 12 months with the promise of a snap-up afterward only to be told they need to take even more wage cuts instead. American Airlines was actually one of the few carriers that avoided having to impose wage cuts. Like many major airlines prior to deregulation, AA was rather poorly positioned, lacking a solid logical route network and an old fleet that included many 707’s. Their president, Bob Crandall, saw many of the same things that Frank Lorenzo did. However unlike Frank, he was able to grow American from within, without the need for wage cuts, by getting AA’s unions to agree to the B-Scale (a new wage and benefits package for all new AA employee's with the intention of those employee's never reaching pay parity with their more senior counter parts). Because of the B-Scale, AA was able to buy 100's of new planes and greatly expand their network while greatly mitigating employee backlash and outward distain which was so evident at Continental.
I guess the things that you can't really fault Lorenzo for are the lowered wages and decreased benefits for his employee's, or for his pursuit to increase Continental’s critical mass. However he is not blameless, he can be faulted for many other things. He tried to mash 4 airlines together on a single day without much pre-planning leading to major service disruptions that took months to sort out. Also he didn't see much use in the power of marketing and yield management, something that AA and United did early on. Lorenzo basically saw his marketing department as his advertising department, and pushed them to really focus on low fares and hooky promotions, rather than build up a frequent flyer base that would pay higher fares for better service. He didn't really understand yield management until years after AA and United had turned it into a science. Furthermore, by the time he did realize the full potential of a strong marketing department, Continental/Texas-International didn't have a super computer capable of doing the kind of ticket price, seat inventory, and fleet allocation calculations needed to maximize their revenue which was one of his reasons he acquired Eastern which had System One and a large frequent flier base. Lorenzo, I believe, thought that deregulation meant that consumers would ALWAYS look for the cheapest fares, and therefore he felt it necessary to have the lowest costs and the biggest network, which we know today to not necessarily be true; there are many people that are willing to pay more for a premium product and will give their loyalty to that airline if they continue to provide that product.

I do believe that Frank Lorenzo had good intentions for the acquisition of Eastern, but soon realized after the purchase how dire their situation was. From Eastern he did get Continental access to System One, and their frequent flier base, but he realized that Eastern’s unions, specifically the IAM, would not agree to wage cuts, and took Eastern in CH.11 believing he would get the same results he got when he took Continental into CH11. However his plan didn't quite work out, and Eastern really struggled to operate through the strike. Unlike the early 80’s, where there was high unemployment and skilled people desperate for work, the late 80’s had low unemployment and the general public had begun to grow weary of corporate management after many high profile leveraged buyouts of many large American corporations had only made a few people richer and left the majority of the working class watching. Because of this, Eastern’s already shoddy product and poor employee morale worsened. That's when I believe that Lorenzo in a nut shell said "screw it," and began to harvest the valuable assets out of Eastern and transfer them to Continental. Continental would buy assets from Eastern, way under market value, and then lease it back to Eastern for far more than the going lease rates. He took aircraft such as the A300's and newer 727's and handed them over to Continental; and ultimately, Continental took over the operation of System One too. Then when all the valuable stuff from Eastern was gone, he let Eastern go under.

Continental was always Lorenzo's baby, and he hung onto it for as long as he could. Many things prevented Continental from becoming Lorenzo's dream, the first Gulf War, the recession of the early 90's, his lack of understating of what a good marketing department can do for you, his alienation from his VP's leading to poor inter-office communication, and the unions. But overall, Lorenzo is misguidedly vilified by many people.


25 Flyingsottsman : I have heard a lot about Frank Lorenzo. Did he realy know much about the airline business and running an airline or was he like an Gordon Gecko in the
26 bjorn14 : Lorenzo's first professional jobs were at Eastern Airlines and Trans World Airlines, working in financial analysis, from 1963—1966. He then formed
27 apodino : I am not a Frank Lorenzo fan by any stretch, but I think what Carl Icahn did to TWA was far more criminal than what Lorenzo did to Eastern. Carl Icahn
28 Post contains images WesternA318 : As Gordon Gekko put it in the Wall Street sequel.."I'm small time compared to these crooks today". I cant say too much against Frank Lorenzo as his c
29 milesrich : Lorenzo had little to do with the demise of Eastern and Continental, and today's high unemployment is caused by Obama's stimulus package, and his bail
30 NorthStarDC4M : Truth is Lorenzo should never of gotten into EA. He knew it to but got wrapped up in "coming home" (his 1st airline job was with Eastern in NYC). Borm
31 planespotting : Bingo. It is the bible. I agree. I'm more-or-less pro union, especially when it comes to the airlines, but Charlie Bryan and the IAM weren't going to
32 RogerThat : .. "Number Crunching" during this time was done using Lotus 1-2-3. Excel didn't takeoff until Microsoft bundled it with Windows towards the end of th
33 PI767 : One thing I will never forget was an interview Frank Lorenzo gave to Barbara Walters on 20/20 shortly after the Eastern strike started. I forget his a
34 loggat : Charlie Bryan would not give the 20% concessions that were asked for all three unions at Eastern. The pilots gave, the flight attendants gave, but CB'
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