Text of a lecture to the Sphex Club in Lynchburg. The paper "BIG DEALS" by Robert C. Wood, III, recounts Ross Johnson's attempt to execute a leverage buyout (LBO) of RJR/Nabisco. It details the high-stakes negotiations, financial strategies, and ethical dilemmas surrounding the deal. The narrative highlights the fierce competition between Johnson, Henry Kravis, and other Wall Street figures. Ultimately, Kravis wins the bid, exemplifying the cutthroat nature of corporate finance and the downfall of the LBO craze.
This paper, delivered by Carey Brewer at the SPHEX Club on February 24, 1972, explores the expansion of the U.S. Federal Government and its implications for democratic control. Brewer discusses the growing complexity of government functions, the challenge of managing a vast bureaucracy, and the impact of modern communications, especially television, on public perception and participation in politics. He raises concerns about the concentration of power within a professional elite and the potential for executive overreach, facilitated by media dynamics. Brewer emphasizes the crucial role of a free press in maintaining democratic oversight but notes the challenges posed by secrecy and the manipulation of public discourse.
