Newsday (Suffolk Edition) from Melville, New York on September 16, 1994 · 55
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Newsday (Suffolk Edition) from Melville, New York · 55

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Location:
Melville, New York
Issue Date:
Friday, September 16, 1994
Page:
55
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3 RENO AT LARGE A55 ! I 1 1 Morgan’s Change at Top Contains No Surprises By Susan Harrigan STAFF WRITER Dennis Weatherstone chairman of JP Morgan & Co the nation’s fifth-largest banking company yes terday became the second mqjor Wall Street figure to retire this week Weatherstone’s announcement that he will step down on Jan 1 was expected in contrast with the surprise retirement Tuesday of Stephen Friedman the head of Goldman Sachs & Co Weatherstone 63 will be succeeded as chairman by Douglas A (Sandy) Warner m 48 who has been president of JP Morgan since 1990 “He Weatherstone had made no secret of his intention to retire in the relatively near future and there’s certainly no surprise about Sandy Warner succeeding” said Raphael Soifer a banking analyst at Brown Brothers Harriman & Co Warner has spent his entire career at the company and isn’t considered likely to make mqjor changes in its direction Nevertheless there are differences between the taro executives Weatherstone a British-born Horatio Alger-type who was knighted by Queen Elizabeth H in 1990 joined the bank when he was 16 and winked his wqy It’s War in Game Industry KOMBAT from Page A53 is hoping to keep the lead with Mortal Kombat IL Spokesman Dan Harnett said 25 milium copies of the game were released on “Mortal Friday” as Acclaim dubbed Sept 9 The release was accompanied fay a $10 milium advertising campaign on television and radio and in newspapers and movie theaters The campaign appeared more befitting the release of a movie than a video game But as a result the company has received orders for 250000 games Acclaim hopes Mental Kombat II will do even better than Mortal Kombat I which sold a staggering 6 milium cartridges at an average price of $50 grossing $300 milium at retail Early indications are that Mortal Kombat H is selling at a faster pace than its predecessor said Lee Isgur a video games analyst for Jeffries & Co in San Francisco “But it’s still early If you look at a movie it takes a few weeks before you know” how successful it might be Isgur said Mortal Kombat II might face some stiff competition this fall and winter Doom H to be published fay GT Interactive Software of New York (Sty is said to be every bit as engaging Mortal Kombat II retails for $65 to $75 depending on the type of video system it is purchased fur Doom II will go on sale for $45 to $55 on Oct 10 “Doom’s Day” as GT Interactive calls it Advertising for Doom H is expected to cost between $3 million and $5 million One of the key differences between the gm— is Suits on Ford Bronco II Settled THE ASSOCIATED PRESS Washington — Free inspections and advice on vehicle handling are part of a proposed settlement announced yesterday involving about 700000 Ford Bronco II models the subject of lawsuits contending they are prone to rollovers The class-action settlement agreed to by Ford Motor Co and attorneys representing owners must be approved by a federal court in Imiisiana and a state court in Alabama The case involves the 1983-90 Bronco H a sport-utility vehicle that Ford no longer manufactures It is amalUw and designed differently than the Ford Bronco which isn’t part of the litigation Ford began notifying Bronco II owners of the proposed settlement yesterday Owners who agree to the settlement would receive a sticker cautioning drivers to avoid unnecessary sharp turns or other abrupt maneuvers a videotape detailing how the Bronco H’s handling characteristics are different from ordinary cars and a supplement to the owner’s guide They also would be entitled to a free dealership inyrtinn to make sure that no changes were made since the purchase that would compromise the vehicle’s stability such as different tire size “By definition sport-utility vehicles have some different handling characteristics” said Ford counsel John Beisner “They are designed differently so they may be driven particularly in off-road situations That doesn’t mean they’re defective in any way” He said that a jury has never found the vehicle to be defective Several cases have been settled out of court Owners have until Oct 17 to opt out of the settle ment They wouldn’t get the kit or free inspection but ' would retain their right to sue Ford for economic they would retain their right to damages baaed solely on their ownership of the vehicle However even owners who agree to the settlement can sue if they are involved in an accident in a Branco Q up going to school at night Fin a time he was a foreign exchange trader The soft-spoken Weatherstone is considered more spontaneous than Warner who fits the mold of a classic JP Morgan banker An Ohioan and a graduate of Yale University Warner has risen steadily through the ranks in the area of corporate finance Under Weatherstone JP Morgan has grown from a traditional commercial bank into a global investment banking concern that not only lends to companies but underwrites their securities and trades widely in instruments such as derivatives financial contracts that are linked to other financial instruments Its earnings are expected to be lower this year than last but the drop is due to difficult market conditions compared with a “blow-out strong year” in 1993 according to David S Berry a banking analyst at Keefe Bruyette & Woods An embarrassing blemish on the bank’s record during Weatherstone’s tenure was its multimillion-dollar investment in Banco Espanol de Credito Spain’s fourth-laigest bank through Corsair a partnership named after the yacht of founder JP Morgan The Spanish government later took over the troubled bank to prevent a run and Morgan could lose part of its investment that Mortal Kombat is made for systems manufactured ty Sega of America and Nintendo of America Doom n will be for IBM-compatible personal computers Ron Chaimowitz GT’s executive vice president said IBM Microsoft and Apple Computer have expressed interest in expanding their operating systems to accommodate Doom II A cartridge version of Doom using advanced game systems is planned for next year The game itself was created fay ID Software Inc: of Mesquite Texas “You wreak massive destruction” ID’s business manager Jay Wilbur said in explaining the game “If it moves you shoot it” The fictional plqyer in Doom II is a tough Marine in the future on the planet Mars when suddenly “an experiment goes awry and a rift opens up between our plane of existence and hell The demons are coming and you’ve got to go get them” Chahnowitx said GT expects an initial shipment of 300000 copies of Doom H and that more than 1 million will be shipped during a 12-month period The original Doom which came out last December was sold through the “shareware” method of marketing Computer users sample an abbreviated version at a cost of $399 to $599 and then if they are interested buy the rest of the game Although Mortal Kombat H and Doom H make use of different systems they are nonetheless competitive “If a kid has $40 to spend and he has to make a decision it’s competition” Wilbur said - A Well We’ve Solved The Potty Problem But Little Else health care system perhaps even mastering the crime problem In 1940 when crime rates were lower and the state of the nation’s plumbing was deplorable who would have guessed that these conditions would have reversed themselves by the end of the century? And if you asked the average American what has caused crime to rise you’d get a laundry list that would include lenient judges police departments hog-tied by Warren Court decisions a general breakdown in the system — all things to do with the perception that the nation has become softer on crime in lockstep with the rise in the incidence of crime Putting more people in jail is viewed as the most effective remedy while failure to do so is popularly supposed to be the most identifiable cause of the problem But a comparative study of world prison populations just reported fay the Sentencing Prqject a group that pro promotes alternative sentencing shows that the United States has achieved prodigies of incarceration in the last 50 years and is putting prisoners away at a faster rate than any nation cm Earth save Russia America now has 519 prisoners for every 100000 Americans Russia has 558 South Africa has an incarceration rate of 368 per 100000 Even Singapore’s rate is only 229- Canada’s is 116 Mexico’s is 97 England’s is 93 and Australia’s 9L Even more impressive — if these sort of figures impress you — are the massive leaps the United States had made in the last 10 years In 1940 the US incarceration rate — counting inmates of all prisons and jails — eras 206 per 100000 people Between then and 1980 the rate havered in a range between 160 and 200 Then it took off reaching 319 by 1985 473 fay 1990 and 519 last year These are levels normally associated with police states And when the boon in prison construction envisioned in the federal crime bill just signed reaches its peak it is possible to imagine an incarcerated population that proportionately exceeds records set fay the Soviet Union under Stalin Two conclusions can safety be drawn: The American criminal justice system as a mechanism for churning out punishment has not broken down indeed is operating at unprecedented rates And sharply higher rates of punishment fay incarceration — either as an example to others or a means of rwnnwng rriminelty iru-linwH peyh fWnw ciety — have not coincided with sharp declines in crime rates nor made this a nation where people fed safer The Census Bureau has just reported that better than 99 percent of American households have indoor potties This may not seem so remarkable but did you know that in 1940 a time when a lot of us were alive 35 percent of Americans were freezing their fannies off every winter sitting in outhouses? Another good thing that has happened is that the incidence of black widow spider bites has declined rapidly in the same period particularly in the southeastern United States where one of their favorite habitats was the underside of privy seats Sweet progress has indeed made us a more comfortable nation Building and health codes minimum wages fairer distribution of incomes federal housing ' subsidies tax breaks for mortgage payers can make a difference You might even imagine we are a nation capable of creating an affordable universal 4 1 Vt CD W 00 09 CO ! i M lj '$ i - -

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