Management: Unmusical Chairs

The corporate game of musical chairs is played with a vengeance at New York's ailing Fairbanks Whitney Corp.—and the tune that calls the winner often sounds like a dirge. First there was Financier Leopold Silberstein, who began building the company in 1951 with grandiose plans for its future. Then there was Corporate Raider Alfons Landa, who after a proxy battle forced out Silberstein in 1958. Landa brought with him a former publicity man and legman for Drew Pearson named David Karr, who deftly worked his way into the president's chair when Landa vacated it in 1959. Karr then moved himself...

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