The record industry is a $3 billion-a-year casino that attracts an odd mixture of highly talented people, some hyperthyroid promoters, freaks and sharp-eyed businessmen, all with a single goal: to find out where popular music is going and be there first. Confidently astride that fracas was Clive J. Davis, 41, whose uncanny knack for being there first had made Columbia Records the dominant label in the business. But last week Davis fell fast and hard: Columbia's parent CBS dismissed him from his $350,000-a-year records-group presidency and sued him for at least $87,000 in company money that he allegedly misused.
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