ECONOMIC CONDITIONS: Unemployment drops to 7.2%, inflation drops to 3.2%; Continental Illinois National Bank and Trust Company fails, requiring $4.5 billion in federal support
REGULATORY CHANGES:
PRESIDENT: Ronald Reagan re-elected in landslide victory
SECRETARY OF THE TREASURY: Donald Regan
SECRETARY OF STATE: George P. Shulz
SECRETARY OF DEFENSE: Caspar Weinberger
SUPREME COURT:
CONGRESS: Speaker, Tip O’Neill (D)
FEDERAL RESERVE CHAIRMAN: Paul Volcker
NY FEDERAL RESERVE: Anthony M Solomon, President
HIGHEST PAID CEO: Philip Caldwell – Ford Motor
$7,313,000
Inflation adjusted): $14,802,000
BUSINESS ROUNDTABLE: Ruben Mettler, CEO & Chairman of TRW, Chairman
COUNCIL ON FOREIGN RELATIONS: David Rockefeller, Chairman
KEY BANK MERGERS: Chase Manhattan and Lincoln First
KEY NON-BANK MERGERS: Standard Oil of California (Socal) and Gulf Oil become Chevron; Texaco and Getty Oil; Chicago Sun-Times and New York Post under Rupert Murdoch; Philip Anschutz acquires Denver and Rio Grande Western Railroad
CORPORATE GOVERNANCE: