Session: 1234567891011121314151617         Page 375376377378379380381382383384385386387388389390391392393394395396397398399400401402403404405406407408409410411412413414415416417418419420421422423424425426427428429430431 of 824

good friend of mine, he's an Overseer at Harvard, and he's a trustee at the New York Public Library [laughter]. I see a lot of him. But we use Cravath less, and we have at various times had to use specialists in different fields.

Was it difficult for Cravath, with Time developing its own in-house potential, legal department?

You mean, did they dislike it?

Yes.

Yes, but it was going on everywhere, it wasn't just Time. Everybody was doing that because when you begin paying 200 dollars an hour, you obviously can hire somebody who's pretty good for less then 200 times 2000, which would be--you could figure it out, but that would be 400,000 dollars.

What about relationships with bankers and investment bankers: was there any very close relationship? Because obviously, unlike a company like AT&T, which is in the markets every month and therefore had to have such a relationship--but doesn't sound like Time needed that kind of relationship with an investment banker.

We didn't need it in the old days--we had a relationship with Morgan in the old days--