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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, 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--
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