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Businessweek Archives

Bronx Bombast

In Business This Week


Whoever observed that fans turn out to watch the team, not the owner, didn't reckon on the 1993 New York Yankees. The big news coming out of the Bronx Bombers' spring training camp isn't about newly acquired third baseman Wade Boggs or pitching sensation Jim Abbott. Nope, the real attraction is principal owner George Steinbrenner, returning in triumph from what two years ago was announced as a lifetime suspension.

According to George, his comeback has all Gotham in a tizzy: The Boss claims advance sales are running $2.1 million ahead of 1992's pace. No one else in the Yankee organization will confirm that, but nobody's foolish enough to contradict it, either. He was banned from the Bronx for two years, but old hands there remember him well. "I've known him for 20 years, and I love him," says Senior Vice-President Arthur Richman, "but when you go to work for him--watch out."Edited by Keith H. HammondsReturn to top


After paying out more than $18 billion in claims in 1992, the insurance industry looks like it can weather the "blizzard of the century." Insurance rating agency A.M. Best estimates the storm, which caused damage from Florida to Maine, will result in just an $800 million hit on the industry.

Meanwhile, the storm brought air travel along the East Coast to a standstill. Airports shut down for two days or more, forcing cancellation of 10,365 flights between Mar. 13 and 15. Perhaps the airline hardest hit was USAir, whose routes are heavily concentrated in the East. It canceled 81% of its flights over two days.Edited by Keith H. HammondsReturn to top

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