Still Dealing After All These Years
Iowa state officials won't soon forget the rock-'em, sock-'em bargaining style of Eli Broad. In the fall of 1989, then-Insurance Commissioner William D. Hager found himself dickering across a table with the Los Angeles financier, who wanted to buy $4 billion of the insurance assets of Integrated Resources Inc., the crippled financial-services combine. Each time Hager thought Broad was ready to make a final bid, Broad would back away and alter the terms. Finally, several shouting matches later, Broad made his winning bid, a low $95 million. This was without the guarantee of keeping jobs in Iowa that he had promised earlier. "He is, bar none, the toughest negotiating opponent I've ever encountered," says Hager.
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