Business Career
In 1982, he was appointed C.E.O of East Coast Energy Limited. This company, which aimed to develop offshore oil and gas resources in Atlantic Canada, was highly speculative, and wound up being significantly undercapitalized. Offshore petroleum development is much more expensive than land-based petroleum development, with exploration, well-drilling, and extraction costs being in the hundreds of millions of dollars, restricting entry to the major industry players. East Coast Energy, a new company with little specialized expertise, foundered in 1983 (On The Take: Crime, Corruption, and Greed in the Mulroney Years, by Stevie Cameron, 1994), and most of its investors, including Walter Wolf, Brian Mulroney, and others, lost everything, as no petroleum was ever produced by the company.
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Famous quotes containing the words business and/or career:
“I have said many times, and it is literally true, that there is absolutely nothing that could keep me in business, if my job were simply business to me. The human problems which I deal with every day—concerning employees as well as customers—are the problems that fascinate me, that seem important to me.”
—Hortense Odlum (1892–?)
““Never hug and kiss your children! Mother love may make your children’s infancy unhappy and prevent them from pursuing a career or getting married!” That’s total hogwash, of course. But it shows on extreme example of what state-of-the-art “scientific” parenting was supposed to be in early twentieth-century America. After all, that was the heyday of efficiency experts, time-and-motion studies, and the like.”
—Lawrence Kutner (20th century)