Loews Corp.

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Learn more about Pete Peterson-funded astroturf projects at the Fix the Debt Portal.

Campaign to Fix the Debt
Company Profile
Company Name Loews Corp
CEO Name James Tisch
CEO Compensation $10,090,228
CEO Retirement Assets $21,028,506
Underfunded Company Pension -$958,000,000
Annual Company Revenue $14,127,000,000
Tax Dodger ('08-'10) 6.4%
Federal Lobbying/Political Donations ('09-'12*) $7,842,965
Click here for sources.
2011 data unless otherwise noted.
©2013 Center for Media and Democracy

Loews Corporation is one of the largest diversified holding companies in the United States.[1] It was previously the parent company of Lorillard Tobacco Co.,Inc., in New York and owns Loews Hotels and the Bulova watch company. Lorillard manufactures Newport and Newport Menthol cigarette brands, which account for 90% of its income.[2]

In 2011, Loews reported $14,127,000,000 in revenues.[3]

Ties to Pete Peterson's "Fix the Debt"

The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." Loews Corp. is part of the Campaign to Fix the Debt as of February 2013.

This article is part of the Center for Media and Democracy's investigation of Pete Peterson's Campaign to "Fix the Debt." Please visit our main SourceWatch page on Fix the Debt.

About Fix the Debt
The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." Through a special report and new interactive wiki resource, the Center for Media and Democracy -- in partnership with the Nation magazine -- exposes the funding, the leaders, the partner groups, and the phony state "chapters" of this astroturf supergroup. Learn more at PetersonPyramid.org and in the Nation magazine.


Description

Loews Corporation, "a holding company, is one of the largest diversified corporations in the United States. Its principal subsidiaries are listed below.

  • CNA Financial Corporation (90 percent owned) is one of the largest commercial property-casualty insurance companies in the United States.
  • Diamond Offshore Drilling, Inc. (51 percent owned) is one of the world's largest offshore drilling companies, offering comprehensive drilling services to the energy industry around the world. The company owns and operates 44 offshore drilling rigs.
  • HighMount Exploration & Production LLC (100 percent owned) is engaged in exploration and production of natural gas. HighMount's primary holdings are located in the Permian Basin in Texas, the Antrim Shale in Michigan and the Black Warrior Basin in Alabama.
  • Boardwalk Pipeline Partners, LP (70 percent owned) is engaged in the operation of interstate natural gas pipeline systems.
  • Loews Hotels (100 percent owned) is one of the country's top luxury lodging companies. It owns and operates hotels and resorts in the United States and Canada." [4]

Loews is a Delaware corporation with its principal office and place of business at 667 Madison Avenue, New York. Loews was formed in 1969. Loews Corp. is a holding company with wholly-owned subsidiaries included Lorillard Tobacco Co.[5]. Loews took over Lorillard in the late 1960s. [6]. As of May 1994, principal subsidiaries of Loews Hotels Holding Corp were Bulova Corp. and Diamond M-Odeco Drilling Inc.[7].

Also as of May 1994, Lorillard Tobacco Company was a wholly-owned subsidiary of Lorillard Inc., and Lorillard Inc. was a wholly-owned subsidiary of Loews.[8]. However, in June, 2008, the wealthy Tisch family, owners of the Loews Corporation, spun off Lorillard into a free-standing unit, thereby divesting the family of all its tobacco holdings. [9]

Personnel

Board of Directors

As of February 2013[10]

  • Lawrence S. Bacow - retired President, Tufts University (Director since 2011)
  • Ann E. Berman - retired Senior Advisor to the President, Harvard University (Director since 2006)
  • Joseph L. Bower - Baker Foundation Professor of Business Administration, Harvard University (Director since 2001)
  • Charles M. Diker - Managing Partner, Diker Management LLC and Investment Advisor and Chairman of the Board, Cantel Medical Corp. (Director since 2003)
  • Jacob A. Frenkel - Chairman, Group of Thirty; Chairman of JP Morgan Chase International (Director since 2009)
  • Paul J. Fribourg - Chairman of the Board, President and Chief Executive Officer, Continental Grain Company (Director since 1997)
  • Walter L. Harris - Vice Chairman, Alliant Insurance Services, Inc. (Director since 2004)
  • Philip A. Laskawy - Retired Chairman and Chief Executive Officer, Ernst & Young (Director since 2003)
  • Ken Miller - Managing Partner, KeyLink Capital International, LLC (Director since 2008)
  • Gloria R. Scott - Owner, G. Randle Services and former President, Bennett College (Director since 1990)
  • Andrew H. Tisch - Co-Chairman of the Board, Chairman of the Executive Committee and Member of the Office of the President, Loews Corporation (Director since 1985)
  • James S. Tisch - President, Chief Executive Officer and Member of the Office of the President, Loews Corporation (Director since 1986)
  • Jonathan M. Tisch - Co-Chairman of the Board and Member of the Office of the President, Loews Corporation and Chairman of the Board, Loews Hotels (Director since 1986)

Executive Management

As of February 2013:[11]

Former executives include:[12]

Contact details

Corporate Office
667 Madison Avenue
New York, NY 10065-8087

Phone: (212) 521 2000
Web: www.loews.com

Resources and articles

Related Sourcewatch articles

Tisch family members:

Featured SourceWatch Articles on Fix the Debt

References

  1. Loews Corporation, "About", organizational website, accessed January 2013
  2. Stephanie Saul, New York Times Profits in Hand, Wealthy Family Cuts Tobacco Tie June 11, 2008, Business section
  3. Loews Corporation, "2011 Annual Report", organizational document, page 4.
  4. About, Loews, accessed November 24, 2008.
  5. G. Garson Aff. 6/20/94
  6. L. White, Merchants of Death, 1988
  7. Peter Castano case, Lorillard List of Affiliations 5/20/94
  8. Castano, Lorillard List of Affiliations 5/20/94
  9. Stephanie Saul, New York Times Profits in Hand, Wealthy Family Cuts Tobacco Tie June 11, 2008, Business section
  10. Loews Corporation, "Board of Directors", organizational website, accessed February 2013
  11. Loews Coporation, "Corporate Officers", organizational website, accessed February 2013
  12. Directors, Loews, accessed November 24, 2008.

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