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Motor Trend
5 days ago
- Automotive
- Motor Trend
Reliving "Googie" Nights In a 1958 Edsel Ranger
[This story first appeared in the premier issue of MotorTrend Classic in 2005] Elvis still weighted under 200 pounds. "The Bridge on the River Kwai" was on its way to becoming the year's top-grossing film, without a single Major Warden or Colonel Nicholson Happy Meal action figurine having been sold. Running around naked in the backyard carried a new risk-Sputnik might be peeking. And the Ford Motor Company, apparently jealous of all the press the Hindenburg had received, was finally selling its all-new Edsel, a car that for two years it had hyped so breathlessly ('More YOU Ideas!'), the public no doubt expected a flying carpet that ran on plutonium. No American city in 1958 was a more fitting backdrop for a gleaming new example of four-wheeled, Fabulous-O-Rama technology than Los Angeles. The goofy, Tomorrowland optimism of Walt Disney's nearby theme park had spilled right over the monorail and onto the sprawling, auto-worshipping streets of L.A. itself. Want a quick breakfast? Just drive to the store shaped like a giant donut Hoping to start your singing career? Head to the office building resembling a stack of records. Wife needs a new bra? Better find something that looks like a big Bloomingdale's. The rocket-age City of Angels was having a blast, and no savvy business owner could resist taking a big, living-color bite of kitsch. Drive-through carwashes looked like flying saucers, gas stations became space stations, the average roadside motel blazed with more tiki torches than the entire island of Tahiti-even coffee shops caught the fever. Soon after pioneering architect John Lautner designed a flamboyant, glass-walled, neon-splashed diner called Googies, its roof angling toward the stars from the pop-culture epicenter of L.A. on the Sunset Strip, seemingly every budget eatery in town and across America-was launching meteors from its signs and slapping rocket fins onto its deep fryers. 'Googie' architecture was born. Very soon, of course, the whiz-bang Edsel went the way of, well, the Edsel. Gushed an ad in 1958: "The Edsel look is here to stay!" -which was true only if you counted very, very slowly. Just one year after the car's debut, Ford revised the dramatic "horse collar" grille, largely because most people thought it looked if you want us to say what it resembles out loud you'll have to pick up a copy of Motor Trend Hefner. By 1960, Ford had shrunk the pseudo-collar thing into oblivion. Then, just three years after its Geraldo Rivera-grade entrance, the Edsel itself disappeared. Within the next decade, Googie followed. The Kennedy assassinations, Vietnam, Susan Sontag novels-America wasn't in such a good mood any more. Across the country, the meteors cratered, the tiki torches flamed out. Undoubtedly due to its iconic status, the original Googies coffee shop managed to survive until 1989, when it was finally bulldozed to make room for a very important Virgin Megastore. By then, though, the Googie life was long dead. Of course, nobody loves a great second act more than Hollywood. For the fan of Fifties culture, Los Angeles is one of the country's prime public time machines. Thanks to the work of vocal preservationists-and the fact that L.A. remains a leading purveyor of quirkiness-devotees can still find plenty of midcentury lore here: famous 1950s landmarks, period houses, kitsch classics, globules of Googie. We dusted off a 1958 two-door Ford Edsel Ranger from the Motor Trend vehicle humidor (okay, we rented it from a company that supplies cars to movie studios) and hit the streets in search of that heady, spacey land that restraint forgot. Kids didn't walk to school in the 1950s because America was a safer place. They walked because damned if Mom was going to wrestle with two tons of Atomic Age steel lacking both power brakes and power steering any more than was absolutely necessary. Our Edsel has neither (they were options on the entry-level Ranger), so performing three-point turns amid the palm trees of Beverly Hills is like trying to drag a five-year-old out of a showing of 'Madagascar.' After a workout like this, you need a hot dog. That's right: Just look for the gigantic tube steak. Tail O' the Pup is to L.A. what the Eiffel Tower is to Paris, and not just because both are full of weenies. Built just after World War II, the Pup is quintessential kitsch and a true Los Angeles landmark-which accounts for its presence in countless movies (among them, "L.A. Story" and "Body Double"). Orson Welles loved to fill up on the Pup's dogs, yet that hasn't scared the customers away. Order a Baseball Special (mustard, relish, onions), then get back in line and order another. In our first Edsel Ranger road test in October 1957, we measured a 0-to-60-mph time of 10.2 seconds. That feels about right-a modern V-6 Camry would blow the 361-cubic-inch V-8 Edsel into the weeds. The old girl bolts smartly away from stoplights, though, thanks in part to 400 pound-feet of torque. Our Ranger also has the optional Tele-touch automatic transmission, which allows the selection of drive, reverse, etc., via pushbuttons on the steering-wheel hub. Very George Jetson especially considering that it was nearly half a century before Michael Schumacher finally got rid of his shift lever. Another Edsel innovation is its horizontal, "rolling dome" speedometer, which looks like a giant compass ("Come right to a heading of 45 miles per hour, Arthur"). Believe it or not, there's actually some debate as to whether the Capitol Records building was intentionally designed to look like a stack of records. Why sure, and it's pure coincidence that a guy looking very much like Abraham Lincoln ended up inside the Lincoln Memorial. Anyway, Capitol's 13-story headquarters, built in 1954 and just north of the famed intersection of Hollywood and Vine, lays claim to being the world's first circular office building. Don't be surprised if the company's next HQ accidentally gets shaped like an iPod. "She looks just like Lana Turner." "She is Lana Turner." "What?" "She is Lana Turner."" In 1997, director Curtis Hanson shot one of the most memorable scenes of his brilliant 1950s film-noir homage "L.A. Confidential" in the Formosa Café. Built in 1925, by the 1950s the Formosa had become an A List celebrity hangout-as the countless star headshots on the walls attest. The real Lana Turner and her gangster boyfriend Johnny Stompanato were indeed Formosa regulars-at least until the star's teenage daughter had a hissy fit and stabbed Stompanato to death at their home in 1958. Drop into the Formosa for a drink today, and there's a good chance you'll spot a modern-day celeb-no surprise, given that right across the street is the former Goldwyn Studio (now known as The Lot), filming site for such 1950s classics as "Some Like It Hot" and "West Side Story." You're hungry again. Barney's Beanery, a funky, memorabilia-filled bar and billiard parlor with a menu as thick as a newspaper, has been in its current location since 1927Ðwhen John "Barney" Anthony served beans to drivers passing via old Route 66 (many of them, arriving in California to start new lives, nailed their old license plates to the wall, where they remain today). By the Fifties, Barney's had become a beatnik hangout. Among them were James Dean and a still unknown Janis Joplin. Some of the patrons at the bar look like they've been there since then, too. Though it wasn't built until 1965, Jack Colker's Union 76 station in Beverly Hills is one of SoCal's finest existing examples of 1950s-style space-age architecture. The Edsel seems to belong under the station's sweeping canopy roof-at least until that price sign comes into view: $3.11 for a gallon of premium? Surely an extra digit got tacked on there by mistake. What, no free road map? Don't you know what time-space continuum we're from? It's been a long day of sightseeing and dodging annoying sightseers. The old Edsel has been a peach, though, always starting right up, complex electro-shift transmission working fine, never overheating when idling in the sun. It seems unfair that a car this basically solid and likable has become a synonym for ' But, hey, the Edsel sure does look swell pulling up under the winking neon of Norm's Coffee Shop on La Cienega. Designed in 1957 by John Lautner contemporaries Louis Armet and Eldon Davis, Norm's is a bona-fide Googie masterpiece: soaring, jet-wing roof; aquarium-like walls of glass; enough combined candlepower to illuminate the Super Bowl. The hipsters come here now for late-night coffee and pancakes. 'After-bar food' they call it. In the 1950s, it would've been 'Hangover-O-Matic.' What Really Killed Edsel? Forget the styling, the Eisenhower recession, the poor initial quality, and the untried dealer network: Edsel was dead before the first car was even sold. Edsel was key to an ambitious Ford plan to tackle GM's Buick, Oldsmobile, and Pontiac. The idea was to build three basic bodies small, medium, and large and spread the costs across five divisions: Ford, Edsel, Mercury, Lincoln, and Continental. The Fords and entry-level Edsels would share the small body; the upscale Edsels and standard Mercurys would share the medium body; and a new "super" Mercury would be built off the next-generation Lincoln body. The wheels began to fall off in 1956 when chief engineer Earle MacPherson ordered the 1958 Lincoln be switched to a unibody design to boost volume at the Wixom plant built to manufacture the unibody 1958 Thunderbird, effectively killing the "super" Mercury. Then, the day after the Edsel went on sale in 1957, Ford division chief Robert McNamara, who resented the power of the product planners responsible for the Edsel, was made a group vice-president. Sources insist that McNamara had let slip that the Edsel would be discontinued, and sure enough he began hacking away at the slow-selling Edsel's budget. Within months, he had reduced its future product plans to a different grille for 1960 Fords. In his book, °Disaster in Dearborn,° Thomas E. Bonsall blames the Edsel's demise on the byzantine politics played by warring management factions: "If Ford Motor Company management wasn't willing to invest several years of effort in the Edsel, they didn't deserve to "succeed."
India Gazette
03-06-2025
- Business
- India Gazette
US launches new probe into India's Adani over Iran trade
The DOJ is investigating the conglomerate for allegedly buying petrochemical products from the sanctioned country The US Department of Justice has launched a new investigation into Indian billionaire Gautam Adani, alleging potential violations of US sanctions on Iran, the Wall Street Journal reported on Monday. The probe focuses on alleged imports of Iranian liquefied petroleum gas (LPG) into India through Adani's Mundra port, located in the western state of Gujarat. An investigation by the WSJ found that tankers traveling between Mundra and the Persian Gulf often exhibited behavior commonly associated with ships attempting to evade sanctions, prompting further scrutiny into Adani's business dealings. Adani Group said it was not aware of any investigations conducted by the US, calling the report "baseless and mischievous." "Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by US authorities on this subject," the company said. In May, US President Donald Trump announced that all purchases of Iranian oil and petrochemical products must cease, warning that any country or individual found to be buying these products would be immediately subject to secondary sanctions. The new US probe into one of India's largest conglomerates comes amid intense pressure which Adani has faced over the last two years. It began in 2023, when US investment firm Hindenburg Research released a report alleging that the Adani Group was involved in stock market manipulation. Later that year, similar allegations were raised by the Organized Crime and Corruption Reporting Project, an international platform known for its work on the Panama Papers and Pandora Papers. Hindenburg's report led to a $150 billion loss in Adani's market value and sparked a political storm in India, with opposition parties calling for an investigation into Adani's alleged ties to Indian Prime Minister Narendra Modi. Last year, Hindenburg extended its criticism of the Adani Group to Indian officials, alleging that the head of the country's stock exchange regulator was involved in trading the group's shares, thereby preventing a proper investigation into supposed financial irregularities. Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India, has denied the claims. READ MORE: India's Adani comments on US bribery allegation In November 2024, US prosecutors indicted Gautam Adani and several top managers of his group for allegedly paying $250 million in bribes to Indian government officials to secure "lucrative" solar power contracts. Adani Group has denied the allegations, calling them "baseless." The issue of US pressure on Adani was expected to feature in talks between Modi and Trump when the Indian leader visited Washington in February this year. Modi, however, denied that these discussions took place.
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Business Standard
28-05-2025
- Business
- Business Standard
Lokpal dismisses complaints against ex-Sebi chief Buch in Adani case
The Lokpal of India has disposed of petitions filed against Madhabi Puri Buch, former chairperson of the Securities and Exchange Board of India (Sebi), relating to allegations of corruption in the Adani-Hindenburg matter. The complaints against Buch were based on allegations made by the now-disbanded short-seller Hindenburg Research. Hindenburg had questioned Sebi's investigations into the Adani matter, alleging a 'conflict of interest' involving Buch. However, the Lokpal concluded that the allegations were based on presumptions and assumptions, lacked verifiable evidence, and failed to meet the criteria for offences under Part III of the Prevention of Corruption Act, 1988. As a result, the Lokpal refused to pursue further investigations. While the Lokpal had previously noted that the Hindenburg report alone could not serve as the basis for action against Buch, the complainants had presented their allegations independently of the report. Nevertheless, the Lokpal found these to be untenable, unsubstantiated and frivolous. One of the key allegations was a quid pro quo involving a settlement by ICICI Bank relating to Employee Stock Option Plans (ESOPs) granted to Buch during her tenure with the bank. The Lokpal dismissed this claim as meritless, stating that it was unreasonable to link stock options granted in 2011 to actions taken years later, particularly in the absence of any evidence that Buch was involved in the decision-making process of Sebi's High-Powered Committee. Buch had also sought action against one of the complainants for obtaining and publicising her income-tax returns without consent, thereby invading her privacy. The Lokpal advised Buch to approach the appropriate forum for this matter. Regarding allegations that Puri Buch's husband, Dhaval Buch, had a quid pro quo arrangement due to his association with Blackstone and its involvement with Real Estate Investment Trusts (REITs), the Lokpal noted that Sebi had registered the first set of REITs before Dhaval joined Blackstone. It further observed that Buch had disclosed her advisory firms and the transfer of holdings to her husband, with no evidence suggesting she continued consultancy work after joining Sebi.
India Today
28-05-2025
- Business
- India Today
Lokpal's clean chit to Madhabi Buch on Hindenburg report-based graft allegations
The Lokpal on Wednesday gave a clean chit to former Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch on graft allegations against her based on the Hindenburg are untenable, unsubstantiated and bordering on frivolity, the Lokpal noted while considering graft complaints against Puri Lokpal concluded that, based on the presented evidence and legal principles, the complaints were devoid of merit and did not establish a cognisable offence or a basis for investigation against Serious allegations of conflict of interest and financial misconduct were levelled against the Sebi chief by US short-seller Hindenburg Research and the Congress August 2024, US short-seller Hindenburg claimed that whistleblower documents showed Sebi Chairperson Madhabi Puri Buch and her husband had a stake in the obscure offshore entities used in the 'Adani money siphoning scandal'.Allegation 1: REIT and Blackstone ConnectionOne of the primary allegations raised by Congress was that Buch's promotion of Real Estate Investment Trusts (REITs) benefitted Blackstone, a global investment firm with which her husband is associated. The opposition accused her of misusing her position as Sebi chairperson to favour 2: Undisclosed Income from ICICI BankAnother allegation against Buch was her failure to disclose income received from her previous stint at ICICI Bank. It was claimed that the money she received was not reported review, the government found no illegal transactions and confirmed that Buch had paid all necessary dues. ICICI Bank clarified that after her retirement in October 2013, Buch did not receive a salary or ESOPs, only standard retirement benefits in line with industry 3: Employee Complaints about Work CultureA third front against Buch opened when employees within Sebi sent letters to the Finance Ministry, alleging a toxic work culture under her leadership. The complaints caused concern within both Sebi and political circles. Employees accused the leadership of calling names and shouting at staff, leading to grievances about management government investigated the matter and spoke with employees. The issue was resolved when Sebi's top management was asked to be more sensitive towards staff. Government sources suggested that the dissatisfaction may stem from the sweeping reforms Buch has implemented within Sebi, as her efforts to clean up the system have been met with Watch
Indian Express
27-05-2025
- Business
- Indian Express
SEBI's moves to address concerns over disclosure norms and conflict of interest: A step in the right direction
Last year, allegations by the US-based firm, Hindenburg Research, had raised troubling questions for the Indian stock market regulator, particularly over its disclosure norms and matters of conflict of interest. Hindenburg had alleged that then SEBI chairperson Madhabi Puri Buch and her husband 'had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani'. SEBI was at the time probing the Adani Group. In her defence, Buch had argued that 'all disclosures as required have already been furnished to SEBI'. In August, SEBI issued a statement saying that it has 'adequate internal mechanisms for addressing issues relating to conflict of interest which include disclosure framework and provision for recusal'. Notwithstanding the defence mounted, however, questions arose and persisted, especially about why the disclosures had not been made to the wider public. In an interview to this paper, Tuhin Kanta Pandey, the new SEBI chair, has acknowledged the gap, noting that there was 'virtually no public disclosure' for those at the helm of SEBI. This is odd, for those charged with protecting the integrity of the Indian stock markets. After all, members of Parliament declare their assets and liabilities. More recently, Supreme Court judges have publicly declared their assets, publishing them on the court's website. Considering the wide ambit of the market regulator's influence, there needs to be a proper framework for public disclosures and also for recusal processes. Any link between the market regulator and the regulated entity must be fully disclosed. Not doing so will only raise more questions. The constitution of a high-level committee to review and make recommendations for strengthening frameworks for managing conflicts of interest and disclosures for the regulator's board members is a step in the right direction. Putting in place a robust mechanism, drawn after wide-ranging consultations with all stakeholders, will help address the concerns that have been raised. As Pandey says, 'in terms of conflicts… this framework needs clarity. Otherwise, there will be confusion.' Alongside, the norms for recusal must also be clearly defined and laid out. The stock market regulator needs to be ring-fenced from such allegations in the future. The guiding objective must be to ensure that aspersions cannot be cast on the functioning and decisions of the regulator. Its integrity, independence and autonomy must be bolstered. At a time when millions are entering the stock markets — as per reports, the number of demat accounts now exceeds 170 million, with account holders now located in almost all pin codes in the country — their faith in the market regulator and the efficient functioning of the markets must be fortified.
