Humility with Giants, Relentless with Institutions

“They flew in to a tremendous welcome, but one had to know Onassis very well to appreciate the deep-seated streak of humility which made him delight in the opportunity of walking in the shadow of a truly great man. The British Ambassador Sir Charles Duke had traveled from Rabat to meet Sir Winston, King Mohammed’s personal entourage was there to bid him welcome. Omar ben Shemsi, Governor of Marrakesh, resplendent in his colorful robes, extended the city’s greetings, the staff of the Hotel Mamounia was present in force, a Moroccan guard of honor presented arms—it was almost an occa¬ sion of state. Ari Onassis stayed for dinner and promised to return soon with the Christina to take Sir Winston on a cruise. He spent the night at the hotel but was on his way back to Europe before dawn. Someone estimated that it had cost him five thousand dollars to dine with Sir Winston in Marrakesh.”

“with a polite refusal. But Aristotle Onassis, as is his habit, was not deterred and persisted, neglecting no approach which offered even the faintest prospect of success. The first favorable response came from New York’s National City Bank, on whose president, Howard C. Sheperd, he brought his considerable powers of persuasion to bear, arguing that the funds he was seeking were for the purchase of per¬ fectly sound American ships which, moreover, the United States gov¬ ernment was anxious to sell. The negotiations were protracted and nerve-racking and went hand in hand with efforts to secure employment for the ships if and when they came into his possession. For months on end the days of Aristotle Onassis were taken up with meetings, consultations, calculations, as a constant procession of engineers, lawyers, bank officials, government agents filed past the persistent argonaut, or he past them. One little Greek was the pinpoint of a big deal linking an American finance institution with an American government agency, and it was a matter of tremendous satisfaction to him when, at long last, as he put it, he managed to start the ball rolling. The National City Bank succumbed to the blandishments of his reasoned plea, but the conditions were not what he had hoped for. The bank would advance only comparatively small amounts, no more than 50 percent of the purchase price of the ships. Repayment, instead of being spread over ten years, was to be within six to twelve months and guaranteed by employment of the ships which would be carrying mainly coal to France, Germany, and South America. What was ultimately at stake for Onassis was the ownership of a large fleet of ships which, even under such stringent financial condi¬ tions, would be paying for themselves within a few years. The sixteen Liberty vessels might take longer to earn their price than his Ariston, which had paid for herself in one year, but in the long run the fleet would be his and, free of mortgage, would long continue to earn him a substantial income.”