Quote of the day:
built a $3.4 billion manufacturing juggernaut from the ruins of an Illinois auto parts maker. To celebrate, he just bought one of the worst teams in the NFL, with the pledge of a similar turnaround. Only in America, folks.
An enormous accomplishment for anyone, it's more like a Mars landing for a middle-class kid from Pakistan who flew into Illinois for an engineering degree at 16 and never left. Khan's is the kind of only-in-America success story that has filled boats and planes with dreamers for the past 150 years, one that gives a face to an ironclad fact: Skilled, motivated immigrants are proven job creators, not job takers.for $770 million.
He set to work and what resulted was revolutionary: Stamped from a single piece of steel, Khan's new bumper slimmed down a truck's rear end, a diet that pickups increasingly needed to improve fuel economy. With nothing more than a P.O. box and a small-business loan, in 1978 Khan stepped out on his own, and his newly christened Bumper Works gained customers right away.
Khan, ever optimistic, sees it another way."It really was the right thing for them," he says."We had no business going from making 200 bumpers a day to making 40,000." But he knew GM had a close relationship with Isuzu, which would soon be exporting cars to the U.S. at low volume. Khan asked GM for help. It was, literally, the least it could do."They said, 'Okay, here's the name and number of a guy in Japan. Knock yourself out.
In 2010 he won the bidding for 60% of the St. Louis Rams. But fellow billionaire Stan Kroenke held a minority stake and the right to match any offer for the rest of the franchise. Only hours before that right was set to expire, he exercised it, spoiling Khan's chance to buy the Rams and putting to waste two years of negotiations."You have to take your lumps and face reality," he shrugs.
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