Each company must operate with the understanding that its reputation, and the reputation of the industry as a whole, is only as good as the last well completed.

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Shearson had a good reputation, one of the few names in the industry that were never tarnished.

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In fact, throughout the newspaper industry Graham, 66, enjoys a reputation as one of the good guys of American journalism, the rare mogul who puts principles and people ahead of profits.

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