Word: accounts
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Dates: during 1970-1979
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...Arms Bazaar by Anthony Sampson, a British journalist, traces the rise of the international arms market. As any good front-page journalist does, Sampson pays sharp attention to detail and leaves the analysis to more sophisticated writers. He merely tries to trace the industry point-by-point, producing an account valuable for researchers and pleasure readers...
...billion in 1975, or 40 per cent of all U.S. investment in Africa. If indirect investment--channelled through Europe and Canada--were included, this figure would be much higher. More than 300 U.S. companies are involved. But 13 of them--including seven of the ten largest in America--account for three quarters of all U.S. investment in South Africa, and Harvard has holdings in 12 of those 13. In other words, U.S. investments in South Africa are controlled by a very few firms, and Harvard owns large shares in most of them...
...Expense-account deductions would be sharply curtailed. The present idea is to put a ceiling on the deduction that could be taken for a business lunch. Aides are having trouble fixing a figure, since meals and drinks cost so much more in Manhattan than in, say, Cedar Rapids; one guess is $35 for two people. But Carter has railed so vehemently against the "three-martini lunch" that his staff has to come up with something. Carter is also considering eliminating or restricting deductions for club dues, tickets to sports events and the cost of using corporate jets. Business would...
...fall? Some money-market analysts suspect that Burns and his colleagues may simply have misjudged the strength of the recovery, and pumped out more than the economy needed or could use. A more technical reason is an increase in money "velocity" -the speed at which money moves from checking account to checking account. Critics fault the Fed for not anticipating that this factor would make money supply grow more quickly than it wished...
Such naivete, mixed with the pettiness of a mind perpetually concerned with the world's opinion even as he affects to despise accepted mores, is an irritating feature of the book. Crosby's account of easily broken resolutions shows what to Bostonians would be a lamentable lack of moral fibre. However, his accompanying remorse betrays the persistence of those precise Brahmin reflexes Crosby so frequently and noisily repudiated. A man who protests as vigorously as Harry Crosby did against convention and propriety is often trying to overcome a nagging inner fear that perhaps he is just as conventional and bound...