Word: anacondas
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Dates: during 1970-1979
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...increase in the income tax, a group called Save Our State put $77,000 into the unsuccessful drive to promote the sales tax. Forced by court order to open its books, S.O.S. was found to be financed almost entirely by three corporate giants?the Anaconda Co., the Montana Power Co. and Burlington Northern Inc.?they hoped a sales tax would lead to relief of their heavy property taxes...
Pinheads. At the same time, Allende has been trying to shore up his country's international credit rating. He has begun to make token payments on some of Chile's obligations to foreign firms, including the Anaconda Co., which last week dropped court-ordered liens against certain Chilean properties-including holdings of LAN-Chile, the state airline-with assets in the U.S. Allende has also paid at least half of the $2.2 million in interest due the Boise Cascade Corp., which owned an electric company that was sold to the Chilean government in 1970. In Paris, no agreement...
Dogging the Dow's progress are the limp performances of quite a few of its stocks, including Anaconda, United Aircraft, U.S. Steel and International Harvester. Profits of many of the big firms have been vitiated by recession, expropriation of their property abroad and muscular foreign competition. Because their size makes them so visible and the impact of their actions is so widespread, the prices that large firms charge are more tightly controlled than those of smaller companies...
...Allende has somehow computed Kennecott's alleged excess profits over the past 15 years to be more than our total earnings from Chile in that period," complained Kennecott President Frank Milliken, whose firm has been a particularly good corporate citizen in Chile. Said Anaconda President John Place: "Allende's accounting theory is nothing more than a thin pretext for confiscation. He's now contrived to grab the world's biggest open-pit copper mine [Anaconda's Chuquicamata], plus a second major underground mine, and not pay a dime...
...Letter of the Law. Kennecott, which has $141 million in Chilean investments, relied on them for about 11% of its net income last year. Anaconda, with $458 million invested, received about two-thirds of its net profits from Chile. The companies may need a special ruling from the Internal Revenue Service to take tax write-offs on the losses, but they may be able to collect on as much as half their losses from the Overseas Private Investment Corp., a Government agency that insures investments abroad. If President Allende continues to pursue his intention of turning Chile's resources...