Word: armacost
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Dates: during 1980-1989
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...Iran arms sales and the diversion of profits to the contras erupted in a public explosion last November, the bureaucratic double dealing still did not stop. Reagan ordered the State Department to take full charge of any future relations with Iran. Casey and Under Secretary of State Michael Armacost worked out an agreement under which U.S. contacts with a "second channel" (a relative of a high-ranking Iranian official) would be used only for intelligence gathering and State Department officials rather than CIA operatives would conduct the conversations. Without telling Shultz or his deputies, Casey then went through Chief...
...already picked up quite a bit. The 15-member BankAmerica board had met over the previous weekend to recall Clausen hastily from his retirement in Washington. His task: to take over as chief executive officer from the man who was both his successor and now his predecessor, President Samuel Armacost, 47, who resigned on Oct. 10. Directors also bade farewell to BankAmerica Chairman Leland Prussia, 57, who took early retirement. Now Clausen must deal quickly with a flood of red ink amounting to almost $1 billion in losses in the past five quarters at BankAmerica. He also faces the unwelcome...
...short run, Clausen does not intend to do things much differently than what Armacost, who was picked by Clausen as his successor in 1981, was at the end. Armacost had begun selling $1.3 billion in assets and chopping 5,000 staffers from an 80,000-member payroll. Another 5,000 layoffs are expected...
Tests to determine whether any radioactivity is in the water have not been concluded, according to Michael Armacost, the under secretary of State for political affairs who appeared on NBC's "Meet the Press...
...Armacost said there was a report that at one point the sub "had been under way at a very slow speed under its own power, perhaps auxiliary diesel power." But "other difficulties apparently developed," or the sub "had been stopped briefly," he said...