Word: armacost
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Bank of America's stumble occurred just as the institution was starting to recover from four years of slumping profits. Said President Samuel Armacost: "We all hate surprises, but one of this magnitude drives you nuts. It's going to be seen, correctly, as a dumb thing to have occurred...
...their institutions as a disgruntled minority; today top executives fret openly about the problem. "There is nothing more important to us than to restore the public's faith," says Samuel Armacost, president of San Francisco's Bank America (assets: $121 billion). John McGillicuddy, chairman of New York's Manufacturers Hanover ($73 billion), concurs: "I think the confidence factor is the most serious issue we face. We haven't lost it completely, but it has eroded seriously...
...Washington, even after returning the prisoners, Jackson received a much cooler welcome than in the capitals he had just visited. Audacious as ever, he asked to be allowed to brief the President on his trip. Instead, Jackson was shunted off to a debriefing by Under Secretary of State Michael Armacost. State Department Spokesman John Hughes issued a polite but justified scolding: "The tradition has been not to criticize the United States from foreign platforms particularly from countries hostile to the United States." Secretary of State George Shultz pronounced his own verdict on what he called Jackson's "disruptive " diplomacy...
...social peace. Their concern was with Aquino. Nonetheless, after days of public viewing of the martyr's corpse, the crowds respected the Aquino family's wish for a relatively private funeral. Among the nonfamily members present at the service were officials of the U.S. (Ambassador Michael Armacost), Japan, Canada, Australia and the European Community, which sent representatives despite the Philippine foreign ministry's disapproval. No one from the Marcos regime came to the funeral...
...assassination, however, Washington suddenly found itself facing an unexpected dilemma: How to keep the Philippine regime at arm's length without compromising U.S. strategic interests. The Administration quickly rejected calls to send a delegation to Aquino's funeral. Instead, officials decided that the "proper" representative was Michael Armacost, the U.S. Ambassador in Manila. Likewise, Reagan decided not to cancel his November visit too hastily. Such a move, officials argued, would amount to prejudging Marcos. Washington, however, did put considerable pressure on the Philippine President to appoint an independent committee to investigate the murder and "swiftly and vigorously track...