Word: armacost
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...Secretary of Defense; Admiral William Crowe Jr., chairman of the Joint Chiefs of Staff; Robert Gates, deputy director for intelligence of the Central Intelligence Agency; and John Poindexter, the National Security Adviser. Also present were three officials who had been preoccupied with the Philippine crisis for months: Michael Armacost, Under Secretary of State for Political Affairs; Paul Wolfowitz, Assistant Secretary of State for East Asian and Pacific Affairs; and Richard Armitage, Assistant Secretary of Defense for International Security Policy...
...live in the U.S. White House Spokesman Larry Speakes announced that American military aid to the Philippines would be cut off if troops loyal to Marcos used the army against the Philippine reform movement forces led by Enrile and Ramos. On Sunday evening, Shultz and Under Secretary of State Armacost met at the State Department with Blas Ople, Marcos' Minister of Labor, who had come to Washington to plead the Philippine President's case. According to Ople, the American diplomats gave him a blunt message: Marcos had lost control of his army, the troops under General Ver were ineffectual...
BankAmerica is losing money because it is saddled with many shaky loans. Most of them were extended by Armacost's predecessor, A.W. Clausen, who now heads the World Bank. Like other big banks, BankAmerica made risky loans to developing countries and to real estate and shipping firms. But it also became the world's largest commercial lender to farmers, who are now under severe financial pressure. Concedes Stephen McLin, a BankAmerica senior vice president: "Our credit standards were not the greatest." The bank wrote off $1.6 billion worth of loans last year. Other low-grade credits are still...
...Armacost has taken steps to bolster BankAmerica. Easing a capital shortage, he last year sold the headquarters building for $660 million and the bank's consumer-loan subsidiary for $405 million...
Wall Street expects BankAmerica to make money again soon. If it does not, the bank's board of directors, which has supported Armacost, may grow impatient with his failure to overcome the troubles he inherited...