Word: assets
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...scheme at once grandiose and controversial: shrinking the national debt by selling off excess federal buildings and land. Announced with some fanfare by the Reagan Administration last year, the plan had the goal of raising $17 billion over five years. But the stuffily named asset-management program has been a conspicuous flop from the beginning. By the middle of this year, it had succeeded in peddling only $150 million worth of buildings and a scanty 4,600 acres of land worth $4.8 million. Even worse, it has proved a disaster politically, antagonizing conservationists and even some of the Administration...
While Ruckelshaus' words seemed aimed at environmentalists, Watt's action was clearly directed at political allies. The asset-management plan has been heavily criticized in the Western states, where many of the federal holdings are situated and where Ronald Reagan enjoys his greatest grass-roots strength. Under the asset-management process, the Administration had put up FOR SALE signs on 2.5 million acres ruled by Interior's Bureau of Land Management. Though none of the acreage is national park land, a number of tracts were used extensively by vacationers, hunters, fishermen, timber and mineral companies and cattle...
...Resources and one of the Administration's strongest allies on Capitol Hill, also helped turn the Administration around. McClure, a New Right apostle who is up for re-election next year, said he was appalled at the impact that Idaho Democrats' criticism of the Administration's asset-management program had on voters during the 1982 campaign...
Under the proposed agreement, Alleghany will become an investment holding company whose principal asset is American Express stock. The deal will make Alleghany the largest single stockholder of the financial conglomerate with about a 10% stake. Alleghany will receive 15.3 million shares of American Express, nearly three times its book value. Says Robinson in defense of the deal: "It's a high price, but it's got the sales force and management in place. You've got to pay a premium for that...
...refreshing to see a politician like John Glenn who rejects the "wheeler-dealer" approach to a national election [June 20]. So far, he represents the most responsible candidate for President. Insisting on making your own decisions and cautiously establishing political allies is an asset in my opinion, not a liability. Unfortunately, Americans are increasingly electing Presidents because of their personality. Instead, we should reconsider and vote for those candidates who, like Glenn, show the best leadership qualities...