Word: auditore
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Before a House Armed Services subcommittee last week Lawrence J. Powers, the General Accounting Office's top auditor on defense contracts, leveled an angry blast at the nation's biggest corporation. Said Powers: on a $375.9 million contract to supply 599 F-84F Thunderstreak jet fighters to the U.S. Air Force between 1952 and 1955, General Motors made an actual profit of $42.2 million v. a "contemplated" profit of $24.8 million. Part of the $17.4 million extra, said Powers, could be attributed to good management. But $8,322,000 resulted from "overstating" and overestimating anticipated expenses. Three times...
...Buick-Oldsmobile-Pontiac assembly division at Kansas City, Kans., agreed to pay the automaker all costs plus a 5.9% profit on an initial order of 71 planes, with the understanding that this cost experience would be used in figuring later profits. As it turned out, said Auditor Powers, in subsequent negotiations to set a price on installments of 228 and 300 planes each. G.M.'s cost estimates, inadequately checked by Air Force representatives, resulted in profits that were...
...help finance its entire $235 million expansion program, Texas Eastern last week issued 200,000 shares of preferred stock at $100 a share, sold them all in three days. For President Orville Carpenter, onetime Texas state auditor who supervised the purchase of the Big and Little Big Inches as the company's comptroller in 1947, the week was the second most exciting one in Texas Eastern's ten-year history. "Same as when we began.'' said he. "This puts us out in front...
Blue-eyed Nuri asSaid ("Nuri the Happy One"), born in Baghdad in 1888, was the only son of Lowlow's descendant, Said Effendi al-Mudakikchi ("Mr. Said the Auditor"). For a boy of good family growing up in Ottoman Baghdad, the army was the only fit career, and Nuri went to a local Turkish military school that prepared candidates for the military academy in Constantinople. At twelve he nearly died of typhoid, but Baghdad's only doctor nursed him through, and in 1903 he was ready to make the hard trip to Constantinople and the three-year course...
...most influential publishers in the U.S. A shrewd, cost-conscious businessman, he has long articulated a middle-of-the-road political philosophy which mirrors a broad cross section of business thinking; he calls it "intelligent conservatism." While his slick, tricked-up papers seem often to reflect the auditor more than the editor in Knight's nature, they are closely identified with their communities and powerful in local and national politics. (In Illinois politicians say that an endorsement by the Daily News is an automatic guarantee of 50,000 votes.) Thus, Knight's list from Ike to right marks...