Word: bafzanakia
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...Bafzanakia. Thus the Government wound up by slapping Niarchos' wrist. His fines were greatly reduced, in effect, since the 13 ships transferred to foreign registry automatically gained $5,000,000 in value as a result of lower operating costs under flags of convenience. Though it will cost Niarchos up to $325 a ton to build his ships in the U.S., v. $200 in jampacked Japanese yards, he will get far better engineering and faster delivery (by late 1957). As a result of the suits, he also placed 75% of the stock in three of his U.S. companies in trust...
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