Word: bailouts
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Dates: during 1970-1979
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...argument mounted last week over the proposal for the Government to guarantee $250 million in loans to the Lockheed Aircraft Corp., Nixon Administration officials placed calls around the country to sympathetic bankers and industrialists. Those men, in turn, phoned their Congressmen and urged them to vote for the bailout. Machinists and scientists bought newspaper ads. Aerospace workers, some of whom lost their jobs after amateur lobbyists effectively organized an anti-SST drive last spring, rallied to Lockheed's side. They launched letter-writing campaigns, made speeches to P.T.A.s, even organized a boycott of Wisconsin cheese and beer...
...Government is being confronted with a major and difficult question of principle-and practice-involving the nation's way of doing business. Lockheed Aircraft Corp., the biggest defense contractor, is in a deep cash crisis, and it is looking to Uncle Sam for a bailout. The company wants Congress to authorize an unprecedented federal guarantee of a $250 million loan to save its wholly commercial L-1011 plane, a medium-range "airbus" designed to carry 250 passengers. If Congress refuses, the company's management warns that Lockheed will skid into bankruptcy, upsetting a business empire that employs...
...Penn Central and other bankrupt railroads, Congress authorized $125 million in loan guarantees. That put off for the time being a complete shutdown of the Penn Central, the nation's largest railroad. A major part of the bailout money will go to pay its share of the inflationary 13½% wage increase that Congress ordered for all U.S. railroad workers as part of last month's law prohibiting a rail strike until March 1. Congress and the Administration also created a quasi-governmental body, the National Railroad Passenger Corp., to take over intercity passenger trains, starting...
...railroad by letting the Defense Department underwrite $200 million in bank loans. But that plan ran into such severe political fire from key Democrats in Congress that the Administration withdrew its offer. The critics threatened to make an election issue out of the loan by portraying it as a bailout for the Administration's friends in big business and banking. "The potential for political mischief really scared people," says a top Administration official...
...more hostile environment is far less certain when the bill comes up for debate early next month. Of Lockheed's allotment, $344.4 million represents progress payments on production of the giant C-5A military transport. The remaining $200 million is called "contingency funding" by the Pentagon and "bailout money" by Lockheed's critics. Says Wisconsin Senator William Proxmire: "I don't think it is in the public or national interest to finance Lockheed...