Word: bank
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Dates: during 1950-1959
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...will be governed by the principle of calculated risk," Nimitz told his task force commanders, Rear Admirals Raymond A. Spruance and Frank Jack Fletcher, who well knew that the three carriers were about all that stood between the Japanese and California. Not far away, gliding serenely through a fog bank amid their great escort, the Japanese carriers Akagi, Kaga, Soryu and Hiryu prepared for their strike...
Some experts in the Agriculture Department believe that without the bank wheat production would be far higher, especially with rains in the old dust-bowl area. But the truth is that any surplus production avoided in wheat is turning up in rye, oats, grain sorghums or other crops, as farmers put their idle acreage into uncontrolled crops. One thing the soil bank once more proved was that, barring police-state controls, farmers will always outsmart bureaucrats. This year, for example, most farmers gave the soil bank their poorest acres, keeping their best for their price-supported crops. This was legal...
Last week there were still some Agriculture Department officials and Congressmen who said that if its operation could be improved the soil bank might yet do some good. Secretary Benson himself argued that the bank should be allowed to operate for at least one full year in order to have a fair trial. But unless it was cleaned up soon, the bank was fast joining the list of discredited agricultural panaceas. For political reasons the Senate is almost certain to restore most of the cuts. The House will probably go along at some compromise figure, if for no other reason...
Cloak of Anonymity. Armstrong's objection overlooked the fact that Capehart merely wants to force stockholders represented by foreign banks to abide by U.S. regulations. Where illegal activity is suspected, the SEC can usually identify beneficial owners of stock held by U.S. banks-by subpoena if necessary. But it has no sure way of determining what part anonymous Swiss bank clients play in American proxy battles, therefore does not know when the law is broken. In a recent proxy battle for control of Fairbanks, Morse & Co. by Penn-Texas Corp. involving stocks purchased through Swiss banks, Armstrong admitted that...
...chief reason the Swiss will not change their secrecy code is that it has made them the custodians of a huge financial empire, given their tiny country 4,000 banks for a population of 5,000,000 -six times as many per capita as the U.S. They started their secrecy policy in the days of the Napoleonic Wars to guard the endangered fortunes of Europe's capitalists, in 1934 wrote it into law to protect the funds of victims of Nazi and Fascist persecution. Anyone can open a secret account in a Swiss bank, get a code number...