Word: bank
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Dates: during 1950-1959
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...entire Hedges clan-father Dayton, Burke and brother James-had adopted Cuban citizenship, thus saving mightily in taxes on their multimillion-dollar Cuban holdings. When Batista seized power in 1952, he appointed Hedges a member of his advisory council. Last year a Batista government bank bought a money-losing Hedges enterprise-a rayon-chemical complex in Matanzas province-and leased it back with the proviso that Hedges need pay no taxes for 30 years...
...Quiz shows that replace crooked quiz shows may be regarded as fair game for crooks: televiewers from New York, Massachusetts and Virginia have already used pen, paste pot and scissors in an effort to break the bank on Top Dollar, CBS replacement for Dotto (see above). Since the show promised up to $5,000 for dollar bills bearing certain serial numbers, the light-fingered operators altered other serial numbers in order to qualify. All they won was a Secret Service warning that repetition might bring them an alternate prize: up to 15 years in prison and a $5.000 fine...
Following its philosophy of swimming against the business tides, the Federal Reserve Board moved to tighten credit slightly in two ways last week. First, it gave the Dallas Reserve Bank permission to follow San Francisco in upping its discount rate from 1¾% to 2%; the other ten districts are expected to come into line soon. Next, the Federal Reserve announced that it had reduced its holdings of short-term Treasury bills, bringing member banks' net free reserves, which had been around $500 million for five months, down to $403 million. Though the Fed's moves brought immediate...
HOWARD HUGHES will sell his 10.2% interest in Atlas Corp. (market value: about $7,700,000) by May 31, 1961, until then will deposit stock with neutral trust or bank. CAB forced sale because Hughes owns 78.2% of Trans World Airlines and Atlas controls Northeast Airlines, thus giving him the opportunity to control two airlines...
...cover the losses. Others, like Chicago's Tarn O'Shanter, which has opened its clubhouse to 320 weddings so far this year, scout around for parties, conventions and tournaments, anything to make a dollar. Even some of the oldest clubs X-ray a prospective member's bank account first, his social position second. Says a member of the very exclusive Denver Country Club: "It is true that some of our nice members are the biggest stinkers in town. But heavens, we do not know this to be officially true...