Word: bay
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Dates: during 1950-1959
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...societies" hired by noblemen to settle their differences by duels and vendettas. The noblemen have disappeared; today's Camorra members grew up in the thriving black markets of World War II, and boast that they even disassembled and stole an entire U.S. ship piece by piece-from the Bay of Naples.* Among those who lived by the modern Camorra code was Big Pasquale Simonetti, who sold "protection" to the local growers and sellers of vegetables and fruit...
Today the limestone-and-coral islands from Grand Bahama to Great Inagua hold treasure beyond Teach's wildest dreams: the northeasterly breezes that blow across them are heavy with the sweet green smell of money. A single street-front foot of Nassau's shop-lined Bay Street on New Providence Island costs as much as $10,000; clubs, marinas, luxury cottages and the private pleasure domes of the Western world's wealthy nestle among the avocado trees from one end of the 750-mile, 673-island chain to the other...
...group of merchants, lawyers and real estate wizards, known as the "Bay Street Pirates" to Nassau taxi drivers, began the boom nine years ago. They spread the word that these British crown-colony islands have no income taxes, no personal property taxes, no real estate taxes, no capital gains taxes, trifling inheritance taxes. Now, says Attorney Stafford Sands, leading Bay Streeter, "there's a definite feeling of yeastiness about the whole American investment picture...
...Bay Streeters' campaign brought a wave of "suitcase companies"-actually subsidiaries of foreign corporations but legally independent. Through a suitcase company, for example, a U.S. steel company subsidiary buys ore in Venezuela, ships it in chartered vessels to Europe. The profits returned to the Bahamian company are not taxed, can be used for expansion outside the U.S. or "borrowed" by the U.S. parent company...
...Steel (which calls itself Navios), Whirlpool, Cummins Diesel, RCA, J. I. Case (agricultural equipment) and Grant Advertising. Outboard Marine International (Evinrude and Johnson outboard motors) has a staff of 55, including U.S. citizens, Englishmen, Canadians and a handful of Bahamian Comptometer operators. In air-conditioned comfort behind a Bay Street brass plate, Outboard Representative James Butler says: "We are a completely international company. Europeans come here on business to see our motors. Our salesmen travel from Nassau to all parts of the world...