Word: bert
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...Bert's fate seems sealed, but how badly has his boss been hurt...
After four months of bit-by-bit exposure and mounting pressure, the Lance affair last week spun out of anyone's control. Instead of winding down, investigations were being stepped up into the capriciously loose banking habits of Bert Lance, the amiable Georgian who directs the Office of Management and Budget. Each day brought torrents of new allegations, rumors of wrongdoing, hints of still more probes. Inevitably, reports surfaced that Jimmy Carter has reluctantly concluded that Lance must resign. Before long, perhaps before this week is out, one of the President's first major appointees is likely to become...
Only a few weeks ago Carter was vigorously defending Lance ("Bert, I'm proud of you"). But the Budget Director's position deteriorated rapidly just before, during and immediately after the long Labor Day weekend. A trio of Senators played key roles: Majority Leader Robert Byrd of West Virginia; Connecticut Democrat Abraham Ribicoff, chairman of the Governmental Affairs Committee; and Charles Percy of Illinois, the committee's top Republican. They argued that prolonging Lance's travail not only would be futile, but could seriously impair the President's ability to promote such Administration priorities as the Panama Canal treaty...
...idea where all that money had gone. But David did have other assets?stocks and other securities worth an undisclosed amount?that were being held at the Calhoun bank. Before his death, David told friends that these assets, as well as assets of other family members, were handled by Bert Lance himself...
...even further. Only a few weeks ago, Congressmen visiting their districts were hearing almost nothing about Lance from constituents. Now some of them are hearing almost nothing else. Reports from TIME's U.S. bureaus confirm this concern. Atlanta Bureau Chief Rudolph Rauch noted that Carter's support of Lance?"Bert, I'm proud of you"?is proving costly: "With that declaration Carter managed to obliterate the one element that made him different?the innocence of the outsider, the incorruptibility of the unentrenched. That difference was his major hold on the American people." Other bureaus saw that hold slipping...