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...repaired to the library for coffee, and Reagan and Gorbachev settled on a red sofa, an embroidered cushion between them and their aides huddled around. Shultz quietly advised that negotiations at the staff level were not going well. Then Shultz, so seemingly bland in his public utterances, took a bold step. He dramatically pointed across the room to a Soviet official, Georgi Korniyenko, and declared, "You, Mr. Korniyenko, are responsible for this. Mr. General Secretary, this man is not doing what you want. He is not working in your best interests...
...luxurious New York City apartment overlooking Fifth Avenue, Liedtke agreed to pay $110 a share for 43% of Getty Oil. Five days later, Getty's board of directors approved a deal--but not with Pennzoil. Between Jan. 1 and Jan. 6, Texaco Chairman John McKinley had made a bold $125-a-share bid for Getty, and Getty's board had grabbed the better offer. Total price tag: $10.2 billion...
...reform effort began a year ago, when the Reagan Administration launched a bold plan, dubbed Treasury I, to overhaul the absurdly complicated and loophole-ridden income tax law. The President put his name behind another, more modest plan known as Treasury II last May and promoted it with whistle-stop tours around the U.S. But the tax-reform movement slowed to a crawl until a month ago, when Illinois Democrat Dan Rostenkowski, the Ways and Means chairman, started engineering the new proposal. "We have done," he boasts, "what many people thought couldn't be done...
TIME has written frequently about Deng since he came to power, citing his bold approach in naming him Man of the Year for 1978. Since then, several cover stories have described the spread and effect of his reforms...
...China's Deng Xiaoping leads 1 billion people on a far-reaching, bold but risky second revolution Defying the precepts most cherished by traditional Marxists, he is attempting to blend on a monumental scale elements that seem irreconcilable: state ownership and private property, central planning and competitive markets, political dictatorship and limited economic and cultural freedom. The reforms are a big gamble, and they face considerable domestic opposition. But if they work, the world will not be the same...