Word: bosch
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Dates: during 1950-1959
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...best Finance Minister Cuba ever had resigned last week. José ("Pepin") Bosch, 54, Lehigh-educated millionaire businessman (Bacardi rum and Hatuey beer), had entered the cabinet of President Carlos Prio, his old friend from revolutionary days, in order to help the government out of the fiscal red. He did the job in 14 prodigious months...
When Finance Minister Bosch took office, there was a deficit of $18 million; as he stepped out, Cuba had its largest surplus on record - more than $15 million. The secret of Bosch's success was uncommon ministerial honesty and unswerving drive to collect taxes uncollected by lax predecessors. "Everyone will pay," he announced, "without exception or privilege. I'll send them bills...
Back to the Black. Knowing most Cuban industrialists by their first names, and aware almost to the peso of what they should be paying, Bosch upped income-tax collections from $6 to $25 million, business-profit tax revenues from $20 to $45 million. Members of Carlos Prio's own family paid up back taxes. The President himself told the story of an industrialist who went to the Treasury to try to get off paying $18,000 in profit taxes, wound up paying $120,000, then "went around telling everyone that at last there was a man in Treasury...
...that he parlayed his pocket change into $15 million. With his younger brothers Herbert and Harold, he built the potent investment banking firm of Allen & Co. (TIME, Aug. 2,1948). They bought up and reorganized the Rockefellers' famed Colorado Fuel & Iron Corp., Germany's war-forfeited American Bosch Corp., captured many another plum with their sharp-eyed knack for spotting "special situations...
...replaced by Soekarno's favorite paintings of Indonesian national heroes.) The old pictures sat unceremoniously on the floor: bewigged Johannes Camphuys (1684-91), great governor and great gardener, whose followers introduced coffee-growing to Java; Herman Willem Daendels (1808-11), governor general and dictatorial reformer; Johannes van den Bosch (1830-33), governor general, paternalist exponent of a forced-labor system. The workmen loaded the pictures of the past into a truck to begin their long voyage home...