Word: businessmen
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...same time, however, Deak was running into trouble with the Government. In March 1978 Deak & Co. was convicted by a federal court and fined $20,000 on charges of failing to report $11 million in large currency transactions by two Philippine businessmen. Then in October 1984 the President's Commission on Organized Crime charged that the firm had been involved in a multimillion-dollar laundering operation for international drug dealers. Early this year the Treasury Department handed down a $572,000 civil penalty against a Deak subsidiary in connection with the drug-money case...
...Many businessmen last week agreed with a blunt assessment by White House Domestic Policy Adviser John Svahn, who was quoted as calling the Ways and Means plan a "Thanksgiving turkey." While Reagan planned to increase business taxes by about $123 billion over the next five years, the Ways and Means proposal aims to boost that collection by an additional $15 billion. The U.S. Chamber of Commerce was so discouraged with the bill that it called for a postponement of any effort at tax reform for two years. "It has gotten too far from its original objectives, and it's time...
...Foreign businessmen learn that in Japan profitmaking requires patience. In the U.S., deals may be struck over a single lunch, but Japanese executives feel comfortable only after extended contact. Says Albert Sieg, president of Kodak Japan: "The worst mistake is to tell your prospective business partners that your plane leaves at 2 p.m. Friday, and you have to clinch a deal by then...
...ranging from $1,500 to $10,000 and royalty charges of between 7% and 10%. With the help of a recently passed state law that protects service marks, the chamber hopes to raise $300,000 within the next 18 months. Predictably, the move has drawn few hoorays from local businessmen. Says Jim Arthur, president of California Lifestyles, a maker of souvenir sportswear: "The notion is absurd. If the name of the city isn't in the public domain, then what is?" The courts may ultimately determine if the chamber's claim is valid...
...them. The most ominous is an upsurge in bribery, black-marketeering and other forms of corruption. Chen Yun reported that in the past year alone party and government officials or their children have started 20,000 private businesses, "a considerable number of which collaborate with lawbreakers and unscrupulous foreign businessmen" to get rich in ways that are decidedly not glorious. Among the crimes he accused them of were peddling counterfeit medicine and "the sale of obscene videotapes." It is widely estimated that about half the managers of state-owned enterprises pursue profit by cheating on corporate income taxes. The most...