Word: chiles
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Dates: during 1970-1979
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...pitch was strong. The corporation had a platform and a plan. ITT argued that it was illegal for Chile to expropriate U.S. owned property without just compensation. Besides being bad business and illegal, ITT investments were insured by the U.S. government's Overseas Private Investment Corporation, which offered ITT financial protection. However, if Chile expropriated without compensation the U.S. taxpayer would end up footing a $100 million bill on the insurance. This gave the U.S. government a financial stake in ITT's private investments...
Beyond all these legalistic cost/benefit analyses, ITT had another line to sell, one that spoke of ideology, not dollars and cents. ITT noted in its memos on Chile, which are cited in the Senate Multi-National Sub-Committee report, that "we must decide whether we, ourselves, are to return to fundamental principles on which this country [the U.S.] was founded, but also whether we are to stand firm for democracy for the sake of those friends of ours in Latin America who have based their hopes and aspirations on our strength. This is not a time to deny...
...lost the war, however; it had in fact started it in earnest or given impetus to an ongoing conflict. Since 1961 the U.S. had spent $1.5 million on economic aid to Chile. This was in a continuing effort to "keep Chile from going Marxist," according to an ITT memo...
...Chile had the oldest Communist Party in Latin America. It started in 1924. In the 1964 presidential elections Allende received more of the vote than he did in the 1970 elections. However, he still did not receive a plurality while his opponent, Eduardo Frei, did. A group of U.S. businesses, ITT among them, gave Frei financial support...
...alone in the U.S. government in taking action against Chile. According to an ITT memo cited in the Senate Multi-National Subcommittee report, U.S. Ambassador Edward Korry, received the "green light" from the State Department "to move in the name of President Nixon." The memo says Korry was given "maximum authority to do all possible--short of a Dominican Republic type action--to keep Allende from taking power." Korry had a reputation in Chile as a virulent Allende-hater. He was a Nixon appointee...