Word: chink
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...taxes, Congress had aided and abetted it. For 30 years. Congress has ruled that pension, payments, like wages, are deductible for tax purposes, and thus encouraged the establishment of pension plans. Thereby some abuses began, i.e., paying top executives deferred bonuses in the form of pensions. Congress tried to chink up these loopholes in the 1942 Revenue Act. Now in practice the Treasury must approve all plans (it approved Loew's) before tax deductions are granted. In effect, the corporations whose pension plans were avoiding taxes were doing what Congress has been trying to get them...
...Cadaverous James M. ("Chink") Landis, on leave of absence as Dean of Harvard's Law School, ex-Chairman of SEC, ex-member of the Federal Trade Commission, now finally became ex-OCDirector (TIME, Aug. 16). Translated into Iraqi, his new title should roll impressively off the tongue: "American Director of Economic Operations in the Middle East and principal American Civilian Representative at the Middle East Supply Center, with the personal rank of Minister." His job: to strengthen the U.S. management of the Middle East Supply Center, a joint U.S.-British project which routes civilian supplies to some 80 million...
...Chink Landis is no stranger to the East. Born in Tokyo of Presbyterian missionary parents, he saw the U.S. for the first time when he was 13. Said he last week: Americans have been paying too little attention to what the Islamic world thinks of them...
...plan seemed to have a chink as wide as a Flying Fortress. What was to prevent laid-off workers from getting jobs in other shipyards outside the Puget Sound area (such as Henry Kaiser's yard at Vancouver, Wash.)? Also, many smaller plants in the area are understaffed, pay more under the WLB freeze than Boeing...
Last week, WMC neatly plugged the chink. It warned that if Boeing does not get enough workers, contracts in the area will be canceled until it does. One small Seattle company, Pacific Huts, is so afraid of this very thing happening that it is taking full-page ads in Seattle newspapers urging workers to take jobs with Boeing...