Word: conflict-of-interest
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Specifically, Ladejinsky was kicked out for having broken ICA's conflict-of-interest regulations by investing in a Formosan glassmaking company that had received some $600,000 in U.S. Government financing. ICA explained that Ladejinsky, while on an official mission to Formosa, gave a $3,000 check to a Chinese friend, who cashed it on the black market and bought stock in the glassmaking firm. Said ICA: "At the official rate of exchange, this check at that time would have purchaised 60 shares of stock. As a result of the higher rate of exchange obtained by this illegal transaction...
...courts. Armed with a 14-page legal opinion, the Atomic Energy Commission last week announced that it does not consider the contract "an obligation which can be recognized by the U.S." The AEC's reason: questions have been raised about whether the contract violated the conflict-of-interest laws. The questions are based on the role of Investment Banker Adolphe H. Wenzell, who worked on the Dixon-Yates negotiations as 1) a part-time consultant to the U.S. Budget Bureau, and 2) a vice president of the First Boston Corp., which was to finance the project...
...Governor Adlai Stevenson, moved into the capitol. In 1949 Harry Truman put Hugh Cross on the bipartisan Interstate Commerce Commission; four months ago, the rotating chairmanship finally reached him. Last week, out in midfield at 59, Hugh Cross was caught in the latest congressional investigation of a conflict-of-interest case...
...Strobel was through testifying, GSA Chief Mansure told newsmen that he would let Strobel resign. Said Mansure: "Strobel has done nothing really wrong, but he just didn't use good judgment." He added that Strobel had not only put off signing the GSA's standard no conflict-of-interest pledge for half a year, but that it also took months to get a list of his firm's clients...
...CONFLICT-OF-INTEREST problems for Government officials will be decided by Trustbuster Stanley Barnes. President Eisenhower has instructed Assistant Attorney General Barnes to rule on where the line of propriety should be drawn. Example: Is it proper for the Defense Department to award a contract to a firm whose president recently returned from a key Government post? Barnes may also bring out an official guidebook for the use of Government officials who still have business interests...