Word: conflicted
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Dates: during 1970-1979
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...entered into an agreement with Citibank, the second largest banking organization in the U.S., to assist the bank's millionaire clients in acquiring artworks for investment. Though Sotheby's insists that the arrangement contains sufficient built-in checks and balances to dispel any suspicion of conflict of interest, many people in the art world are skeptical of any deal whereby an auction house may in effect end up supporting its own market. Says David Bathurst, Christie's New York president: "Using art as an investment scares the hell out of me. There's going...
...trapped in the crossfire of the U.S.Iranian economic war, many European moneymen were distressed at the haste with which U.S. banks have declared Iranian loans in default and have seized Tehran's overseas assets. Complained an angry Luxembourg banker: "Third parties are being unnecessarily drawn into the conflict. The Americans are displaying Wild West manners and throwing clubs that will boomerang." Countercharged a U.S. banker in London: "The Europeans have no guts. The dollar is one of the few weapons we have and, believe me, we intend...
...bondholders and others ran as high as $700 million. There was plenty of blame for everyone, though. Hannon; the mayor, who should have seen the problem coming; and the school board's finance committee, which did not even meet between January 1978 and March 1979, owing to "personality conflict," as one member recalls. Why did the board fail to slam on the spending brakes sooner? Says Board Member Patricia O'Hern: "They also gave financial reports to our auditors. Now if one of the big eight auditing firms couldn't see what was going on, how could...
...This Sahara matter is not just another conflict between the Maghreb countries of Algeria and Morocco," he said. "It is a Kremlin dossier. We are fighting a war that is part of a Russian plot against Europe itself. Let me remind you that the Moslem Conquest moved into Southern Europe using the same routes that the Russians are using now. We [Moroccans] were then, and we are now, the key to the Mediterranean Sea and to Southern Europe...
...West Germans, the Morgan Guaranty action was an unnecessary power play that, because of the court action, threatened to propel West Germany directly into the U.S.-Iranian conflict. Said a finance ministry official in Bonn: "It was a damned stupid thing to do. This is endangering not only our business interests, but the lives of 1,500 West Germans still in Iran...