Word: cons
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Dates: during 1970-1979
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...blocks solutions to such critical problems as the inequitable distribution of wealth and undermines the legitimacy of corporations. His solution: bring business and Government into a more harmonious relationship by federally chartering the 2,000 largest companies, then enfranchising them to fill community needs. Under this scheme, for example, Con Edison would work with Government to plan power needs. Ultimately, such community requirements would determine the controls on the corporations. Ironically, suggests Lodge, the outcome could be less intervention by Government than there is now in the affairs of U.S. business...
...time and again subsidized major corporations nearing default, he owes aid to the city. Lockheed is a classic example of federal subsidies keeping a corporation afloat, although Ford now likes to think of that bail-out as "I don't know, it might have been a mistake." When Con Ed skipped its regular stock dividend in 1974, banks' loans to electric utilities, as a result of Federal Reserve Bank officials' pressure, jumped from $5.9 billion to $8.4 billion. The Fed will most certainly use similar backdoor techniques to ensure that New York's banks don't go under after default...
...Marines pour $700 million each year in payrolls alone and the government feeds $1 billion annually into the local aerospace industry and $100 million into ship-building. The leading citizens of San Diego include John Alessio, a former bookmaker turned racetrack operator and C. Arnholt Smith, a highlevel con man chosen "Mr. San Diego of the Century" by the local paper. Smith used the money from his bank, U.S. National, to run deals with organized crime in California, taking a healthy chunk out to support himself and his friends. Among his friends is Richard Nixon...
...these reasons, Nixon found himself con fronted by the powers of the Eastern Establishment. Not in a well-synchronized plot, but through simple momentum, The New York Times, The Washington Post, the Rockefeller foundation, and Common Cause joined in the clamor that resulted in Nixon's downfall. (Sale suggests in a footnote that the break-in itself may have been deliberately bungled by James McCord on orders from the old Rockefeller-CIA network which sought revenge for Nixon's conversion of the Company into his personal political tool...
Confronted with a 20% tax boost that brought its total bill to $449 million last year, Con Edison charges the highest rates of any U.S. utility. Electricity costs for industrial users are 50% higher in New York than in Connecticut, 35% above rates in New Jersey and Massachusetts. Last month Weeden & Co., the large brokerage house, announced that it will move more than half of its operations to New Jersey because of a recent increase in the city's securities...