Word: consortium
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Dates: during 1970-1979
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...acceptable under 50%. Still, the airline slipped back into the red by $4.7 million during June, and a huge loss for all 1975 appears inevitable. A new crunch will come in the fall, when Pan Am's $125 million line of short-term credit expires and a consortium of U.S. banks will have to decide whether to make more loan money available...
...Last spring the Saudi Arabian government signed a $72,400 contract with a consortium of five Midwestern universities calling for U.S. professors to act as consultants to the new University of Riyadh. The consortium -made up of Indiana University, Michigan State University and the Universities of Minnesota, Illinois and Wisconsin-then submitted a list of 30 faculty members as candidates for the trip to Riyadh. The Saudis selected ten; among those eliminated were the only Jews nominated, two professors at Wisconsin...
That exclusion could have been coincidental. But in May, while the U.S. team was in Riyadh, Ralph Smuckler, dean of international studies at Michigan State and a member of the consortium's board, wrote to officials at Riyadh University, asking permission to visit. Smuckler, who is Jewish, did not get answers to his letters to the Saudis, and there was no response to his visa application through the Saudi Arabian embassy in Washington. At that point Michigan State withdrew from the Riyadh project...
Last week the consortium met in Chicago and voted unanimously to abandon the entire Riyadh project unless "an understanding can be reached" with the Saudis, preventing any ethnic, religious, racial or sex discrimination. Says David Johnson, dean of international studies at Wisconsin: "We are not really dependent on an infusion of Arabian funds. Even if we were, this organization is not going to prostitute itself for oil money...
Hard Time. Elevated to Exxon's presidency in 1972, Garvin worked closely with Jamieson, who entrusted him with the negotiations for Saudi Arabia's still-pending takeover of Aramco, the four-company consortium of which Exxon is a major partner. As chairman, Garvin will have a hard time matching 1974's huge profits gains...