Word: consortium
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Dates: during 1970-1979
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Great Search. For six years, a consortium of 33 companies-headed by Humble Oil, a Jersey Standard affiliate, and including such giants as Atlantic Richfield, Getty, Mobil and Texaco -have poked and probed the continental shelf in hopes of a big discovery. Recently oil and gas were discovered off Sable Island, Nova Scotia, and hopes soared. Geologists concluded that the find was probably part of a pool extending southward to North Carolina, and oilmen accelerated the Atlantic search. Most promising sites so far: Georges Bank Trough off Massachusetts, Baltimore Canyon Trough off the Middle Atlantic states and Blake Plateau...
Such efforts should pay off, but it may be years before the company climbs out of the red. That schedule may worry the consortium of 38 banks that has extended Pan Am $300 million in a revolving credit arrangement. More crucial for Halaby's career, it may not satisfy the company's board of directors, many of whom remember the high-flying days of the 1960s. "I know there's time enough for Pan Am," says Halaby. "I hope there is enough...
There is no regularly constituted international agency that could channel general support to Vietnam. The most suitable multinational arrangement would be a consortium of the types that have consolidated aid to India and stabilization aid to Laos. The members should include the U.S., Japan, Australia, Thailand, New Zealand, Korea and the Phillippines. But the club should not be exclusive. Canada, for instance, should be eligible for membership. The U.S. has been included in the list for realistic reasons. If the consortium would operate on an adequate scale without the U.S. so much the better...
Both men would like to see multilateral agencies lift some of the financial burden from the sweating shoulders of the American colossus. However, the distasteful political system they posit will repel most nations. Smithies' plan takes that into account. "The most suitable multinational arrangement would be a consortium (including) the U.S., Japan, Australia, Thailand, New Zealand, Korea and the Philippines," he writes. "But the club should not be exclusive. Canada, for instance, should be included...
...already lost some. After touring East Pakistan last month, a special World Bank mission recommended to its eleven-nation consortium that further aid be withheld pending a "political accommodation." World Bank President Robert McNamara classified the report on the grounds that it might worsen an already difficult diplomatic situation. The report spoke bluntly of widespread fear of the Pakistani army and devastation on a scale reminiscent of World War II. It described Kushtia, which was 90% destroyed, as "the My Lai of the West Pakistani army." A middle-level World Bank official leaked the study, and last week McNamara sent...