Word: corp
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Dates: during 1970-1979
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True, there are times when having an agent can be a liability, as Grumman Corp. is now learning. The U.S. Navy helped to set up a deal under which Grumman will sell 80 F-14 Tomcat fighters to Iran. But Grumman officials were still worried about competition from McDonnell Douglas, so they bought a little extra insurance: they hired U.S.-based agents for $28 million to make sure that the deal went through. What Grumman did not know was that the agents it chose were in bad odor in Iran. When the Shah learned of the arrangement, he concluded that...
...total of 17 companies confessed to making corporate contributions to help re-elect President Nixon. Why would they knowingly break the law? Some had much to gain or lose from federal action regardless of who won the election; many made corporate donations to the Democrats as well. Northrop Corp., which admitted a $150,000 donation to the Nixon campaign, is a major defense contractor. Three oil companies-Gulf, Phillips and Ashland-gave $100,000 each to Nixon; their industry is under political attack. American Airlines ($55,000) and Braniff Airways ($40,000) are dependent on federal regulators. But there were...
Gulf Oil, for example, used a Bahamas subsidiary to "launder" $12.3 million used for political purposes. The 3M Co. set up a Swiss bank account for the same purpose. Nor were the big multinationals the only influence seekers. Sanitas Service Corp., a Connecticut-based firm with 1975 sales of $83 million, passed $1.2 million to local politicians through a dummy concern founded by a former officer...
Other methods of concealing payoffs can go undetected for a long time. A foreign subsidiary of Burroughs Corp., the Detroit-based computer company, tacked payoffs onto sales prices and distributed some $2 million through the use of fictitious invoices. Burroughs headquarters found out about the payoffs after a Price Waterhouse audit that company chiefs ordered last year. The company will not say what officials or countries were involved. In their annual report, Burroughs officials allude to the payoffs and say that the company is taking "vigorous steps to reinforce its longstanding policy against such actions...
...dwelling is still determined by land costs and zoning regulations. Pittsburgh's Ryan Homes Inc. sells its two-bedroom Dundee model for $24,500 in Columbus, Ohio; the same house costs $40,000 in suburban Washington, D.C. In Florida, where suburban real estate is still relatively low, Deltona Corp. is building compacts (654 sq. ft. to 1,300 sq. ft.) ranging from $18,000 to $32,000 in eight different developments. Its smallest model, a one-bedroom, one-bath, air-conditioned house, sells...