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...Free. Corporations are also trying to evade the restrictions on currency exports. Larger and more complex transactions by companies involve paying excessive prices for imported goods, then having the surplus payment deposited in a Swiss bank, tax free. Inversely, companies may sell exports for less than their value. The foreign buyers deposit the difference to the credit of the exporters. Another variation is selling commodities abroad and getting paid through hard-to-trace foreign subsidiaries. The profits thus squirreled away may be reinvested to earn interest while avoiding French taxes...

Author: /time Magazine | Title: FRANCE: Fugitive Francs | 2/19/1973 | See Source »

...Washington, D.C., man takes the prize for elegant-and successful -simplicity; he pocketed all the deposit slips at the writing desks of the Riggs National Bank and replaced them with his own electronically coded forms. For three days, every customer who came in without a personal slip and used one of the "blank" forms was actually depositing money into the culprit's account. The thief reappeared, withdrew $100,000 and walked away; he has not yet been found...

Author: /time Magazine | Title: COMPUTERS: Key-Punch Crooks | 12/25/1972 | See Source »

...Wills spends a long chapter unwinding its ponderous coils of theological reasoning and concludes that the whole elaborate structure rests on an empty shell. The subject of contraception is, by the Pope's own account, a matter of "natural law"--not a revealed mystery, not part of a special deposit of truths entrusted to the church; but a teaching "in accord with all men's natural reason." Accordingly, the Pope appointed a special commission which brought together reputable Catholics in the fields of science, gynecology, philosophy, as well as bishops and theologians to help decide the church's position...

Author: By Sim Johnston, | Title: Crucifixion of American Catholicism | 12/18/1972 | See Source »

Still, the character of a work alters through time; it appears in successive eras as a new text, to be read and validated. Our object is to pore over this literature and revive in in our time, to deposit our sensations, which are themselves imbued with a specific social resonance, in the work. In this manner, a novel survives through time, and achieves a distinctive life in each epoch. So, if La Recherche du Temps Perdu stands neglected on the shelves, it still possesses an immense value, emblem of an irretrievable moment when such novels could be read...

Author: By James R. Atlas, | Title: On Reading | 12/13/1972 | See Source »

...Bank and Pittsburgh's Mellon National Bank & Trust lowered their prime rates from 5? to 5¾. In addition, New York's Bankers Trust gave up the practice of automatically keeping its prime loan rate slightly above such key money market rates as those for commercial paper and certificates of deposit; other banks may well follow its lead. This will remove some immediate upward pressure on the prime rate, but a greater problem lies ahead. To finance the nation's huge budget deficit, the Treasury will borrow about $9 billion in the next two or three months. Burns has made clear...

Author: /time Magazine | Title: The Economy: Pressing Down the Prime | 11/20/1972 | See Source »

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