Word: ebasco
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President Carlos Ibañez went out to battle last week with the multilateral Electric Bond and Share Company (Ebasco) of New York. He did not win, but he made an effective gesture...
...omnipotent Ebasco bought concessions from London's Whitehall Investment Co. to operate tramways and provide light and power for the Santiago-Valparaiso territory. Contract and concessions disappeared into a twilight world of lawyers, politicians and congressional committees. Last week, curiously emended, they reappeared on the desk of President Ibañez. Instead of being limited to city lights and trolleys, the contract is now designed to embrace practically all the light and power in the Republic of Chile...
Most important, the contract was extended for 99 years, during which time the Government would have no power of recapture over Ebasco. President Ibañez swore that he would chop off his own right hand rather than sign the contract as it appeared...