Word: exxon
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Dates: during 1970-1979
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...organizations in the movement "have sought to increase their income by investing in the very companies that they criticize most." The stock portfolios of the Sierra Club and the Sierra Club Foundation have included securities of such frequent targets as General Motors, U.S. Steel, Tenneco, Weyerhaeuser Co. (timber) and Exxon. The Environmental Defense Fund also holds Exxon, even though the fund fought a court battle against the Alaska pipeline, in which Exxon owns a 25% interest...
...Exxon Corp. last year passed General Motors to become the nation's largest corporation in terms of sales. Now, so far as the public record shows, it also leads in making secret payments to foreign officials. Last week Exxon executives conceded to the Senate Subcommittee on Multinational Corporations that between 1963 and 1971, an Italian affiliate had spent from $46 million to $49 million to gain such political favors as favorable treatment of refinery licenses, levies on gasoline and heating oil, and other tax legislation. That sum far exceeds the political payments revealed by other U.S. corporations such...
...Exxon Controller Archie L. Monroe told the Senators that during the eight-year period, his company approved contributions totaling $27 million by Esso Italiana, mainly to Italian political parties. Monroe said that Exxon called a halt to the payments in 1971 when it discovered that the subsidiary's president, Vincenzo Cazzaniga, since dismissed, had spent an additional $19 million that had not been authorized. Included was a voucher for $86,000 supposedly paid to the Italian Communist Party, which made sweeping gains in regional elections last month partly by boasting that its hands were "clean" of foreign oil money...
Italian Custom. According to a 1972 audit by Exxon, a number of bookkeeping stratagems were used to hide the payments. One was to fill out vouchers for goods that were never received. Monroe said Exxon executives were persuaded to keep the payments secret by Cazzaniga, who reported that that was the custom in Italy. Pointing out that camouflaging the payments also enabled the company to deduct them from its Italian income taxes, Subcommittee Chairman Frank Church of Idaho charged that Exxon was practicing "a fraud on the Italian government." Moreover, subcommittee experts reckon that the favorable legislation resulting from...
...Exxon also disclosed that its Canadian subsidiary, Imperial Oil Ltd., paid $1.2 million to Canadian political parties over the past five years. Monroe stressed that payments in both countries were perfectly legal, but labeled the Italian payments "a mistake." In response, Church quoted from the auditors' report, which concluded that "the principal factor" in the irregularities "was that higher levels of management . . . condoned falsification of records." That, Church remarked, "says it all." Though bribing foreign officials or making donations to foreign parties do not now violate American law, concealing payments on corporate books could easily breach Internal Revenue Service...