Word: exxon
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...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...
Bucked up by the fourfold increase in oil prices since the 1973 embargo, Exxon's total revenues rose by 61% last year to $45.8 billion, pushing the company for the first time ahead of General Motors, to top place on the FORTUNE 500 list in terms of sales. After-tax earnings also increased by 29% to $3.1 billion-the largest net profit ever reported by any industrial company. But Exxon's net in the first quarter of 1975 slipped 11% below the same period a year earlier, when oil prices were still rising; some Wall Street analysts expect...
With profits under pressure throughout the industry, Exxon will be expected to help argue the oil companies' case that the Federal Trade Commission's campaign to break up the major companies Imperils the stepped-up investment in new sources of energy that the Administration wants to encourage...