Word: fiat
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Three years ago, Libya's ascetic, rabidly anti-Western President Muammar Gaddafi flew into a rage about a mild satire of himself printed by the Turin daily La Stampa. He threatened to have Fiat, the Italian megacompany that owns La Stampa, put on the Arab boycott list unless it fired the paper's Jewish editor, Arrigo Levi. Fiat Chairman Giovanni Agnelli stood by Levi, and the matter was forgotten. Time and oil money, however, can change the political-economic balance of power, and last week Levi had a new story to print. Agnelli announced that he is taking...
...devastatingly ironic example of petropower. The Libyan Arab Foreign Bank will lend Fiat $104 million and spend an additional $311 million to buy newly issued Fiat stock and bonds. That will give the government of Libya-which was an Italian colony until the end of World War II-an immediate 10% ownership of Fiat, the world's fifth biggest automaker, and eventually perhaps 13%; the Agnelli family's controlling interest will shrink from 35% to 30%. Libyans will take two seats on Fiat's 15-man board of directors and one place on the five-man executive...
What made Fiat do it? Although it has published no 1976 figures, the company seems to be rebounding well from two barely break-even years (1975 profits: $164,000 on sales of $4.9 billion). Still, says Agnelli, Fiat could use some more money, and Libya offered cash on attractive terms. In short, Agnelli, who insists that he has never met Gaddafi, presented the transaction as a straight business deal...
...Fiat took the lead from Harvard with just 1:20 left in the half on a 15-footer by John Dabrowski. The Crimson never really got the lead back after that. Fiat center Neville Hopkins put in a hook shot at the buzzer to give England a 42-37 half-time bulge...
Harrell, who played college basketball in Missouri, led all scorers with 36 points, controlled the second half and kept Fiat on top by a small lead. A Harvard rally late in the game fell short at the buzzer when David Rogers was fouled while shooting, but missed his shot. With no time left on the clock, Rogers also missed both free throws. The three-point play could have tied the contest...