Word: hammered
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Dates: during 1980-1989
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Prospects for the agreement first glimmered at a Houston barbecue four years ago. Deng Xiaoping, Communist Party Vice Chairman of the People's Republic of China, who was making a brief U.S. tour, was introduced to Armand Hammer, 85, chairman of Occidental Petroleum. Brushing aside the interpreter, Deng said, "No introduction is necessary. We know Dr. Hammer as the American who helped Lenin. Why don't you come .to China and help us as well?" Hammer, whose close trade ties with the Soviet Union stretch back for more than half a century, said that he would be happy...
...Hammer's China deal...
...months later, Hammer made his first trip. After several subsequent visits, his travels paid off. Occidental (1982 sales: $18.2 billion) has become the first U.S. company to win oil rights from the Chinese in a round of competitive bidding. By early next year, the Los Angeles-based company and a consortium of minority foreign partners expect to begin drilling on two 415-sq.-mi. tracts in the South China Sea. Said Hammer, who celebrated his success in the banquet hall of the Peking Hotel while a Chinese orchestra played Turkey in the Straw: "This is one of the largest unexplored...
...winning the contracts for Occidental, Hammer has succeeded in becoming accepted by Premier Zhao Ziyang as "China's old friend." Last year Hammer completed 2½ years of negotiations for a study that may lead to joint development of the world's largest open-pit coal mine in Shanxi province, west of Peking...
...denominated bonds issued by the imperial Russian government. The bonds, held by U.S. investors, were repudiated by Moscow after the 1917 revolution. Daniel Collier, a Marks vice president, is not holding his breath. In his firm's offices, one of the Russian bonds is mounted, with a small hammer beside it, along with the words: IN CASE OF SETTLEMENT, BREAK GLASS...