Word: leon
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...holding down interest rates to soften the bite of higher taxes. But the first barrage of phone calls to Congress was highly negative, and there is something in the plan to offend almost every interest employing a lobbyist with an in at a particular congressional committee. Budget Director Leon Panetta told the Washington Post that chances of congressional passage are only fifty-fifty. (See cover stories, beginning on page...
...reward executives who perform poorly. One prominent example is Advanced Micro Devices chairman Walter J. ("Jerry") Sanders. Although his firm's stock price has declined 35% over the past seven years, Sanders has pocketed some $29 million in option profits during the same period. United States Surgical Corp. chairman Leon Hirsch has been awarded 2.8 million shares (current market value: $186 million) since 1991, even though his company's stock has underperformed the Standard & Poor's 500 index by 3 percentage points. The award is an extreme example of so-called mega-options, grants consisting of at least...
BALANCE Budget Director Leon Panetta once said he would shoot for a ratio of $2 in spending cuts to every $1 in tax increases. Clinton's lieutenants have been unable to find that much spending to cut, though, and are now striving just for "balance." Moreover, they may be able to get a 1-to-1 ratio only by playing semantic games: labeling as "spending cuts" what are really tax increases on heavily subsidized Social Security recipients, people who take home-mortgage deductions on their income taxes and others. Social Security taxes, for example, are counted against spending on pensions...
CONTRIBUTORS: Kurt Andersen, Bonnie Angelo, Laurence I. Barrett, Jesse Birnbaum, Jay Cocks, Barbara Ehrenreich, John Elson, Otto Friedrich, Pico Iyer, Edward L. Jamieson (Consulting Editor), Leon Jaroff, Stefan Kanfer, Michael Kinsley, Charles Krauthammer, Dennis Overbye, Richard Schickel, R.Z. Sheppard, John Skow, Martha Smilgis, Richard Stengel, George M. Taber, Andrew Tobias...
...Unless a compromise is reached before March 22, $45 million in annual purchases will be terminated. Kantor's motivation was in part due to his frustration with what he describes as the E.C.'s refusal to show "a desire to conclude a balanced trade agreement." Unamused, E.C. Trade Commissioner Leon Brittan vowed that Europeans "would not accept this form of unilateral bullying," and he scheduled a meeting with Kantor this week -- just what the U.S. trade rep wanted...