Word: libya
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...million ship built for Roman Polanski's Pirates stood gallantly in the Cannes harbor, a toy boat of CinemaScope dimensions. On the day after the festival ended, it was joined by a bigger ship: the aircraft carrier U.S.S. America from the Sixth Fleet, fresh from its raid on Libya. The circus has left town, and real- life Rambos have arrived...
...from a string of losses in the late 1970s and early 1980s. Fiat's profits increased 113% last year, to a record $884 million on sales of $18 billion. But the company has been unable to escape an increasingly embarrassing problem: about 15% of its stock is owned by Libya, and two representatives from the land of Muammar Gaddafi sit on Fiat's 25-member board...
Because of Libya's investment in Fiat, the Pentagon has decided not to award a proposed $7.9 million contract to the company under which it would have built 178 earthmovers for the U.S. Marine Corps. Reason: the Reagan Administration does not want any American money to flow--even indirectly--into the coffers of a government that sponsors international terrorism...
Fiat became entangled with Libya in 1976. The company was short of cash, and Gaddafi, who was piling up petrodollars, was not then generally viewed as a bankroller of terrorists. Fiat welcomed Libya's investment of some $400 million. Recalls Agnelli: "We liked petrodollars. Everybody needed petrodollars...
...that destroyed the German-Arab Friendship Society, and possibly to a subsequent blast at La Belle discotheque in the same city. The nightclub bombing, which killed a U.S. soldier and a Turkish woman and wounded another 230 people, was one of the terrorist outrages that Ronald Reagan blamed on Libya and cited as justification for the April 15 U.S. raids on Libyan targets. It is conceivable that both Syria and Libya were involved in the discotheque bombing, since some Arab terrorist organizations have links with both countries...