Word: libyans
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...Libyan caper has left the White House reeling...
Driven by the pressures of election-year politics, the case of Billy Carter's Libyan connections ballooned rapidly last week into a full-fledged Senate inquiry and a political cause célèbre. Operating under the most intense scrutiny by press and public since Watergate days, the Senators will try to find out why Carter accepted $220,000 from the Libyan government; what, if anything, he did in return for the money; and how he arranged a deal with an American oil company that could have -and still may-net him millions in broker's fees...
Billy argues that he needed the Libyan money because he could not obtain loans elsewhere and was running short of funds. "I've spent all my time the past year in the drunk tank or the grand jury," he said, referring to an earlier, seven-month investigation into the tangled finances of the family peanut warehousing business that found no evidence of criminal wrongdoing...
Billy continued to insist that the Libyan money was a loan, although there are no papers. If it was a loan, the money would not be liable to U.S. income' taxes. But the Justice Department insists that the sum is "compensation" and has handed over files from its investigation to the Internal Revenue Service, which could create new problems for Billy...
...problems for Brother Jimmy growing out of Billy's Libyan connection, meanwhile, continue to be embarrassing. Emerging from his Sapelo Island vacation hideaway last week, President Carter was repeatedly questioned by reporters. "I think it was a regrettable thing that happened," the President said. "I just hope he doesn't get hurt too badly...