Word: moneyed
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Dates: during 1970-1979
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...left no doubt that they too would cooperate with the U.S. freeze. While stressing that all banks in Switzerland are subject to Swiss law, Swiss National Bank President Fritz Leutwiler declared that Switzerland would not tell its local U.S. banks what to do, implying that if Iran wanted its money, its lawyers could take the matter to court. Said he with a wink: "If American banks in Switzerland holding Iranian dollar accounts follow instructions from headquarters and apply the freeze, there is just nothing...
While governments closed ranks behind the U.S. initiative, some private bankers were troubled that banking itself had become more deeply enmeshed in petropolitics. Remarked a top international financial adviser in London: "We have an awful lot of people worrying that if the Americans can do this today to Iranian money, what is to stop them from doing it with my money tomorrow...
...more realistic worry is that conservative oil producers will see the seizure of Iran's funds as proof of the riskiness of putting assets in any money, in any bank. That would add yet more weight to the growing OPEC feeling that it is smarter to cut production and leave the oil in the ground where it is safe than to turn it into dollars or other paper assets that can be seized. Confidence in the international monetary system was shaky enough before last week's action. Since 1973, the nearly tenfold increase in oil prices has sent...
...cannot borrow, poor countries will have trouble importing more oil. Without energy, their economies will slump, exports will shrivel, and they may default on existing loans. At the extreme, that would threaten some of the lending banks with failure, and the U.S. Federal Reserve would have to push the money printing presses into overdrive to bail them out by advancing huge loans to the banks. Such a step would amount to the U.S. undertaking to make good for the oil-inflated debts of the world...
Scotto admitted receiving a total of $75,000 from Montella and O'Hearn but insisted that the money was intended for political contributions. The union leader said that he in turn donated $25,000 in cash to New York Governor Carey's re-election campaign in 1978 and $50,000 in cash through an associate to Lieutenant Governor Mario Cuomo's unsuccessful campaign for mayor of New York City in 1977. Making political donations of more than $100 in cash is illegal, but Scotto claimed ignorance of the law. Both Carey and Cuomo denied any knowledge...