Word: offsets
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Northrop admits paying $6.25 million to Park, who was known as "Pistol" Park because of his fondness for handguns. But the company contends the payment was a legal part of a so-called offset program, which many U.S. firms use to invest in countries that buy their goods. Northrop, claiming it was defrauded, is suing a group of Koreans allegedly involved with Park in the scandal. "We made the investment in good faith," a spokesman says...
Investigators for the House Energy and Commerce Committee are not so sure. In most offset programs, the company making the investment does so in installments, as funds are needed, rather than in the kind of lump sum that Northrop sent. In addition, the committee wonders why Northrop sent the money to a Hong Kong account instead of directly to Seoul...
...appeal of earmarking has attracted interest even from private developers. In Los Angeles the Occidental Petroleum Corp. has sponsored a ballot initiative to allow it to drill for oil near fashionable Pacific Palisades. The proposal upsets local homeowners, but Occidental has plans to offset their votes: the oil company pledges to pay taxes estimated to exceed $60 million a year for the police, $40 million for city hall and $25 million for the schools. All earmarked, of course...
Warren's fundamental argument, or rather, assumption, is that because contributions to the Senior Gift do not directly offset the use of University endowment interest, even those who disagree with University endowment policy can in good conscience support the Senior Gift. This almost sounds reasonable, until you hold it up next to the following parallel argument: the South African government determines what part of its annual budget will be spent buying police weapons, housing political prisoners, and doing other unsavory deeds, without reference to those tax dollars collected specifically from American companies doing business in South Africa. Therefore, American companies...
...offset the problem of tuition, Linkous has worked during the summer at her father's photography store in Fairbanks. For his part, Merriner has fished for salmon on the state's southwestern coast and for crabs in the Bering Sea. Pananen plans to fight fires for the state government this summer--a job, he says, that pays well and is hard...