Word: one
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Dates: during 1970-1979
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West German bankers have been particularly angry. Morgan Guaranty, one of Chase's U.S. partners in the defaulted $500 million loan, went into a German court and attached Iran's 25% investment in two big German companies, Friedrich Krupp and Deutsche Babcock. Last Tuesday, a day after a terrorist bomb exploded outside the bank's Frankfurt office, Morgan obtained a second court lien on the same assets to cover yet a further Iranian debt. The German bankers had thought they would have first call on these assets if Iran failed to pay some of its German loans...
...into social welfare programs. When Getty Oil last week signed a consent decree with the Department of Energy, which had accused the company of violating federal price regulations on crude oil, natural gas liquids and refined products, the $75 million settlement included a novel provision. Getty agreed to pay one third, or $25 million, into an escrow account to be administered by the DOE to "provide relief to economically disadvantaged people in meeting their energy expenses for this winter." These funds will supplement the $1.35 billion in Government grants that Congress has appropriated to help the poor pay their heating...
...agreed to speed up delivery schedules; gave generous financial terms and new guarantees on fuel economy, performance and maintenance requirements. Says a senior TWA executive: "This was hardball playing all the way, and Boeing's offer simply got better and better. They were determined not to let this one get away...
...One group trying to figure out remedies is the Public Agenda Foundation, started a few years ago by Cyrus Vance and Opinion Analyst Daniel Yankelovich. It is a business-academic think tank that uses Yankelovich's survey methods in six countries, and Gyllenhammar is its European chief. The early studies lead him to suspect that one American in four is distressed about his or her lack of a job or conditions of work. The young among them are increasingly disruptive; the older ones feel discarded, particularly if they have been laid off with some frequency...
...hire so many people in good times and not to fire so many in bad times. Instead of dismissing them, perhaps the company could train them for other jobs, which they would get when business turned up again. Says he: "People take the punishment for your lack of planning. One wonders how these people react when they are hired and laid off so often. What do they tell their children? To whom are they loyal? Certainly not to the company...