Word: opic
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Dates: during 1970-1979
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...foreign policy. In Chile, most of the U.S. corporations-except ITT-have followed that standard, even at a loss. Ford, for instance, simply pulled out of Chile, wrote off a $16 million loss and settled for a $900,000 payment from the federally financed Overseas Private Investment Corp. (OPIC), which insures multinational corporations against expropriation. ITT now stands to lose whatever compensation Allende had promised to pay; and unless the company can disprove the mounting evidence that its loss resulted from its attempt to interfere in Chilean politics, it may also lose its $92.5 million claim with the OPIC...
...when ITT's desire to interfere in Chilean politics was revealed last spring by Columnist Jack Anderson. In fact, because of its clumsy attempts, ITT may now lose some or all of the compensation it would otherwise be entitled to from the federally financed Overseas Private Investment Corporation (OPIC). Reason: if there is evidence that ITT lost its property as a result of meddling in internal Chilean politics, OPIC may reject its claim...
Having reduced Thurber to a my opic misanthrope and the plot to a sentimental muddle, Director Shavelson gets better acting than he deserves. The cast makes a brave fight of it, and there is an especially fine and funny cameo by Herb Edelman, who plays Wilson's agent. While Wilson and wife war with each other over the impending operation, the agent sits with them at a restaurant table, blubbering and sobbing "the courage, the devotion," oblivious to the fact that the marriage is crumbling around...
...write-offs on the losses, but they may be able to collect on as much as half their losses from the Overseas Private Investment Corp., a Government agency that insures investments abroad. If President Allende continues to pursue his intention of turning Chile's resources over to Chilenos, OPIC may have to ask Congress for more money...
...Last week, too, Allende announced that the Chile Telephone Co., a subsidiary of ITT, would be run by a government intervener. The move is seen by some ITT officers as the first step to expropriation. ITT's stake in Chile Telephone is covered by about $100 million in OPIC insurance. Together with the copper companies' coverage, that amounts to more than $400 million in claims. In the 20 years of its existence, the insurance corporation has paid out a total of less than $4 million...