Word: panamas
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What Liberia and Panama are to the oil tanker, Delaware is to the U.S. corporation: a friendly, light-taxing home port. Some 180,000 corporations are based there, at least on paper, including 45% of those listed on the New York Stock Exchange and 56% of the FORTUNE 500. So when Governor Michael Castle signed new antitakeover legislation last week, the impact reached far beyond Delaware's borders. Among its provisions, the law requires that takeover artists who buy between 15% and 85% of a Delaware-registered company wait three years before selling off assets or merging the target firm...
...vote against granting an additional $36 million in aid to the contras does not mean the immediate end for the rebels. But with military supplies dwindling fast, the contras cannot hold out much longer. Says General Fred Woerner, commander in chief of the U.S. Southern Command in Panama: "We're talking in terms of a few months...
...ritual was familiar, but the specifics were unprecedented. When U.S. Attorneys in Miami and Tampa announced two major criminal indictments last Friday, it was not just another drug bust. The accused was General Manuel Antonio Noriega, commander in chief of the Panama Defense Forces and de facto ruler of an important U.S. ally. He was charged with drug trafficking, laundering millions of dollars in illicit profits and providing safe haven for some of the world's most notorious narcotics barons...
...Noriega of conspiring to import and distribute more than 1 million lbs. of marijuana into the U.S. In Miami, U.S. Attorney Leon Kellner charged the general with accepting $4.6 million in payoffs for allowing Colombia's powerful drug cartel to ship more than 4,000 lbs. of cocaine through Panama to the U.S. Noriega also allegedly permitted the cartel to set up a cocaine-processing plant in Panama and to temporarily relocate its headquarters there after the murder of Colombia's Justice Minister in 1985. The general, Kellner charged, had "utilized his position to sell the country of Panama...
...Panama, far more than war-torn Nicaragua, is Central America's prize. The 51-mile-long canal, still under U.S. control, has major strategic value; Panama is also one of the U.S.'s prime listening posts in the region and home to the 10,000-man U.S. Southern Command. To some, the U.S.'s difficulties in Panama are reminiscent of Iran. Having struck another Faustian bargain with a ruthless and corrupt dictator, the U.S. again finds itself turning against a longtime client with no viable democratic replacement in the wings...