Word: panning
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Dates: during 1970-1979
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Laws, however, can be broken?as the law against political contributions in the U.S. has been. So in the end, the responsibility for stopping bribery rests with the chief executives of companies that do business abroad. Says Najeeb E. Halaby, who as head until 1972 of Pan American World Airways resisted both bagmen for Richard Nixon and bribetakers overseas: "The top guy has to set the ethical standards." He is right. Companies may draft codes of ethical behavior forbidding bribery, as many are doing now, but those codes are unlikely to be observed unless the chief lets it be known...
...Honduras to reduce an export tax on bananas. The bribe was uncovered by an SEC investigation into the suicide of United Chairman Eli Black, who swung his briefcase to smash a hole in a window of his office on the 44th floor of New York City's Pan Am Building and then jumped to his death. The disclosure helped bring on a Honduran coup that overthrew the government of President Oswaldo López Arellano...
...passengers saved money by staying home. Air travel in the U.S. had increased by 14% a year through the late '60s, then flattened out, but jumped 12% in 1972. It rose 6% in 1973, a mere 1% in 1974, and last year showed almost no growth at all. Pan Am, Eastern, American and Trans World Airlines plunged deep into the red. Not surprisingly, airlines ordered few new jets. Even United, the biggest U.S. airline and one that is still flying at a profit, could not justify more planes. Last fall it dropped plans to buy a fleet...
...manufacturers are also trying to adapt existing jetliners to new uses. Boeing has already developed a smaller version of its original jumbo jet called the 7475P. It will carry 100 fewer passengers (capacity: 280 seats), burn 10% less fuel and fly much faster than its parent. These advantages persuaded Pan Am officials to stretch the airline's thin financial resources to lease five of the planes for the New York-to-Tokyo run. Boeing also plans a brand new 180-to 200-seat medium-range 7X7, which should roll off the production lines in the early 1980s-just...
...direct flights overseas. A scheduled flight from Omaha to Trinidad, for example, can take 16 hours, with stopovers in Chicago, Miami, San Juan, Kingston and often Barbados. An O.T.C. trip cuts it to four hours-in addition to the savings in cash. Milwaukee's Odyssey Travel is chartering Pan Am flights nonstop to the Caribbean from Des Moines, Indianapolis, St. Louis and other Midwestern cities. Marvin Smith, vice president of Boston's American International Travel Service Inc., estimates that more than 30% of O.T.C. tourists have rarely strayed more than 500 miles from home and have never taken...