Word: pasts
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Dates: during 1970-1979
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When the oil ministers of the world's least beloved cartel jet into Caracas next week for their final sock-it-to-'em meeting of the decade, there will be some important and worrisome differences from past gatherings. OPEC will be fixing prices against a backdrop of almost unprecedented global upset brought on in large part by its own actions. More than that, in its headlong rush for profits, the 13-nation cartel has been rapidly losing even the appearance of self-control over pricing and production...
...fund may soon be swollen like a Christmas stocking with more cash. In the past 22 months, Paul Bloom, 40, the DOE's special counsel, has brought 150 enforcement actions totaling $7.2 billion in claims against 35 large oil companies for violating the complex, controversial federal price regulations. So far the DOE has won consent decree settlements amounting to $660 million from Kerr-McGee, Cities Service, Phillips, Gulf, Mobil and other companies. They agreed to settle by posting lower future price increases than the maximum allowed under Government regulations. Getty also chose this method for the remaining $50 million...
...Office of Special Counsel for Compliance, which has more than 400 auditors and 200 lawyers, was set up nearly two years ago to uncover profiteering. Because past efforts nailed few alleged offenders, the DOE turned for advice to a sister agency, the Securities and Exchange Commission. Bloom had the power to negotiate settlements, and he modeled them after the SEC's consent decrees. Companies that sign them with the DOE neither admit nor deny wrongdoing, but agree to stop what they have been doing and make a financial settlement...
Gyllenhammar marvels that almost 11 million Americans have found jobs in the past three expansive years, but he worries that large legions are easily laid off when business turns down. It would be wiser, he argues, for companies not to 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...
...school board's financing. The mayor, concerned about the city's own credit rating, stalled and appointed a task force of bankers and lawyers to study the matter. Curious about the unexpected pinch, the Securities and Exchange Commission quietly began an inquiry into possible investor fraud in past sales of school notes...