Word: payments
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Dates: during 1960-1969
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...Brazil's inflation-ridden economy, getting a new car financed usually means making a 50% down payment and pay ing a whopping 3½% monthly interest on the balance over the next 18 months. Nonetheless, Brazil makes a substantial number of its own vehicles, and sells its tax-heavy trucks and cars (price of a new Volkswagen: $2,693) at a rate of 18,000 a month. Part of the explanation is an ingenious lottery called the consorcio, which gives Brazilians a gambler's chance to acquire a new car far sooner than they otherwise could-unless...
Similarly, Rich's seldom duns its 450,000 charge customers for payment. "Our theory," explains Rich, "is that 95% of the people are honest, and we're not going to discommode 95 people to root out the other five." Established in the days when Southerners paid their bills once a year when the cotton "came in," Rich's credit department patiently lets people pay when they can, never tacks on service charges. In 1951, when Georgia's peach crop was ruined by cold weather, the store ran a full-page ad in the Atlanta Constitution...
...made the junior Senator a millionaire. "I have been scrupulous to see that no conflicts of interest arise," he told the Senate. Long claimed that the Internal Revenue Service, a primary target of his probe, was out to "get me" and had leaked the information about the $48,000 payment from Shenker. IRS Commissioner Sheldon Cohen denied the charge, declaring that LIFE had dug up the facts on its own and had come to his agency for confirmation of the payments...
...Scholarships should be taken into account when computing the income of a Teaching Fellow junior grade. These scholarships in fact raise the total income of a Teaching Fellow junior grade above that of a Teaching Fellow senior grade. This is the time to point out that various forms of payment to Teaching Fellows cannot be separated for purposes of argument. They come from the same source, and go to the same people...
...lucid opinions based on rock-hard facts. Thus, in 1963, Johnson broadened the Supreme Court's famous Gideon right-to-counsel decision (1961) by ruling that court-appointed lawyers must be paid for their services because the Constitution requires "effective" counsel. Congress soon followed with a law requiring payment in federal courts everywhere in the U.S. Conversely, last year Johnson condemned another kind of legal pay: the fees for convictions that Alabama justices of the peace had long pocketed as their only income. That ruling, faithful to a widely ignored 1927 decision of the Supreme Court, may kill...