Word: preventing
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Dates: during 1970-1979
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These dire events became more and more likely when President Ford vowed emphatically last week "to veto any bill that has as its purpose a federal bailout of New York City to prevent a default." That left city officials with virtually no hope of gaining a federal guarantee of securities that would enable New York to raise some $4 billion by June 30, the end of the fiscal year. Default is almost assured, either in mid-November if the city cannot raise $150 million to help meet payrolls and payoffs of securities due then, or during the week...
...painful limits of power have never been felt more keenly by Vice President Nelson Rockefeller and his youngest brother David, chairman of New York's Chase Manhattan Bank. For weeks they had been pleading for federal help to prevent a default by New York City. The personable, thoughtful banker had often traveled to Washington to meet with Ford and to testify before the Senate Banking Committee. His message: the reverberations of default could badly damage the U.S. and world economies. It was David Rockefeller, in fact, who persuaded Brother Nelson to change his mind on aid to New York...
...Moslem and the legislative assembly always in a 6-5 balance favoring Christians. This slight but significant power edge reflected not only the population figures but also the fact that Christians controlled the professions and business. Despite simmering eruptions, notably in 1958 when the U.S. sent in troops to prevent a leftist take over, Lebanon thrived for decades as a result of its compromise-and of a Swiss-style neutrality that helped to make it the trading, banking and communications hub of the Arab world...
...also had his comeuppance, His company's role in alleged fiscal improprieties is under investigation in Hong Kong and Singapore; he has resigned as chairman of Slater, Walker and gone into seclusion. Last week the Bank of England and several powerful merchant banks moved in to prevent collapse of Slater, Walker and the further weakening of an already shaky British financial establishment...
...prevent fraud, the Office of Fiscal Services proposed equipment that can detect an annual validation code on the stripe. The machines could go in libraries, dining halls and health services, and cards would be validated after being checked against an updated name and address file...