Word: profiteered
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Dates: during 1970-1979
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...Investigations. From the moment Chair man Henry M. Jackson called the meeting to order, it was obvious that the oilmen were in for a rough time. They found themselves under fire for accomplishing what has long been considered the goal of the U.S. economic system: making a high profit...
Punitive Tax. A bigger worry for oilmen is that Congress will hastily enact a punitive excess-profits tax without having any idea of what an excess profit is-or where the companies' great earnings came from. They did not come from price gouging in the U.S. but largely from big sales overseas, where demand is even higher than in America. Exxon, for example, reported an 83% increase in profits from oil that it bought, refined and sold in Europe and elsewhere in the Eastern Hemisphere v. only a 16% increase from its business in the U.S. Domestic operations have...
Investors are wary of sinking money into an industry whose most visible asset-access to foreign crude oil-is threatened with nationalization. They are reluctant to risk their savings in an industry that attracts heated criticism -and invites price rollbacks-when it rolls up an unusual profit. Moreover, the oil companies are falling deeper into debt. A top Manhattan banker reports that 37 of the largest U.S.-owned oil companies have been forced to finance an increasing portion of their capital expansions by going into long-term debt because of difficulty in raising funds through the preferred method of selling...
...very nature, an excess-profits tax is highly complicated. Many economists contend that there is no such thing as "excess" profit because in a free economy a corporation is supposed to earn the highest profit it can. Alan Greenspan, a member of TIME'S Board of Economists and adviser to the Nixon Administration, contends that people who favor the tax are unconsciously adopting a Marxist view that profit is basically exploitation...
Since July Walston has lost at least $10.4 million from operations. According to associates, Perot has said that if that firm did not turn a profit in 1973, he would put it through a major reorganization. Two weeks ago, Walston's executive committee met to consider several options. Among them: a merger, a new infusion of capital, reduction of the sales operation or a stepped-up promotion and marketing campaign...