Word: provisos
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Dates: during 1960-1969
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Because hapless Truman Newberry spent the then shocking sum of $195,000 to win a U.S. Senate seat from Michigan in 1918, Congress-six years later -passed the Corrupt Practices Act. The law's principal proviso is that no single donor may give more than $5,000 to any one national campaign organization. As a result, candidates who are seriously interested in winning commonly set up dozens of such organizations; thus a big contributor can simply spread his largesse around in $5,000 wads...
Also out of Bretton Woods came the Washington-based International Monetary Fund, the arbiter of exchange rates. Written into the IMF articles of agreement, and binding upon its 111 member nations, is a proviso that no country may devalue its currency without IMF permission. In practice, the IMF allows devaluation only when economic misfortune (almost always inflation) strips a currency of its hitherto established value. Barring devaluation, every IMF nation must buy, sell or borrow foreign currencies-in practical terms, dollars-in sufficient quantity to keep its own money within 1% of its declared worth...
...Citrëen is already carrying debts of more than $100 million (including some $56 million to the De Gaulle government), and needs more capital to develop new models, there is virtually no chance that the French company will ever be able to take advantage of the option. The proviso is, therefore, little more than a face-saving device for De Gaulle...
Wilson noted that his committee had been given carte blanche by President Pusey and that his group had in fact taken advantage of this proviso to probe areas of the University that are generally closed to Faculty members, such as Harvard's hiring, admissions, and real estate policies. He plans to complete the report very soon...
...seek a "hardship increase" under rent control if his income fails to amount to a 6% return on his invest ment, plus 2% for depreciation. Having agreed to pay $90 million for the property, Helmsley will be in a position to make use of the hardship proviso. "Then," he adds, "we're going to put in new wiring, which brings another increase...