Word: rico
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...team returned from Puerto Rico last Saturday, but since then bad weather has allowed only one day of outdoor practice. The trackmen have had trouble adjusting to the New England weather after being in the Caribbean, and performances have been poor. Just how poor they will be today remains to be seen...
...Puerto Rico, say the experts, ranks third in the world after Britain and the U.S. in the way the national income is spread among all classes of people. This achievement owes much to Puerto Rico's celebrated Governor Muñoz Marin; it also owes much to a tough-minded young businessman named José Teodoro Moscoso, who was chosen to run Muñoz' Operation Bootstrap in 1942. The choice was a natural: in the ten years after he graduated from the University of Michigan, Ted Moscoso had accomplished much. He entered his family's wholesale...
...idea was to get U.S. industry to invest in Puerto Rico, an attitude far removed from the usual reformer's hostility to foreign capital. Moscoso was frankly ready to try anything. "If something doesn't work," he said, "to hell with it." Potential mainland investors got invitations to Puerto Rico, promises of a free hand for free enterprise. The government chipped in by relaxing tax rules, training the workers, sometimes even constructing the factory buildings. By 1961, 680 plants employing 50,700 Puerto Ricans were established on the island...
Last year, as a measure of his success, Moscoso, now 50, was able to move on once more. He went to Manhattan for some "belly-to-belly" selling of more blue-chip U.S. corporations on the advantages of setting up shop in Puerto Rico. A second job was an invitation to join the Kennedy task force on Latin America. He was also appointed U.S. delegate to a new U.N. Committee for Industrial Development. Last week, making his first speech at the U.N., Moscoso outlined Puerto Rico's successful principles of industrial growth: sound government, with adequate planning, budgeting...
...Moscoso's maiden U.N. speech, President Kennedy picked him as U.S. Ambassador to Venezuela. He will be the first Puerto Rican to represent the U.S. as an ambassador abroad. Venezuela's President is Reformer Rómulo Betancourt, an old friend of Moscoso's. In Puerto Rico, Governor Muñoz Marin called the appointment "a very good thing for Washington, a very good thing for Caracas, but a bad thing for San Juan...