Word: rocketings
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...rocket plane, pilot Chuck Yeager becomes the first person to break the sound barrier...
...were a Chinese aerospace kingpin looking for an agent to buy influence at the White House and get American rocket technology into your hands, Johnny Chung would not be your first choice for the job--or your second choice or even your third. Yet Chung, the cartoonish Taiwan-born businessman best known for his role in the 1996 Clinton campaign-finance scandals ($366,000 in suspicious contributions; a plea bargain in which he's cooperating with investigators), was being described in Washington last week as the pivot man in a "China Plan" to do just that. For an influence peddler...
...call on the Securities and Exchange Commission in Washington, a meeting arranged by Massachusetts Senator John Kerry, another recipient of Chung's illegal contributions. On the agenda: the procedure for getting a foreign firm listed on American stock exchanges. Liu had money on her mind, it seems, more than rocket launches. On Aug. 9, Liu and Chung formed Marswell Investment, a Los Angeles corporation that issued 50,000 shares of stock--30,000 for Liu, 20,000 for Chung. And within days, Liu wired $300,000 into Chung's account at a Hong Kong bank, a source familiar with...
...have access to Chinese banking records. Even the Republican leading the new House investigation into the matter, California Congressman Christopher Cox, says he has no hope of proving that the Liu-Chung payment had anything to do with Clinton's decision to allow an American corporation to send rocket technology to China. "It's going to remain ultimately ambiguous," Cox told TIME. "We will never know...
Clinton's China policy was largely inherited from George Bush. In 1989, as part of a sanctions package meant to punish Beijing for the massacre of students in Tiananmen Square, Senator Al Gore sponsored legislation barring U.S.-made satellites from being launched on Chinese rockets--unless the President declared such a launch to be in the national interest. Under pressure from American corporations desperate to get their satellites into orbit, Bush issued nine such waivers between 1989 and 1992--and Gore denounced him as "an incurable patsy." But after Clinton was elected President, he came under the same pressure from...