Word: rule
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Dates: during 1960-1969
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Ghana's first President, Kwame Nkrumah, was a master of using his office for personal benefit. In six years of increasingly ruinous rule, the self-proclaimed "Redeemer" of Ghana managed to squander his way through the country's entire treasury of $560 million and run up another $1 billion in foreign debts. He built vast and useless public monuments as well as an overpowering presidential palace. To take care of odds and ends, he also accepted bribes in return for government favors...
There was something besides the bribe behind Ankrah's sudden departure. Ghana is scheduled to hold national elections in September and return to civilian rule. Politically ambitious, Ankrah needed the money to pay for a survey that assessed his chances of winning the presidency. There may also have been tribal jealousies involved. Ankrah is a member of the Ga tribe, dominant around the capital, and Afrifa belongs to the Ashantis. Furthermore, Afrifa is a supporter of a fellow Ashanti, former Opposition Leader Kofi Abrefa Busia, who is a candidate for the presidency...
Spindly Siren. Today, of course, Diahann is the star of her own highly successful TV series, Julia. Black faces abound in ads and TV commercials; TV advertisers seem to have made it a rule of thumb that if three models in an ad are white, the fourth must be black. The breakthrough in fashion modeling has been more remarkable and, at the same time, less dutiful. Three years ago, a spindly siren from Detroit named Donyale Luna stalked onto the fashion scene and became an overnight success: In one whirlwind year she posed for Harper's Bazaar, Paris Match...
...Elastic Rules. In one effort to limit such legerdemain, the Securities and Exchange Commission expects within a week or two to tighten the disclosure rules for companies seeking to float securities. Companies will be required in registration statements to divulge their sales and pretax profits for each line of business that contributes more than 10% to the total. Firms that engage in only one activity will have to abide by the 10% rule in showing sales by product or service. Though the new regulations will not apply directly to annual reports, many companies have already begun revealing operating data once...
Welcome as such facts will be to investors, the new SEC rule only reaches the foothills of a Himalayan problem. Accounting practices, on which laymen rely as a warrant of truth, have grown increasingly elastic. Tax laws give companies great latitude in deciding how to treat both assets and costs that affect profits. Frequently, companies quite legally report results one way to the public and another to the tax collector. The conglomerates in particular are worried. Says Chairman Laurence Tisch Jr. of Loew's Theaters: "Accounting tricks are taking over. There's no rule on how to keep...