Word: spellmans
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...Governors seeking reelection, the one in biggest trouble does not even find out who his challenger will be until this week, when Washington State holds its primary. Republican Governor John Spellman, seeking a second term, is a victim of the Washington Public Power Supply System fiasco, popularly called Whoops, which led to the largest default in municipal bond market history. Though many of the misjudgments that caused the default occurred years before Spellman took office, Democrats blame him for failing to exercise sufficient leadership when the regional power authority's problems came to a crisis...
DIED. Terence Cardinal Cooke, 62, Archbishop of New York; of acute myelomonoblastic leukemia; in New York City. The genial, owlish New York native succeeded his mentor, the commanding Francis Cardinal Spellman, and quickly adopted a more conciliatory managerial style, in keeping with the decentralizing principles of Vatican II. An anti-Communist who served as military vicar to the U.S. armed services' 2 million Roman Catholics, the Cardinal last year abandoned his usual quiet role among fellow prelates to oppose the majority of American bishops in their call for nuclear disarmament. Cooke used the occasion of his approaching death...
...hard evidence has yet surfaced that Whoops' board members and managers over the years are guilty of deliberate fraud or corruption. But they are collectively to blame for bad judgment and bureaucratic bungling on an unprecedented, almost unimaginable, scale. Concludes Washington Governor John Spellman: "Good-faith people made poor decisions." Those decisions were accepted by the merchants of Wall Street, who gladly peddled more and more Whoops paper...
...Projects 1,2 and 3. Moreover, their utilities will have to pay exceptionally high interest rates to raise capital in the bond market. At the moment, many investors are shunning bonds from the Northwest. "The whole thing is a nightmare," says Paul O'Connor, press secretary to Governor Spellman. "If traders on Wall Street have the choice between something that says Washington on it or something that says Indiana on it, they are going to go for Indiana. We've got a cloud hanging over us." Even the state government is suffering from guilt by association. Says Lyle...
...Vatican's assets began to grow, Francis Spellman, an American bishop then living in Rome, urged Eugenic Pacelli, the Vatican Secretary of State and later Pope Pius XII, to set up a modern stock portfolio to manage the funds better. After Pacelli became Pope, he decided to set up a bank. The IOR, established in 1942, served to shield some Vatican money from war-torn Europe...