Word: stockely
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Dates: during 1970-1979
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Finally, the President sent a letter to Senator Abraham Ribicoff: chairman of the Senate committee that confirmed the budget director, recommending an unlimited extension of the Dec. 31 deadline. The deadline. Carter noted, helped to foster "a substantial artificial lowering of the stock price." Ribicoff agreed to have his committee consider the idea...
Other promises besides the pledge to sell his bank stock are complicating Lance's life. The chunky OMB chief made these commitments during his confirmation hearings, and since then seems to have violated a number of them...
...office with John Stembler, board chairman of the National Bank of Georgia, and Robert Guyton, then being wooed-successfully-to be the N.B.G.'s new president. Lance's explanation is that he "very specifically" had the right to talk about the N.B.G. "with regard to stock and management" until the Dec. 31 divestiture date. A Lance spokesman said that the permission to be involved in selection of a new president came via an "oral understanding" with Senate Committee Chairman Ribicoff. Yet Ribicoff told TIME: "I never recall any such conversation. Nothing was ever discussed about management...
...lending rates. Lance became the Carter Administration's leading critic of the policy. Yet many of Lance's bank loans had interest rates tied directly to the prime rate. When it rose, so did his interest charges. On the other hand, as a major holder of banking stock at the N.B.G., Lance stood to gain-as bank profitability gained-from hikes in the prime...
...noted at his press conference last week in connection with another touchy subject, "There are many things in life that are not fair"*-and perhaps he has come to recognize that one of those things may be his demand that Lance rid himself so precipitately of his stock holdings. The President's decision to relax his demand for Lance's sake undoubtedly aroused sympathy among Democrats on the committee. Besides, the gregarious Lance seems to have made a favorable impression on a great many Congressmen during his six months in Washington. Said a White House source: "If this...