Word: textron
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...words, he had to survive confirmation hearings that turned into an unexpected ordeal-in which his views on the dollar, interest rates, money supply and other matters that a Fed chairman must handle hardly figured at all. Rather, the issue was Miller's personal integrity as chairman of Textron Inc., the giant conglomerate...
Last week Miller handily passed the test. After five weeks of slipshod investigation, the staff of the Senate Banking Committee had compiled 1,400 pages of testimony and evidence about alleged bribery by Textron to push sales of its Bell helicopters in Iran; leaks had inspired innuendo-filled stories in the press. But in nearly four hours of face-to-face grilling, Miller convinced the Senators that there was no proof that Textron had in effect resorted to bribery, and still less that he as boss had condoned it. In a stinging rebuke to its own chairman, Wisconsin Democrat William...
...Burns as chairman of the Federal Reserve Board, seems to have run into some serious obstacles in his search for confirmation by the Senate Banking Committee, which has already postponed a vote twice. The Committee said last week it wants to hear more testimony from Miller about sales by Textron, Inc., the conglomerate Miller currently chairs, to the government of Iran. Apparently, Textron paid a $2.9 million commission to an Iranian sales agency on a deal involving 500 helicopters made by a Textron subsidiary. Members of the Committee staff claim it is common knowledge that the owner of that sales...
Were the Iranian helicopters the only thing in Miller's way, he would probably be confirmed in the near future, but another obstacle, perhaps not of his own creation, looms even larger. Textron's operations are currently under investigation by the Securities and Exchange Commission involving foreign bribery, secret bank accounts and questionable billing practices. At the time that some of these alleged practices were performed, they were not illegal, but Textron never reported any of them once the SEC called for corporate statements. The SEC investigation may take up to six months, and while Miller himself may be cleared...
...Administration ran into another bit of trouble in Congress last week when the Senate Banking Committee unexpectedly delayed confirmation of G. William Miller, chief of Textron Inc., to succeed Arthur Burns as chairman of the Federal Reserve Board. The reason: to give the committee time to investigate an assertion by Chairman William Proxmire that a Textron subsidiary, Bell Helicopter, made a $2.9 million payment to an Iranian sales agency, Air Taxi, that was secretly owned by General Mohammed Khatemi, the Shah's brother-in-law and commander of the Iranian air force (he died in 1975). Miller denies that...