Word: third world
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...realizing that Reagan-era ethical laxity is Out and more rigid Bush-era ethics are In. Four days after a story broke that he owned shares (worth $7 million in 1981 and an undisclosed amount today) in Chemical Bank New York Corp., which has huge loans to Third World nations, he announced that he would sell them. As Reagan's Secretary of Treasury, a qualified blind trust (whose owner knows what assets it contains, though he has no say in when they are bought and sold) was deemed sufficient. But after White House ethics chief C. Boyden Gray...
Though Baker said the sale of the stock would have his grandfather "turning over in his grave," this was not a close call: there is no way for a Secretary of the Treasury to deal with Third World debt and not significantly affect the fortunes of Chemical Bank, and there is no way for a Secretary of State to steer completely clear of the issue. Harvard economist Jeffrey Sachs pointed out last week that after Baker refused to accept a Brazilian proposal that would have forced American banks to write down billions of dollars in debt in 1987, Chemical...
Those seizures underscore a little noted but crucial fact of life in the $130 billion cocaine business: the drug trade is a two-way street. The cocaine flows from mostly Third World producers to the U.S. and other industrialized nations, but the chemicals and other materials needed to turn coca leaves into cocaine flow from the industrialized nations to the Third World. By participating in this Faustian technology transfer, the drug-consumer nations are, in effect, providing vital raw ingredients for the scourge that bedevils them and that they often blame exclusively on coke-producing countries. "Look at all this...
...John Tower and advising others in the Administration that they must give up outside income and jobs: Secretary of State James Baker, for one, would have to resolve the potential conflict posed by his holdings in Chemical New York Corp., a bank that holds a significant amount of Third World debt...
Before the takeover, when Harvard owned public stock in RJR-Nabisco, the University voted for a shareholder resolution asking the cigarette company to provide information on its marketing practices in Third World countries...