Word: tobacco
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When Ross Johnson, president of RJR Nabisco, proposed last month that the tobacco-and-food conglomerate he had helped assemble only three years earlier be "put into play" and broken up, he had reason to believe that the company's board of directors would support him. After all, he had treated the outside directors on RJR's board well, paying them lavish fees and providing access to the company's corporate jets. Moreover, his offer was the largest leveraged-buyout bid in history and would give RJR's stockholders a rich, immediate payout...
...bracket creep back up past 33% (it was 70% as recently as 1981). But you do tax the things you'd like to discourage, like inefficient energy consumption (and its attendant pollution), reliance on imported oil (which threatens national security and worsens the trade deficit) and tobacco (widely recognized as the nation's leading cause of preventable death...
...confusing auto-insurance referendums. All were defeated, and a consumer initiative calling for deep cuts in auto, home and $ commercial insurance rates seemed close enough to ensure a recount. But Proposition 19, which proposed a 25 cents tax on cigarettes to fund medical research and education, passed, despite the tobacco industry's $16 million campaign to defeat...
...unusual dress, Imelda said later, was meant to show that she is a "Philippine patriot." It was also an implicit suggestion that she and her husband, longtime friends of the U.S., are now being persecuted by the government that agreed to give them asylum. The message was underscored by tobacco heiress Doris Duke, who stepped forward to post Mrs. Marcos' $5 million bail after Imelda's lawyers contended that the Marcoses had been living on "borrowed funds" since the Reagan Administration persuaded them to leave the Philippines. Why, Duke asked, "should America spend millions and millions of dollars prosecuting...
Like many another Filipino politician who was born poor, Marcos regarded bribes and corrupt profits as perks of office; he skimmed millions, for example, from the country's cigarette-tobacco monopoly. But Seagrave estimates that the ex-dictator's fortune may be as much as $100 billion. Whence came that awesome wealth? Seagrave's answer is that Marcos had located and dug up part of a vast horde of stolen bullion known as "Yamashita's Gold...