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...what could be a multibillion-dollar deal was out. Executives at three major U.S. defense contractors-General Dynamics, Boeing and Northrop-reluctantly confirmed that such a swap is indeed under consideration. TIME has learned that the initial overtures to the companies were made in letters from General Hassan Toufanian, Iran's Vice Minister of War, after the barter proposal had been cleared by the U.S. departments of Defense, State and Treasury. The military equipment that would be bartered includes General Dynamics' F-16 fighters, McDonnell Douglas/Northrop's F-18s and Boeing's electronics-jammed Airborne Warning...

Author: /time Magazine | Title: TRADE: The Great Iranian Swap | 5/24/1976 | See Source »

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