Word: tristar
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...that Lockheed bribes in Japan totaled $12.6 million. Some $7 million went to Yoshio Kodama, a founder and onetime major bankroller of the party; the payments coincided with unexpected purchases in 1960 of Lockheed F-104 Starfighters by the Japanese government and the ordering in 1972 of six Lockheed TriStar jetliners by All Nippon Airways. The Japanese Diet will hold hearings on the affair this week; opposition politicians are demanding that Kakuei Tanaka, who was Prime Minister at the time of the TriStar buy, be called for questioning...
Along with these revelations came some less grave?but still nasty?ones. In Hong Kong, Cathay Pacific Airways fired its director of flight operations, E.B. ("Bernie") Smith. Only two weeks ago, he was pictured in four-color ads in U.S. magazines, describing Lockheed's Super-TriStar as "the most intelligent aircraft I've ever flown." But Cathay Pacific found that Smith was the official identified in Church subcommittee documents as receiving $80,000 in Lockheed money from an "unidentified British agent living in France." He got the payment for helping Lockheed sell planes to other lines...
...reason for the GAO's doubt that Lockheed can repay its loans on time is that civilian sales of the TriStar are lagging because of the recession: the company did not book a single order last year. Another reason is that Lockheed is counting heavily on continued large foreign sales of military equipment?and the publicity about its bribery can only hurt. The Japanese Government last week dropped tentative plans to buy $650 million worth of Lockheed's long-range, low-altitude P-3C Orion planes, which are capable of detecting and destroying submarines. Indeed, the Japanese are having second...
Four other documents are English translations of receipts signed by Kodama (in Japanese fashion, with surname first) for payments totaling $2 million. They are dated November 1972-the same month that All Nippon Airways agreed to buy $130 million worth of Lockheed's TriStar jetliners, in a deal that was regarded as crucial to the company's survival...
...orders for only eleven in the first nine months of 1975. Boeing ($2.7 billion through September) watched its sales of 747s drop from 29 in 1974 to 20 last year. And Lockheed ($2.5 billion through September), which won 28 orders for the TriStar in 1974, did not get even one last year. (Military business, which accounts for more than half of each company's revenues, and deliveries of jetliners under old orders muffled the impact on profits...