Word: trusts
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...country. The list of American firms that have ordered their personnel or their dependents to leave Lebanon reads like a roll call of U.S. business overseas: General Electric, General Motors, Boeing, Lockheed, FMC Corp., International Harvester, American Cyanamid, Raytheon, First National City Bank, Chase Manhattan, Morgan Guaranty, Irving Trust. "When the banks move out," observed one evacuated businessman last week, "that means the end of Beirut...
...housing industry. Last week, however, a consensus formed among experts that a three-month upswing in credit costs is ending, and that interest rates are expected to hold steady, or even inch down. For example, James J. O'Leary, vice chairman of New York's United States Trust Co., now predicts that the bank prime rate on loans to business will hold steady at around its present 8%, at least until the end of this year, rather than rising to 8½% as he had once expected. His reason: the Federal Reserve Board "appears...
Wavering public trust in Government was jolted again last week by a pair of scandals, one involving top Pentagon brass, the other Henry Kearns, former (1969-73) chairman of the Export-Import Bank. The common element was the charge of crossing the fine line that is supposed to separate business dealings from Government deliberations...
...Kearns case, Democratic Senator William Proxmire accused the former Ex-Im Bank chief of arranging while in Government service a lucrative sale of stock that was in a "blind trust." Under the rules for such a trust, the beneficiary is not supposed to know what is being done with his stock. Proxmire demanded last week that the Justice Department take action against Kearns. The department had earlier investigated Kearns and said that it found no cause for criminal proceedings...
Kearns admits that "I did mention" the stock to Mitsui & Co., a U.S. affiliate of a Japanese trading house, but adds rather lamely that "the trust sold it, I didn't. They could have refused the sale." In any case, Mitsui did buy, at $5 a share, 100,000 shares of Siam Kraft Paper Co., a Thailand concern that Kearns founded. At the time (1972), Proxmire estimates, the stock was worth no more than $1.75. While Kearns was head of the Ex-Im Bank, which makes low-cost loans to foreign firms so that they can buy American exports...