Word: trusts
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Dates: during 1970-1979
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...working on a system of tax incentives to encourage better mileage for automobiles. Wright suggested that people buying the biggest gas guzzlers might be taxed an additional $600, for example, while those purchasing cars with the best mileage might receive a $400 rebate. Tax revenues would go into a trust fund for the development of new energy sources: coal gasification, perhaps, or geothermal and solar power...
...times that the Chrysler board most appreciates his specialty. As one former Chrysler executive puts it, Townsend is "a cold-blooded cost cutter." The company recently renegotiated a $455 million, three-year revolving credit agreement with a syndicate of 80 banks led by New York's Manufacturers Hanover Trust Co. The banks gave Townsend his financial cushion mainly because he convinced them that he could and would slash Chrysler's overhead to the point where the company can make money even in a poor 6 million-car-sales year...
Died. Raymond Moley, 88, founding member of Franklin Roosevelt's Brain Trust; in Phoenix. So powerful was Moley as F.D.R.'s closest adviser that an early New Deal joke had a Senator asking the President for a favor-an appointment with Moley. The Brain Trust that he organized shaped Roosevelt's historic policies, but finding himself opposed to massive expansion of federal authority, Moley left the Administration in September 1933 and later broke with the Democratic Party. As author and Newsweek columnist, Moley backed Republicans Willkie, Goldwater and Nixon for President...
...proved something more valuable than any other researchers in the federal government. We now know that we have enough cheap oil in our coals to last for ever." But Gifford Pinchot, the conservationist, had enough experience with the power of large companies acting in collusion to warn, "The fuels trust will never permit the shale oil and oil from coals projects to get developed unless they own them...
Government collusion with the oil companies in their opposition to synthetic fuels has been largely confined to the sub-cabinet level. The exchange of personnel and other lateral interchanges between the oil industry and the middle levels of the government energy management bureaucracy should not continue. Anti-trust action directed at the oil companies and the separation of government agencies and the industry will avoid further exclusion of synthetic fuels from the energy market. The recent quadrupling of global petroleum prices has changed oil industry price fixing from an international annoyance to a vital economic issue...