Word: trusts
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Dates: during 1970-1979
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While Jimmy Carter's political fortunes have been waning, his financial fortune, which is in a trust managed by Old Friend Charles Kirbo of Atlanta, has been doing just fine. Last week, in a public accounting required by the 1978 Ethics in Government Act, Carter disclosed that he has become a millionaire. With assets of $1.2 million and liabilities of $221,000, including $1,500 in unpaid bills, the President computed his net worth as of Jan. 1 at exactly $1,005,910.25. That was up from $795,357.74 a year earlier, chiefly because of the rising value...
...last year, after losing more than $300,000 in 1977. From the thriving family farm, which is 91% owned by Carter, Kirbo made loans of $250,000 to the warehouse and $250,000 to Billy Carter. The farm land that Billy pledged as collateral was promptly assumed by the trust, apparently as a face-saving way to free him from the debt...
...believes that they should use their leverage to encourage reforms. Student demonstrators and sympathetic trustees, though, see the issue as moral rather than practical or monetary. When Yale's Advisory Committee on Investor Responsibility recently recommended that the college sell $900,000 of stock in the Morgan Guaranty Trust Co. (which lends money to the South African government), the committee's statement put the case with remarkable candor: "We recognize that divestiture is of little practical consequence and hence is almost entirely symbolic. Still, symbols and gestures are important in the realm of moral and humane concerns...
...past two years, a new band of buyers has flocked to the market: American institutional investors. Some U.S. pension funds, mutual funds and bank trust departments are putting a portion of their assets into bullion. Meanwhile, U.S. individuals, professional hedgers and a number of the larger multinational corporations are in the gold futures market. As a result, contracts representing 312 million ounces were written in the first four months of this year, and the level of futures trading in the U.S. dwarfs gold markets abroad. Individual Americans last year also bought at least 3.7 million ounces of gold coins...
Abbie Hoffman, aging Yippie, on California Governor Jerry Brown: "I don't trust him. [He has] more colors than a Panamanian patio at sunset...