Word: trusts
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Dates: during 1970-1979
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...Kennedy has a well-deserved reputation for being a tightwad, despite his income of roughly $700,000 a year, the main source of which is a blind trust. (Staffers have had to argue with him for even small raises.) But where his family is concerned he spends freely: $500,000 for his McLean house in 1968, $100,000 for the apartment in Boston in which Joan lives and $75,000 in 1961 for the white frame house on Squaw Island, about a mile from the Kennedy family compound at Hyannis Port. He is at Squaw Island almost every weekend during...
When the city needed to refinance $15 million in debt last December he offered the leading bank, Cleveland Trust, full collateral in the form of income taxes and city property, and a private investor agreed to underwrite the city's debt. The bank turned down these offers. Kucinich charges that at a private meeting he likens to a "street mugging," the chairman of Cleveland Trust made extension of credit conditional on the sale of the city-owned electric company to its private competitor. According to the mayor, the proposed sale called for the private company to pay the city about...
...INTERESTS in Muny Light are clear; the next question is why Cleveland Trust backs them. Cleveland Trust controls 2.2 per cent of outstanding CEI common shares, registers CEI stocks, lends it large sums of money, manages a $70 million CEI pension fund and four bank accounts, and even has an interest in the utility's building. Cleveland Trust directors serve on CEI's 11-member board...
...chairman of Cleveland Trust, Brock Weir, denies the mayor's account of their meeting. But minutes of a Cleveland Trust meeting the same day also suggest the sale of Muny Light was a condition for renewing the city's notes. At a hearing held by a House Banking Subcommittee, Weir conceded Cleveland Trust's lending policies toward the city under Kucinich differed from those applied under his predecessor, Perk. Weir attributed the difference to Kucinich's rudeness; in particular, he mentioned the mayor's public characterization of him as a "blood-sucking vampire...
Baker said he would spell out his program for launching "a new generation of confidence" during the upcoming campaign. "Unlike others in the past, I will not deal in promises. I do not ask you to trust me; I ask you to judge me. Promises are cheap, but America needs performance," Baker said...