Word: vetoes
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...Landes, the ImClone official with veto power over internal stock trading, has become a central focus of investigators, sources tell Time. On the night of Dec. 26, he spent 17 minutes on the phone with CEO Sam Waksal, records show. Waksal had just learned that the FDA would announce its negative decision on Erbitux in two days. Later that night Waksal drafted a note, marked "Urgent--Immediate Attention Required," to his Merrill Lynch broker, Peter Bacanovic, sources say. Stopped from trading by the firm's blackout, Waksal gave instructions to transfer $4.9 million in stock to the account...
That hasn't been the case for a decade. As early as 1991, analysts at Furman Selz (now part of ING) recall having to pass muster with investment bankers during job interviews. Bankers, who held veto power over analyst hires, pressed applicants on their willingness to work with bankers. "You had to be willing to compromise, or you were out," says a former Furman Selz employee. By 1996 analysts at some large firms were going on new-business pitches with investment bankers, crossing the line dividing salespeople and bankers, which had been sacrosanct. By then star analysts were getting...
...presidential veto is like a nuclear weapon: no one will be afraid of it unless he thinks it might actually be used. Ronald Reagan, who used to invite Congress to "make my day" by passing bills he didn't like, killed nearly 70 of them. The first President Bush, battling a Democratic Congress, racked up 44 vetoes, only one of them overridden...
...conservatives on Capitol Hill are becoming frustrated by President George W. Bush's reluctance to follow in Dad's footsteps. After nearly 16 months in office, Bush has not exercised a single veto. He has occasionally threatened one (on a post-Sept. 11 spending bill, for example) and got changes as a result. But more often he has, in the view of conservatives, caved in too early. On campaign-finance reform, he made it clear from the outset that he would probably sign whatever bill was sent...
White House legislative-affairs director Nick Calio says conservatives are simply disappointed over losing battles that were never winnable in the first place. To use the veto effectively, "you've got to find the right form and the right bill," he says. At a private strategy session in West Virginia last February, Bush told Republican Senators he would welcome a chance to wield his veto power. The chance may come soon, on a $27 billion emergency bill for the war on terrorism. If Congress loads it up with additional spending, as expected, conservatives are counting on Bush to finally...