Word: haughton
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...saying it's right, but it's a way of doing business," Daniel J. Haughton, chairman of the board of the Lockheed Corporation, leaned back in the plush chambers of the Senate Foreign Affairs Committee, glaring at the television lights and the whispering reporters. This was Haughton's second appearance before a Congressional firing line: in late August, Sen. William Proxmire (D-Wisc.) chaired the Senate Banking Committee's inquiry into Lockheed's business practices and financial status. Barely three weeks later, the Multinationals Sub-committee of the Foreign Affairs Committee, chaired by Sen. Frank Church (D-Idaho), questioned Haughton...
...Haughton defends these practices as essential and characteristic elements of doing business abroad: "Unless everybody plays by the same rules, it's necessary if you're going to win." (Sept. 12 hearings). But when pressed at the multinational hearings by Sen. Joseph R. Biden, (D-Del.), Haughton would only cite "gossip" and a recent French newspaper article as evidence that Lockheed's foreign sales competition employs similar practices...
...however, none has so stoutly rationalized the practice as the Lockheed Aircraft Corp. Last month the nation's No. 2 defense contractor publicly conceded that it has made at least $22 million in such payments. Last week, in testimony before the Senate Banking Committee, Lockheed Chairman Daniel Haughton adamantly refused to name the recipients of the company's largesse, saying that disclosure would jeopardize present and future foreign-sales prospects. Was under-the-table cash really necessary? Snapped Haughton: "If payments are made and you get the contract, it is good evidence that you needed to make...
Suspended Payments. Haughton's argument failed to impress Treasury Secretary William Simon, however. He is one of the three members, along with Federal Reserve Board Chairman Arthur Burns and Securities and Exchange Commission Chief Ray Garrett, of the Emergency Loan Guarantee Board, which was set up in 1971 to provide Government backing for up to $250 million in commercial bank loans to financially troubled Lockheed. Understandably unhappy at the appearance of the Government guaranteeing loans to a corporation that has been shelling out millions in overseas payoffs, Simon told the Senate Committee that Lockheed had "apparently not been forthright...
...exercise may involve considerable semantic horse trading. During the Senate hearings, for example, Haughton preferred to describe Lockheed's payments as "kickbacks" rather than bribes, presumably because bribes to government officials are patently illegal in most countries, while a company's culpability in the case of kickbacks is less clear. Lockheed and the Loan Board will probably agree on some rules before Lockheed's board meets next week. Although they will apply only to Lockheed, which is heavily dependent on its Government loan guarantee, the forthcoming rules could provide some needed guidelines for other companies...