Word: babcock
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Dates: during 1970-1979
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West German bankers have been particularly angry. Morgan Guaranty, one of Chase's U.S. partners in the defaulted $500 million loan, went into a German court and attached Iran's 25% investment in two big German companies, Friedrich Krupp and Deutsche Babcock. Last Tuesday, a day after a terrorist bomb exploded outside the bank's Frankfurt office, Morgan obtained a second court lien on the same assets to cover yet a further Iranian debt. The German bankers had thought they would have first call on these assets if Iran failed to pay some of its German loans...
...fifth largest bank and a leading creditor of the Iranian government, quietly went into an Essen court and attached Iran's 25% share of two of West Germany's best-known companies, Friedrich Krupp GmbH, a diversified steel and engineering combine (1978 sales: $5.9 billion), and Deutsche Babcock, a manufacturer of industrial equipment (1978 sales: $1.6 billion). Iranian stakes in the two companies were acquired under the Shah in 1974 and 1975, and they have a market value of approximately $270 million...
...funds lie in Allied Chemical, which is involved in the exploration, reprocessing and storage of nuclear fuel, and $1.6 million lie in the KerrMcGee Corporation another company involved with the total nuclear fuel cycle. Harvard also has $500,000 invested in J. Ray McDermott and Company, the owner of Babcock and Wilcox--the firm that built the reactor at Three Mile Island and six other plants throughout the country...
...should now know that we cannot entrust our safety to a private industry that neglects safety measures in pursuit of its own profit. The House Interior Committee has uncovered unconscionable negligence on the part of both the plant owner, Babcock & Wilcox, and the Nuclear Regulatory Commission in the Three Mile Island incident. Both ignored the detailed warning of the Tennessee Valley Authority's chief nuclear safety expert. He told them in 1977--two years before the accident--that the plant's method of measuring cooling water levels was faulty, yet nothing was done...
...East equipped to handle the sludge that university labs were sending their way. Closed it down, that is, to everybody but South Carolina and its neighboring states. Then the word floated up through the tobacco fields and hit Cambridge like Three Mile Island hit the folks at Babcock and Wilcox. One official in the Northeast called down to once-amiable Barnwell and tried to get them to change their minds. "We're not even third cousins anymore," came the curt reply...