Word: branch
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Dates: during 1990-1990
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Spence characterizes his celebrated client as a "small, fragile woman" with little grasp of "the intricacies of finance." But the exiled First Lady, claims the prosecution, treated the Philippine National Bank as her "personal piggy bank." The former manager of the bank's New York City branch, Oscar Carino, nervously detailed how he delivered bundles of cash, usually $100,000, to the First Lady when she visited New York in the early 1970s. (Although she owned a fashionable six-story town house, Marcos preferred to stay in a $1,700-a-night Waldorf-Astoria suite.) Her personal secretary, Carino asserted...
...that he has decided he needs technical assistance from an unlikely source: the White House. A six-member Soviet delegation toured the premises last week, and John Sununu, the markedly conservative chief of staff, will go to Moscow to offer pointers on the best way to organize a presidential branch of government. The Soviets, Sununu observes, are now encountering not only the benefits of reform but "all the things that make democratic political systems so . . . ((pained smile)) . . . interesting...
...member denomination gave overwhelming approval to an 80-line "Brief Statement of Faith." After endorsement from regional units, it will join the ten other doctrinal statements that guide Presbyterians. The cleverly crafted text seems traditional enough to prevent the conservative opposition that killed a modernized creed in the Southern branch 14 years ago. Liberals, meanwhile, will be cheered by the heavy emphasis on the Social Gospel, including ecological concerns...
This month a federal grand jury in Atlanta is expected to hand up indictments in connection with almost $3 billion in unauthorized loans funneled to Iraq through the local branch of the Rome-based Banca Nazionale del Lavoro. Although the individual credits themselves were not forbidden, their sum total violated state and federal banking regulations, as well as those of the home bank in Italy. Federal investigators are reportedly trying to ascertain if BNL Atlanta extended a credit to a British-based company accused of trying to procure for Iraq elements of a triggering device for an atom bomb...
...Italy BNL officials attempted to pin the blame on a rogue branch manager in Atlanta. But the trail has also led to accusations that BNL credits were used to finance sales by Italian and other Western firms of equipment for Iraq's Condor 2 missile, an intermediate-range nuclear-capable missile. But uncovering the full details about how the loans were used has proved extremely difficult: as much as $500 million of the credits that BNL Atlanta approved, say Italian sources, do not carry the names of specific companies, making it impossible to determine what they financed...