Word: controller
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Dates: during 1980-1980
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...news, unfortunately, undermines the good. Damage control efforts by Western and moderate Third World members of the MacBride Commission were only partly successful. Reflecting the missionary zeal of its UNESCO drafters, the report is permeated with a preference for a guided, rather than an independent, press. One key passage calls for "the formulation by all nations, and particularly developing countries, of comprehensive communication policies linked to overall social, cultural, economic and political goals." Another, obviously aimed at the international news agencies, recommends "effective legal measures designed to circumscribe the action of transnationals by requiring them to comply with specific criteria...
Summa's new boss has organized the remaining properties in three broad groups-hotels and casinos, aircraft construction and real estate. Lummis hired Phil Hannifin, former chairman of the Nevada gaming-control board, to run the company's hotels and casinos. Hannifin's first project: to finish a $55 million overhaul of the dilapidated Desert Inn, where Hughes had lived as a recluse for four years. Jack Real, a former Lockheed executive, was put in charge of Hughes Helicopters. The company, which lost money in the early '70s, is now in the black, and Real expects...
...just filed a $275 million estate-tax ruling against Summa, which the corporation is contesting. Moreover, the biggest and presumably most profitable Hughes venture, the Hughes Aircraft Co., the nation's eighth largest defense contractor (with more than $2 billion in sales last year), is not controlled by Summa. Since 1953 it has been the property of the Miami-based Howard Hughes Medical Institute, a nonprofit foundation that is dominated by Lummis' old antagonists Davis and Gay. Hughes' former henchmen have filed suit against Lummis, claiming that Hughes intended all his holdings, including Summa...
British, French, Japanese and other foreign investors in the past decade have steadily bought control of 77 U.S. banks. The initial targets were usually small, often ailing institutions like Main Bank in Houston. Not any longer. Last summer Britain's Midland Bank unveiled a plan to buy California's Crocker National Bank, the nation's 14th largest (assets:$16 billion). In the past two years, overseas investors have also grabbed such multibillion-dollar banks as New York's Marine Midland and California's Union Bank. Some lawmakers say that the buying binge has gone...
...capital into American banks and made them stronger. Concedes Citibank Chairman Walter Wriston: "The consumer benefits from all this new competition." Moreover, an attack on foreign banks here could provoke retaliation against their American counterparts in Europe and Japan. While foreigners hold $211 billion in U.S. banking assets, Americans control $361 billion overseas...