Word: exportability
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Dates: during 1970-1979
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...done more to expand the frontiers of East-West trade than the emissaries of giant corporations. Familiar with the workings of Sojuzchimexport, Stankoimport, and other mystifyingly complicated Soviet state enterprises, they have been putting together some of the most imaginative deals since William Henry Seward made Alaska a Russian export. Among them...
ROBERT ROSS has sold $11 million worth of products from Communist countries in the U.S. since his first trip to Moscow in 1970. As head of East-Europe Import Export, Inc., based in Manhattan, he has another $100 million worth of contracts under discussion. Acting mostly as a buyer, Ross represents 65 American firms in Russia and Eastern Europe. Meanwhile, he is sole sales agent in the U.S. for the Soviet auto and electronics industries and Rumanian auto and petroleum exports. This year he introduced a $3,195 Jeep-like Rumanian vehicle into the U.S. He is talking with executives...
...Continental sold wheat at precisely the same terms as those announced three days later by the White House. No one questioned why Continental would commit itself to selling 150 million bu. to Russia without some assurance that the Agriculture Department would protect its price by raising the export subsidy-as it later did. Because of the amount of money involved, Continental apparently risked heavy losses without such assurance...
...enormous potential for gain. The company, knowing it could not lose, could have speculated heavily in wheat futures. Its officials could have quietly instructed their agents to buy all the wheat they could at the low prices then in effect, but hold off their subsidy payment claims until the export subsidy rose. The subcommittee's small staff had gathered no evidence that Continental had done any such thing-but no one thought to ask Palmby about it. Earlier, Purcell's subcommittee had allowed Agriculture Secretary Earl Butz to avoid any discussion of specific market transactions concerning wheat...
Other examinations into the wheat deal are still in progress, however. Vice President Spiro Agnew last week announced that the FBI was investigating whether any large U.S. exporters had made illegal profits in the deal. That surprising concession led newsmen to check the FBI, where they were told no such probe had been directed. One day later, the FBI did get such an order from the Justice Department, creating a debate over whether this was done only because Agnew had mistakenly said it was under way or whether Agnew had merely misunderstood the timing. The Commodity Exchange Administration...