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Smith has some probity concerns of his own. He has engaged in financial activities that, while not illegal, seem less than appropriate for the nation's chief law enforcement officer. Shortly before assuming his Cabinet post, Smith accepted a $50,000 "severance" payment from Earle M. Jorgensen Co., a Los Angeles-based steel and aluminum distributor. This seems out of proportion to his duties as a director paid $500 for each board meeting he attended. The severance award was made after Reagan announced that Smith was his choice for Attorney General...
...been entirely "proper." Smith noted that federal law "prohibits outside compensation for Government services," but argued that the severance fee from Jorgensen was paid "for past, not future services." He admitted that the Office of Government Ethics had "inquired whether I was considering any action concerning the severance payment." Under that implied pressure, Smith concluded that "the fullest public confidence in the nation's chief law enforcement officer requires an Attorney General to do whatever is necessary to avoid even an inaccurate appearance of impropriety." Therefore, he said, he had returned the "severance" payment and would limit...
...Bettses wanted to move out of Miami, and since two of the four daughters had been put through college, Bill decided in 1978 to take early retirement. The Bettses bought a new $39,000 home near Orlando, with no down payment on a Veterans Administration mortgage, and they used their $8,000 net on the Miami house to buy some luxuries. "I guess we could have paid off everybody," says Bill, "but I said, 'Let's get a fireplace. We've never had a fireplace.' " They also ordered more than $1,000 worth of furniture...
Chase was even more isolated from the financial community the next day, when Manufacturers Hanover Trust, which had also been involved in Drysdale repo deals, announced that it would make good to brokerage houses on some $29 million in weekend interest payment defaults by Drysdale. Only three hours later, a thoroughly chastened Chase reversed it self and said that it would also honor its commitments after...
...Tuesday afternoon the New York branch of the Federal Reserve called to gether the chairmen of New York City's ten largest banks to discuss the possible repercussions of Chase's refusal to make the interest payment. Officials were very fearful that if Chase persisted, some securities firms might find themselves in a cash squeeze. After the session, the Feder al Reserve issued a statement saying that it "stood ready as a lender of last resort" to help any commercial banks temporarily short of cash. It was the first time since the mini-financial panic following...