Word: petroleum
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...stockholders' suit against Phillips Petroleum Co., growing out of the firm's illegal $100,000 contribution to the 1972 Nixon re-election campaign, was settled last week, and with the settlement came a disclosure that Richard Nixon was the direct recipient of half of the money. According to papers filed in the case, he had "personally" accepted $50,000 in campaign funds "at his New York City apartment" from William W. Keeler, then Phillips' chief executive...
...wondering whether the U.S. will help if Fidel Castro's Cuban expeditionary forces try to repeat their Angola performance closer to home. Then too, last week's trip came just after disclosures of illegal payoffs in Latin America by such multinational giants as Lockheed, Gulf and Occidental Petroleum...
...Venezuela, Alberto Flores, No. 2 man in the country's delegation to the Organization of Petroleum Exporting Countries, resigned his post in order "to be free to defend himself." He is suspected of being among seven officials who allegedly accepted a bribe from Occidental Petroleum Co. in return for drilling concessions...
...refreshing contrast, Phillips Petroleum agreed, in a court-approved settlement of stockholder lawsuits, to give outside directors 60% of the seats on an expanded board (they fill nine of 17 seats now) and empower them with responsibility for preventing a recurrence of past misdeeds. One charge contained in the settlement documents: Richard Nixon in 1968 "personally" received an illegal $50,000 campaign contribution from Phillips in his Fifth Avenue apartment in Manhattan...
...investigation disclosed that Phillips Petroleum Co. went so far as to establish two Swiss corporations into which it channeled a total of $2.8 million. A bit less than half of that was then withdrawn and transferred to a cash fund at the company's Oklahoma headquarters. By the time the Government caught on, $585,000 had been paid out in political contributions in the U.S., most of it in violation of the laws. The other half of the "laundered" Swiss money was spent overseas on payoffs and attorneys' fees for the Swiss corporations...