100%

Scanned image of the page. Keyboard directions: use + to zoom in, - to zoom out, arrow keys to pan inside the viewer.

Page Options

Download this Issue

Share

Something wrong?

Something wrong with this page? Report problem.

Rights / Permissions

This collection, digitized in collaboration with the Michigan Daily and the Board for Student Publications, contains materials that are protected by copyright law. Access to these materials is provided for non-profit educational and research purposes. If you use an item from this collection, it is your responsibility to consider the work's copyright status and obtain any required permission.

September 22, 1977 - Image 5

Resource type:
Text
Publication:
Michigan Daily, 1977-09-22

Disclaimer: Computer generated plain text may have errors. Read more about this.

The Michigan Daily-Thursday, September 22, 1977-Page 5

Lance
(Continued from Page 1)
said the current atmosphere in SEN.
Washington made it impossible for who as
Lance to perform his duties at OMB. question
"With five government agencies before1
probing into the affairs of Bert Preside
Lance, with hundreds of bureaucrats the cor
stumbling over themselves to seek The S
and possibly leak information ... leader,
and with scores of investigative ginia, c
reporters nipping at his heels, it be- in the L
conies clear that his important job at "the na
DMB would have become difficult to director
perform," said Nunn. and Bud

resigns

as

OMB director

CHARLES Percy (R-Ill.;,
Cked some of the harshest
ns during Lance's three days
the committee, said, "The
nt and Mr. Lance have made
ect decision."
Senate Democratic majority
Robert Byrd of West Vir-
onsidered a key weathervane
Lance case, commented that
tion cannot afford to have as
r of the Office of Management
dget, a man whose personal

problems are so great that they
detract from the performance of his
duties."
In Omaha, Neb., former President
Gerald Ford expressed- surprise at
the timing of Lance's resignation, but
added, "if you look at what happened
over the last six months, it was
inevitable."
LANCE, 46, had returned to his
home in Washington's Georgetown
section by the time Carter met with
reporters.

Moments after the news confer-
ence ended, Lance's wife, LaBelle,
stepped out of the house and told
reporters, "I didn't feel my husband
r had to resign. I still feel he could take
a job anywhere. He's honest and
good, and I'm proud of him."
In his letter to Carter; Lance insist-
ed he had cleared his reputation
during his three days. of testimony
last week before the Senate commit-
tee.
Carter clearly agreed.

P2 almost lost a bundle

(Continued from Page 1)
about $600,000 in principal, plus another
20,000 in borrowing fees, a total of
bout $800,000.
FURTHER COMPUTATIONS by an
utside advisor indicated the total loss
ight have been as high as $1.4 million.
Jedele and Levin contacted City At-
orney Bruce Laidlaw on Tuesday, Sep-
ember 14, and told him of the invest-
ent problems.
THE NEXT four days were filled with
flurry of meetings, including an
xecutive session with City Council on
hursday evening that was closed to
he public.
On Thursday, Daniel Dolan, Vice

President of Merrill Lynch, met with
Mayor Albert Wheeler, Councilman
Louis Belcher, Laidlaw and Murray.
The city officials informed Dolan of
what they felt was questionable activity
on the part of the investment firm, and
requested that the city be reimbursed
with interest.
Later that day Dolan phoned Murray
and advised him that Merrill Lynch
would grant the request.
IN HIS REPORT, Murray accepted
much of the burden of reSponsibility,
saying he "failed to implement ade-
quate controls which would ensure that
he would have knowledge of any
unauthorized departures from ap-

proved investment practices within a
reasonable period of time."
The questionable and unauthorized
investments were begun and continued
for eight months, without Murray's
knowledge.
The report also says the city con-
troller was "aware of arbitrage in-
vestments and therefore, by action or
inaction, approved them." Jedele was
also aware of the city's loss position,
but did not report it to Murray.
WHEN MURRAY was asked what
disciplinary action might be taken
against the officials most closely in-
volved, he said, "I would rather not ad-
dress that yet. We are still looking into

"I THINK his honor and integrity
have been proven," the President
said.
'If there's any fault, it's mine
because of the strict requirements
we placed on him," specifically the
requirement that Lance sell his bank
stock, Carter said.
Reconstructing the days leading to
Lance's resignation, the President
said he and his budget director met
Monday morning to discuss the
controversy aas "friends who under-
stood one another."
"I DID NOT ask for Bert's resigna-
tion," he said.
When a reporter asked whether
Carter would have asked for the
resignation had it not been volun-
t e e r e d, the President replied,
"That's hard to say."
Asked if the affair had damaged
his own credibility with the Ameri-
can people, Carter said, "I can't say.
I'd guess to some degree."
He was firm in his support of Lance
and in his defense of his decision to
appoint him to the key administra-
tion post.
"I THINK he was qualified then. I
think he is qualified now."
Carter said he hadn't begun think-
ing about who might succeed Lance,
but he made it clear he doesn't
expect to find anyone with whom he
would have the "special relation-
ship" he had with Lance.
The two men have been close since
Lance headed the Georgia highway
department while Carter was gover-
nor.,

IN HIS LETTER of resignation,
Lance said: "It was and is important
that my name and reputation be
cleared for me, my wife, children,
grandchildren and those that have
trust and faith in me. I believe that
this has been done.
"As I said at the Senate hearings,
my conscience is clear.
"Second, it was and is important
for me to be able to say that people
should be willing to make the
necessary sacrifices and be willing to
serve their government and country.
This I can still say and say proudly.
"Third, I believe intthe absolute
need for government to be able to
attract good people from the private
sector. We must find ways to
encourage these people."
LANCE ADDED: "I hope the
American people feel that during my
eight months in office I have met well
my responsibilities and performed
well my tasks. This has been an
important aspect of the entire mat-
ter.
"However, I have to ask the
question at what price do I remain?
My only intention in coming to
Washington in the first place was to
make a contribution to this country
and to you."
Sen. Thomas Eagleton (D-Mo.),
another of Lance's strong supporters
on the Senate committee, said, "I
think the President and Mr. Lance
made the decision that had to be
made. If he had stayed at OMB, he
would have been the eye of the
storm."

Carter Egt s Fahmy
Sdiscuss Mideast peace

who knew what and when."
His report says, "It is my belief that
Levin engaged in arbitrage transac-
tions in an honest attempt to increase
the city's revenues. It is also my belief
that neither Jedele or Levin fully un-
derstood and appreciated this impro-
priety and risks involved in the arbi-
trage transactions."
Murray says he has instituted con-
trols in his office which will "insure in-
ternal audits and timely reporting of fi-
nancial matters in detail."
MURRAY HAS an appointment with
the Deputy State Treasurer today. He
said he plans to make a full disclosure
of the issues and events surrounding the
investment crises.
Murray said he did not expect the
Treasurer to take any disciplinary ac-
tion against the city.
"I think they will be pleased to know
that when responsible officials were in-
formed of the problem, the city acted
quickly and sustained no financial loss.
They will also be pleased to know that
we have made a full disclosure of the
entire affair."~
MURRAY ALSO SAID he was confi-
dent the crisis would have no effect on
the city's bond rating or its ability to
borrow money in the future. He plans to
travel to Chicago and New York to
make full disclosures to borrowing
houses there.
"We didn't lose any money," said
Murray, "and we don't feel we've done
anything illegal.

For Used, Rare, and Out-of Print Books

WASHINGTON (AP)-President
arter met yesterday with Egyptian
oreign Minister Ismail Fahmy and
aid a lasting peace in the Middle East
annot be achieved without "com-
romise and courageous leadership"
rom all parties to the negotiations.
Fahmy,, engaged in day-long
iscussions at the White House and the
tate Department, said there was no
ign that this latest round of Middle
cast diplomacy had advanced the goal
f reconvening a Geneva peace con-
erence before January.
AFTER HIS iniitial 45-minute
eeting with Secretary of State Cyrus
'ance at the State Department, Fahmy
vas asked about the possibility of con-
ening a peace conference.
"We are working hard to achieve this
rget," he said. "If we work hard, it
ill be possible."
After a subsequent meeting at the
hite House with Carter and other top
ides' from Egypt and the United
tates, Vance said the talks were "help-
l and useful" and Fahmy indicated he
reed fully.
But National Security Council
okesman Jerrold Schecter was
able to say whether the talks had
hanced the possibility for a Geneva
onference.
THERE WERE some hints that the
Inited 'States and .Egypt continue to
njoy good relations. Posing for
hotographers before beginning his
ilks with Fahmy, Carter called Egyp-
an President Anwar Sadat "one of my
ivorites."
A White House statement later said
~e President repeated his support "for
~e key role Egypt continues to play in
forts to reach a negoitated peace set-
ment."

It said the President also expressed
his conviction "that a just and lasting
peace in this vital area of the world
requires compromise and courageous
leadership from all parties."
After similar talks with Carter and,
Vance on Monday, Israeli Foreign
MinisterMoshe Dayan said he was con-
fident "that a formula will be found"
for overcoming the procedural ob-
stacles blocking the peace process.
THE MOST significant of these is the
nature of Palestinian representation at
Geneva. The -white House? statement
said only that Carter and Fahmy
discussed the problem of Palestinian
involvement at Geneva with a view to
finding a solution during the current
round of talks.
In his consultations with Carter and
Vance, Dayan suggested that Israel

still rules out participation by represen-
tatives of the Palestine Liberation
Organization. But he indicated that
West Bank mayors or other
Palestinians sympathetic to-but not
formally connected with-the PLO
would be acceptable to Israel.
The United States has' said that a
comprehensive settlement in the Mid-
dIe East cannot be achieved without
Palestinian involvementin the peace
process.
The statement said Carter and Fah-
my discussed the "substantive issues"
of a settlement and that Vance would
offer some specific American
suggestions on elements of a peace
treaty designed to help reconcile dif-
ferences between the parties.

.;
Q t} dt

WEST SIDE
BOOK SHOP
113 W. LIBERTY (Downtown)
995-1891
LIBRARIES & Individual Books Bought
Also Thousands of Quality
USED PAPERBACKS
2 COVER PRICE
In Our Back Room

Fiction-Poetry-Philosophy-Drama
Psych-Music-Art--And More

11111223344556677 89900000$$q%
111122S34455667788990000O$$%

-14 4 d4l '4

4-%-n h 0

Public Hearing on
S Punch Card Voting -
A public hearing on Punch Card Voting in the city of Ann Arbor will be
held on Thursday, September 29, at 8:00 P.M. in the Council Chamber in City
Hall. The hearing will be conducted by the committee appointed by the Mayor
this summer to investigate and make recommendations on the advisability of
converting from the present machine voting system to punch card voting.
The committee is presently reviewing information gathered in previous
years when punch card voting was first being considered, observing elections
in other communities where the punch card system is in use, examining the
voting devices currently available, and soliciting opinions and evaluations
from municipal officals and voters. The Thursday night hearing has been
scheduled to provide citizens on opportunity to register their concerns, ques=
tions, and opinions on punch card voting. All statements will be considered
by the committee as it continues its study and will be noted in its final report
to Council.
A punch card voting device is on display in the City Clerk's Office for
examination by interested voters.
Submitted by JEAN CRUMP, Chairperson,
Punchcdrd Voting Committee

~PRC
1
iCACU

E AP0 Q l l 0 0 0 0 $ $ 4 t ~ %
E),0 000$$ยข49%
U'L ITIT00000$$44t%
00000$$4%l
.HA D A&A O~ vk ol ..-,-L

LATC

(1 #nfi t 0'0' Ib gpO?

)R

S! 0.0.

Prints From Slides
4 FOR THE PRICE OF
Kodak Processingt Groups of 4 Only
Plus Our Usual 10% Off
Kodak's list price

1
1
1
1
1
1
1
I
I
1
i
I
I
I
1
1

HP 97

67.
19c
29,c
27
25c

I

we've got YOUR Numbers!

LIST PRICES
750.
450.
345.
195.
175.
160.
125.
125.
80.
175.

Cellar PRICES
637.00
382.00
293.00
165.00
148.00
136.00
106.00
106.00
67.95
148.50

WEBWAY ALBUM SALE
1/3 to 1/ 2 OFF OUR USUAL PRICE. FILLERS TOOl
r ----- SUN PHOTO DEALER COUPON ._ m.=-,
504 OFF
S504 OFFregular low prices for processing and printing of Kodacolor
* and compatible rolls of film with Kodak's chemistry and paper.
. Or A 4OFF reauar lawnrices far nreceinn K I(re4ac..r a rh

25

22
21
10

'v

* Tenatively Available Beginning in OCTOBER

I

G

i

Back to Top

© 2022 Regents of the University of Michigan