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July 26, 1977 - Image 2

Resource type:
Text
Publication:
Michigan Daily, 1977-07-26

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Page Two THE MICHIGAN DAILY Tuesday, July 26, 1977
Lance denies improprieties

WASHINGTON OP) - Budget
director Bert Lance denied un-
der oath yesterday any wrong-
doing in connection with his
purchase of stock in the Atlan-
ta bank he once headed. Sena-
tors who questioned him about
it said he has been "smeared."
Lance appeared before the
Senate Governmental Opera-
tions Committee, as his trustee
in Atlanta made it known that
Lance's 200,000 shares in the
National Bank of Georgia, now
held in a blind trust, may be
sold as early as tomorrow.
THAT STEP would relieve
Lance of his most pressing
problem: The need to avoid any
appearance of a conflict of in-
terest between his bank stock
and his government duties.
Lance had asked for an ex-
tension of the Dec. 31 deadline
by which he had promised to
sell the stock, Sen. Abraham
Ribicoff, (D-Conn.), chairman
of the committee, said he would
wait to see whether or not the
sale goes through.
After hearing Lance's expla-
nation, the committee called off
idwest's Lorqest Selection *
EuropeanChres
Conodion and U.S.
rm$289
CALL 769-1776
Cirre OC"

any further investigation of its
own.
AT THE WHITE HOUSE,
Deputy Press Secretary Rex
Granum said President Carter
"does hope that -all the facts
will be brought out" about
Lance's financial position and
that he retains "full confi-
dence" in Lance.
All senators who questioned
Lance expressed satisfactiofi at
his explanations. But the U. S.
Comptroller of the Currency
still has to report on an inquiry
into a $3.4 million loan Lance
obtained from a Chicago bank
with which the National Bank of
Georgia had deposited a non-
interest - bearing $50,000 "cor-
respondent" account.
Lance said there was never
a "quid pro quo" understanding
involved in the granting of what
he called "a straightforward,
good business loan."
LANCE SAID the account has
not been dormant, as had been
alleged, but has fluctuated from
a low of $37,000 last winter to
a high of about $200,000 in the
period after he left the Geor-
gia bank.
Committee members did in-
dicate they will take a close
look at the eventual purchas-
er of Lance's stock to make
sure that the purchase does not
constitute a potential conflict
of interest.
But the senators were virtu-
ally unanimous in telling Lance
they believe his explanations
under oath have "cleared the

air" and restored his "pre-
sumption of innocense."
LANCE'S APPEARANCE was
prompted by recent newspaper
allegations concerning his fi-
nancial dealings before enter-
ing the Carter Administration
as director of the Office of
Management and Budget.
Ribicoff told Lance that bad-
ed on the evidence so far, he
believes those allegations are
all unwarranted. He said that
in the post Watergate era, in-
vestigative reporters are "out
to get everybody" because
"that's the name of the game."
"You've been smeared from
one end of the country to the
other, in my feeling, unjustly,"
Ribicoff said.
Interesting facts
Tripoli declared war on the
United States on June 10, 1801,
after the U.S. refused to give
added tribute to commerce-
raiding corsairs.
Delaware was the first of the
original 13 states to ratify the
Constitution. Rhode Island was
the last.
The first military heliport
was at Ft. Eustis, Va. It was
dedicated December 7, 1954.
A neurosis is a conflict in the
mind of a fundamentally heal-
thy person; a psychosis repre-
sents a distortion in the per-
sonality.
The words Muslim and Islam
are forms of the Arabic verb
salama, which means to submit
-- in this case, to the will of
God
The Michelson interfero-
meter, invented in 1881, is a
device to measure light wave
lengths to an accuracy of a mil-
lionth of an inch.

Wec're telling
44 milen
pissners
in the
United States
hw ts
escape.

AP Photo
Federal Budget Director Bert Lance waits to testify before
the Senate Government Affairs Committee yesterday. The
Senators were satisfied with Lance's explanation of his pur-
chase of 200,000 shares of the Atlanta Bank as businesslike
and proper.

Judge OK's Kent State
gym on site of shooting
KENT, Ohio {1)} - A judge N E A RLY 2 0 demonstra- favot of Kent State.
ruled yesterday at Kent State tors were arrested earlier this - A b o u t 50 demonstrators
University can proceed irnme- month when they refused to marched in front of the cam-
diately with construction of a break up a tent city on the site pus police station, demanding
$16 million gymnasium annex where four students were killed the return of tents and other
near the site of the 1970 Nation- during an antiwar protest. on belongings taken by police who
al Guard shootings. May 4, 1970. dismantled their "Tent City"
Portage County Common last week.
Pleas CountyJudge Joseph As the judge issued his rul- The protesters said construc-
Kainrad issued an injunction ing, protesters were demonstra- tion ofthe facility would make
ordering protesters to end all ting on the campus and threat- it impossible for the site to be
interference in the university's ening to resume their camp-in preserved as a memorial to the
plans. protest if the judge ruled in slain students.
National phone strike looms

WASHINGTON (A) - Tele-
phone workers gave union
leaders overwhelming approval
THE MICHIGAN DAILY
Volume LXXXvII, No. 51-S
Tuesday, July 26, 1977
is edited and managed by students
st te Usiverstty at Michigan. News
phone 764-052. Second class postsge
paid at Ann Arbor, Michigan 48109.
Published daily Tuesday through
Ounday morning during the Univer-
sity year at 420 Maynard Street. Ann
Arbor. Michigan 48109. Subscription
rates: $12 Sept. thru April 2 semes-
ters; $S by maii outside Ann
arcbor.
Summer session published Tues-
day through Saturday morning.
Subscription rates: $.50 in Ann
Arbor; $7.50 by mail outside An
Arbor.

yesterday to call a nationwide
strike against the Bell System.
A formal strike date was left
to union leaders to decide, but
a walkout could come as early
as midnight Aug. 6, when cur-
contracts expire.
"WE WANT a settlement, not a
strike," said President Glenn
Watts of the Communications
Workers of America (CWA).
"But the situation is very seri-
ous and it's getting very late."
He said the 6-1 margin by
which a strike was authorized
"makes it clear that our mem-
bers ... are ready to walk out
if that action becomes neces-
sary."

The CWA, which represents
500,000 Bell System employes,
is the largest union involved in
the negotiations and the pat-
tern-setter. Also taking part
are the International Brother-
hood of Electrical Workers, rep-
resenting about 120,000 em-
ployes, and agroup of smaller
unions with about 70,000 mem-
bers.
THE UNIONS last week re-
jected as inadequate the com-
pany's initial offer of a new
three - year contract providing
a 1 per cent wage increase and
additional 10-per cent in cost
of livina raises.

For a free booklet
on how to stop smoking,
call or write your local unit of the
AMERICAN CANCER SOCIETY

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