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October 30, 1980 - Image 2

Resource type:
The Michigan Daily, 1980-10-30

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includes exam, fittin , dispensing, follow-up visits, starter
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Page 2-Thursday, October 30, 1980-The Michigan Daily
Chrysler reports
third quarter loss


Compled from Associated Press and
United Press International reports

DETROIT (UPI)-Chrysler Corp.
reported a third quarter loss yesterday
of $490 million, boosting auto industry
red ink in the first nine months of finan-
cially devastating 1980 to $3.6 billion.
Ironically, Chrysler management
and the government were encouraged
by that performce.
IT MARKED THE first time in
Chrysler's two-year financial crisis

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that it posted a quarterly loss smaller
than General Motors Corp. and Ford
Motor Co.
It also represented a rare im-
provement from the second quarter,
when the company lost $536 million.
Normally, auto industry financial
results are poorest in the third or July-
September quarter, when costs of
model changeovers are absorbed. That
was the case with Ford and GM this
bankruptcy this year by an $800 million
dole of government-secured cash, held
firm to projections it can earn a profit
in the fourth quarter of this year. But it
added several important qualifications.
"Assuming some moderation in in-
terest rates, a modest upturn in the
economy, and some improvement in
the current rate of truck sales, Chrysler
should report a profit in the fourth
quarter," said Chairman Lee Iacocca.
The U.S. Treasury Department,
which administers the Chrysler loan
guarantee program and has been
keeping a close watch on the company's
survival effort, agreed with Chrysler
that no new injection of government-
backed cash will be needed this year.
Ford Motor Co. reported third quar-
ter losses Tuesday of $595 million-the
largest in U.S. automotive history-and
GM on Monday posted a $567 million
deficit for the period.

" 4 Barbers
e No Waiting
" Men & Women
" E. Univ. at S. Univ.
" Liberty off State

Nixon says FBI had
authority to break-in
WASHINGTON-Former President Richard Nixon testified in court
yesterday that the director of the FBI had direct authority from the
president to conduct warrantless break-ins in foreign intelligence cases that
were important to national security.
Testifying at the trial of two former FBI officials accused of illegally
authorizing break-ins, Nixon said, "It was my understanding that in matters
of foreign intelligence the line went directly from the president to Mr. J
Edgar Hoover."
Later, Nixon said that same authority was in effect in 1972 and 1973 when
L. Patrick Gray III was acting director of the FBI and warrantless searches
were conducted at residences of friends and relatives of radical Weather
Underground fugitives.
Khomeini mayt be near death,
Carter aide says
SHREVEPORT, La.-Ayatollah Ruhollah Khomeini has cancer of the
colon and is "not going to last long," Frank Moore, a top aide to President,
Carter, said in an interview published yesterday in the Shreveport Journal.
The State Department said it had no comment on Moore's statement.
Moore said the Iranian military was expected to take control upon
Khomeini's death.
Former governor indicted
NASHVILLE, Tenn.-Former Gov. Ray Blanton and two of his former
aides were indicted yesterday by a federal grand jury which has been in-
vestigating state liquor licenses issued while Blanton was in office.
Blanton was forced to leave office several days prematurely in 1979 after
several aides were indicted in a scandal involving alleged sale of pardons
and paroles. Blanton himself was never indicted in that case.
The 12-count indictment accuses Blanton and his aides of conspiracy,
mail fraud, racketeering, attempting to avoid taxes, and submitting false
tax returns.
Pope sets guidelines
on dismissal of priets
VATICAN CITY-Pope John Paul II, ending a two-year freeze on
granting dispensation from vows of priestly celibacy, has issued new
guidelines to allow Roman Catholic priests to leave the priesthood and
marry but still remain in the church.
The decision removes a major source of tension in the church created by
the pope's refusal to process almost 5,000 petitions on file from priests
seeking release from their vows, Vatican sources said.
The celibacy rule is believed to be a main reason behind the sharp in-
crease in the defections of Roman Catholic priests in recent years.


It's More For .Your Morning!



Mysterious explosion rocks
Peking railroad station
PEKING-A mysterious explosion rocked central Peking's crowded
main railroad station yesterday and witnesses said about 20 persons were
killed or wounded. Officials refused to comment, but one called it an "ac-
Reports of casualties could not be immediately confirmed, but a steady
stream of ambulances left the station and sped down Peking's main Chang
An Boulevard, about a block away from the station.
One man in the crowd of several thousand people gathered outside the
station said the explosion occurred in an elevator, and about 20 people were
killed or wounded.
CIA agent pleads guilty
BALTIMORE-Former CIA agent David Henry Barnett pleaded guilty
yesterday to charges that he acted as a Soviet "mole" and sold secrets to the
Russian KBG for nearly $100,000 in cash. The secrets concerned a CIA
operation to steal information about Russian military hardware.
The charges carry a maximum sentence of life imprisonment.
Barnett, 47, is believed to be the highest ranking CIA agent to admit
working for the Russian secret service.
Under terms of a plea bargaining agreement, Barnett said he would
cooperate fully with the FBI and the CIA in providing further information
regarding his activities with the Soviets.
SJbe 3ibigau BaiIy
Volume XCI, No. 49
Thursday, October 30, 1980
The Michigan Daily is edited and managed by students at the University
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Managing Editor................MITCH CANTOR
City Editor............. ...... PATRICIA HAGEN
University Editor................. TOMAS MIRGA
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