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he will be eligible for an annual pension of more than $ N with certain other <unk> benefits |
during mr. mcgovern 's <unk> term as president the company 's sales rose to $ N billion from $ N billion and net income increased to $ N million from $ N million the statement said |
mr. baum said he and mr. harper both <unk> closing some plants as long ago as early N |
you 've got to make the restructuring work said mr. baum |
you 've got to make those savings now |
mr. harper expressed confidence that he and mr. baum can convince the board of their <unk> to run the company |
we look upon this as a great opportunity to prove the fact that we have a tremendous management team he said |
he predicted that the board would give the current duo until early next year before naming a new chief executive |
mr. baum said the two have orders to focus on <unk> profits and to take a hard look at our businesses what is good what is not so good |
analysts generally <unk> the performance of campbell u.s.a. the company 's largest division which posted N N unit sales growth and a N N improvement in operating profit for fiscal N |
the way that we 've been managing campbell u.s.a. can hopefully spread to other areas of the company mr. baum said |
in the interview at headquarters yesterday afternoon both men <unk> confidence and seemed to work well together |
you 've got two <unk> sitting right before you said mr. baum |
we play to win |
wednesday november N N |
the key u.s. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions |
prime rate N N N |
the base rate on corporate loans at large u.s. money center commercial banks |
federal funds N N N high N N N low N N N near closing bid N N offered |
reserves traded among commercial banks for overnight use in amounts of $ N million or more |
source fulton prebon u.s.a inc |
discount rate N N |
the charge on loans to depository institutions by the new york federal reserve bank |
call money N N N |
the charge on loans to brokers on stock exchange collateral |
commercial paper placed directly by general motors acceptance corp. N N N to N days N N N to N days N N N to N days N N N to N days N N N to N days N N N to N days N N N to N days |
commercial paper high-grade unsecured notes sold through dealers by major corporations in multiples of $ N N N N days N N N days N N N days |
certificates of deposit N N one month N N two months N N three months N N six months N N one year |
average of top rates paid by major new york banks on primary new issues of negotiable c.d.s usually on amounts of $ N million and more |
the minimum unit is $ N |
typical rates in the secondary market N N one month N N three months N N six months |
bankers acceptances N N N days N N N days N N N days N N N days N N N days N N N days |
negotiable bank-backed business credit instruments typically financing an import order |
london late eurodollars N N N to N N N one month N N N to N N N two months N N N to N N N three months N N N to N N N four months N N N to N N N five months N N N to N N N six months |
london interbank offered rates libor N N N one month N N N three months N N N six months N N N one year |
the average of interbank offered rates for dollar deposits in the london market based on quotations at five major banks |
foreign prime rates canada N N germany N N japan N N switzerland N N britain N N |
these rate indications are n't directly comparable lending practices vary widely by location |
treasury bills results of the monday october N N auction of short-term u.s. government bills sold at a discount from face value in units of $ N to $ N million N N N weeks N N N weeks |
federal home loan mortgage corp freddie mac posted yields on 30-year mortgage commitments for delivery within N days |
N N standard conventional fixed-rate mortgages N N N N rate capped one-year adjustable rate mortgages |
source telerate systems inc |
federal national mortgage association fannie mae posted yields on N year mortgage commitments for delivery within N days priced at par N N standard conventional fixed-rate mortgages N N N rate capped one-year adjustable rate mortgages |
source telerate systems inc |
merrill lynch ready assets trust N N |
annualized average rate of return after expenses for the past N days not a forecast of future returns |
robert l. bernstein chairman and president of random house inc. announced his resignation from the publishing house he has run for N years |
a successor was n't named which fueled speculation that mr. bernstein may have <unk> with <unk> newhouse jr. whose family company advance publications inc. owns random house |
abrupt departures are n't <unk> of within the newhouse empire |
in an interview mr. bernstein said his departure <unk> out of discussions with <unk> newhouse and that 's the decision i reached |
he declined to elaborate other than to say it just seemed the right thing to do at this minute |
sometimes you just go with your gut |
mr. bernstein said he will stay until dec. N and work with his successor who is to be named soon |
mr. newhouse meanwhile insisted that he is n't unhappy with mr. bernstein or the performance of random house the largest trade publishing house in the u.s. |
the company said the publisher 's annual sales volume increased to $ N million from $ N million during mr. bernstein 's tenure |
bob has handled the extraordinary growth of the company quite <unk> said mr. newhouse |
the company is doing well it 's stable it 's got good people |
bob has an agenda and this seemed like the natural time |
publishing officials believe that while random house has enjoyed spectacular growth and has smoothly integrated many acquisitions in recent years some of the bigger ones have n't been absorbed so easily |
crown publishing group acquired last year is said to be turning in disappointing results |
as a private company random house does n't report its earnings |
mr. bernstein who succeeded bennett <unk> has been only the second president of random house since it was founded in N |
speculation on his successor centers on a number of division heads at the house |
possible candidates include susan <unk> president of <unk> <unk> random house 's huge and successful <unk> division |
some say anthony <unk> head of a recently acquired british company century hutchinson could be chosen |
there is also speculation that mr. newhouse could bring in a powerhouse businessman or another newhouse family member to run the business side in combination with a publishing executive like robert <unk> who left random house 's alfred a. <unk> to run the new yorker also owned by the newhouse family |
not included on the <unk> list are <unk> evans recruited two years ago to be publisher of adult trade books for random house and <unk> mehta president of the prestigious alfred a. <unk> unit |
when ms. evans took her job several important divisions that had reported to her predecessor were n't included partly because she did n't wish to be a full-time administrator |
mr. mehta is widely viewed as a brilliant editor but a <unk> administrator and his own departure was rumored recently |
mr. bernstein a tall energetic man who is widely respected as a publishing executive has spent much of his time in recent years on human rights issues |
congress learned during the reagan administration that it could <unk> the executive branch by <unk> again and again the same seven words provided that no funds shall be spent |
this phrase once again is found throughout the many appropriations bills now moving through congress |
it signals congress 's attempt under the <unk> of <unk> the public <unk> to deny the president the funding necessary to execute certain of his duties and prerogatives specified in article ii of the constitution |
this <unk> of congressional action is <unk> on an interpretation of the appropriations clause that is <unk> and unconstitutional |
the appropriations clause states that no money shall be drawn from the treasury but in consequence of appropriations made by law |
the prevailing interpretation of the clause on capitol hill is that it gives congress an <unk> veto over every <unk> action of the president through the ability to <unk> funding |
this interpretation was officially endorsed by congress in N in the iran-contra report |
as <unk> of congressional power understand a power of the <unk> so broadly <unk> would <unk> the presidency and <unk> the principle of separation of powers |
it is not supported by the text or history of the constitution |
the <unk> hardly discussed the appropriations clause at the constitutional convention of N according to madison 's notes |
to the extent they did their concern was to ensure fiscal accountability |
moreover the <unk> believed that the nation needed a <unk> executive with the independence and resources to perform the executive functions that the confederation congress had performed poorly under the articles of confederation |
it would <unk> that objective if the appropriations clause technically a <unk> on legislative power could be read as placing the president on congress 's short <unk> making the executive consist of the president and every member of congress |
as it went to the conference panel now <unk> the appropriations bill for the executive office of the president for fiscal N contained some <unk> attempts by congress to rewrite the constitution under the <unk> of protecting the public 's money |
during the coming weeks president bush must decide whether to veto the bills containing them or alternatively to sign these bills into law with a statement declaring their <unk> on executive power to be in violation of article ii and thus <unk> and <unk> |
the N appropriations legislation attempts to strip the president of his powers to make certain appointments as provided by article ii |
article ii places on the president the duty to <unk> and by and with the advice and consent of the senate <unk> <unk> judges and other officers of the u.s. |
it also <unk> the president to make <unk> appointments without senate approval the president shall have power to fill up all <unk> that may happen during the <unk> of the senate by granting commissions which shall expire at the end of their next session |
yet section N of the appropriations bill for the executive office provides no part of any <unk> for the current fiscal year contained in this or any other act shall be paid to any person for the filling of any position for which he or she has been <unk> after the senate has voted not to approve the nomination of said ... |
thus with one brief passage in an appropriations bill congress <unk> the president 's power to make <unk> appointments under article ii |
section N also imposes unconstitutional conditions on the president 's ability to <unk> candidates of his choosing |
the language of the appropriations rider implies that any nomination to any position of a rejected <unk> will result in the president being denied funding to pay that person 's salary |
the president could probably not avoid this restriction by choosing people willing to serve without pay because the <unk> act prohibits voluntary service to the government |
the N appropriations bills also contain a number of <unk> provisions that violate the recommendation clause in article ii of the constitution |
<unk> provisions which might be called <unk> laws as well prevent the executive branch from even looking at certain policy options let alone from recommending them to congress |
such laws violate the provision in article ii that requires the president to make recommendations to congress but which gives the president the discretion to select the subject matter of those recommendations |
typically these laws seek to prevent executive branch officials from <unk> into whether certain federal programs make any economic sense or proposing more <unk> alternatives to regulations |
probably the most <unk> example is a <unk> in the appropriations bill for the executive office that prevents the president 's office of management and budget from <unk> agricultural marketing orders to any <unk> scrutiny |
there is something <unk> suspect about congress 's <unk> the executive from even studying whether public funds are being wasted in some favored program or other |
perhaps none of the unconstitutional conditions contained in the appropriations bills for fiscal N better illustrates congress 's attempt to <unk> executive power than section N of the <unk> bill none of the funds made available <unk> to the provisions of this act shall be used to implement <unk> or enforce any regula... |
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