Page 2B THE BATTALION
WEDNESDAY, NOVEMBER 5, 1980
Iranian asset release illegal?
United Press International
American banks and companies
doubt the legality of unfreezing Ira
nian assets and canceling all lawsuits
against the Mideast nation to free the
hostages, even if President Carter
decides to comply with Iran’s ransom
demands.
million by a federal judge, but Iran is
appealing the decision.
AT&T is owed more than $60 mil
lion and has sued to recover its
Some attorneys predict those two
conditions for release of the 52
American hostages would spark mas
sive legal complications, and finan
cial experts say banks could not re
lease the billions of dollars in frozen
assets without collateral for loans
outstanding to the late shah’s gov
ernment.
money.
The Iranian parliament, however,
has demanded immunity from all
pending suits in U.S. courts.
“Whether President Carter has
the legal right to do that (annul all
sure what legal questions are in
volved or whether we could just un
ilaterally cancel the debt without
shareholder approval. ”
Assistant U.S. Attorney Robert
Gruenberg, who said efforts to delay
proceedings in nine suits in Chicago
against Iranian defendants have
been unsuccessful so far, noted it will
be difficult for the president to con-
More than 200 lawsuits trying to
attach Iranian assets have been filed
by U.S. corporations and individuals
who are owed money by the former
regime.
“We all want the hostages to come borne, ”
said AT&T spokesman William Mullane.
“But we ’re not quite sure what legal
questions are involved or whether we could
just unilaterally cancel the debt without
shareholder approval."
Two Dallas companies — SED-
CO, an oil exploration company
founded by Texas Gov. Bill Cle
ments, and Electronic Control Data
Corp. — have claims pending. The
oil firm’s suit seeks $175 million in
payment for property confiscated
during the Iranian revolution. The
computer company was awarded $19
claims) or not, I’m not sure,” said
Spencer Taylor, executive vice pres
ident of SEDCO. “But I seriously
doubt that the companies that are
involved will just roll over and play
dead.”
“We all want the hostages to come
home,” said AT&T spokesman Wil
liam Mullane. “But we’re not quite
vince individual plaintiffs to drop
their suits since the right to sue for
damages is guaranteed in the Consti
tution.
And he said an order by Carter
unfreezing the assets wouldn’t
necessarily have any effect. Indi
vidual judges could seize the funds,
I
MSC CEPHEID VARIABLE
PRESENTS
I
THE BLACK HOLE
pending outcome of any legal pro
ceedings.
In New York, Chase Manhattan
bank said it was “confident that the
government will not take lightly the
legitimate legal claims that American
companies and American individuals
have against Iran. ”
U.S. commercial banks are hold
ing some $6 billion in Iranian assets
— plus millions in interest—in New
York and in their branches abroad.
By some estimates, as much as $13
billion in Iranian assets were frozen
by Rresident Carter last Nov. 14 af
ter Iran threatened to transfer bil
lions of dollars out of U.S. banks in
retaliation for Carter’s ban on oil im
ports from Iran.
Banks are not sure if agreeing to
the second ransom demand — re
leasing the assets — would be legal.
“We’re looking for definition from
the government,” said one banking
official who asked not to be named.
“There’s not a damn thing we can do
or will do until the government de
cides how it wants to handle it. ”
Most banks and companies in
volved in legal actions agreed with a
statement by Bank of America that it
“concurs with President Carter’s ini
tial response to the Iranian Parlia
ment’s decision to release the hos
tages. ”
Bank of America has $340 million
in loans to Iran, but has deposits of
over $1 billion. Chase Manhattan has
more than $500 million in Iranian
deposits against $340 million in loans
to that country.
I
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Cross burning protested
by Massachusetts studenh
United Press International
WILLIAMSTOWN, Mass. — Hundreds of Wil
liams College students, black and white, wept and
embraced at a rally to protest a cross burning at their
small liberal arts college in the Berkshires.
School officials Monday offered a $1,000 reward
for information about persons involved in the Satur
day night burning of a small wooden cross, set afire
near a building where a homecoming party was being
held by the black student union.
A college security officer doused the fire but didn’t
reach the area in time to arrest anyone, officials said.
They said one or two “sheet-clad figures” were seen
running away.
A security escort system was set up shortly after
ward for those who requested it.
During Monday’s anti-racism rally, Muhammed
Kenyatta, a black senior at Williams, read an emo
tional prayer as students held hands in unity.
“We gather here because the burning of the cross
was the burning of our hopes — the hopes of justice,
of equality and of sisterhood and brotherhood among
men,” Kenyatta said. “The whisper that reaches us
here, even in this place, is but a whisper of an
sweeping across our land.”
John W. Chandler, president of the prestij
school, told students, “The deeply disturbing j
dent is an affront to the fundamental values u
commitments of Williams College.
“In view of the resurgence of the Ku Klux
many areas of the country and the mysterious*
ders and disappearance of black children in Atfc
and Buffalo, black students have special reasonslijj
anxious and disturbed by what has happened,’;
said.
The cross burning recalls “a lot of things you*
about, but can’t visualize happening, especial]
the ivory tower. But this is not an ivory tower,"sif
College Council President Darrell McWborteii
black student.
Kenyatta ended his prayer saying, “every ti®
cross is burned, or a child is murdered wejustrei
dicate ourselves just that much more to the cause
believe in — that all people might be one, migll
free, might live in peace and justice and dare we*
it — live in love.”
Medical research urge
as social investment
United Press International
WASHINGTON — A Canadian
scientist says it is time for the public
and its leaders to change their atti
tudes about medical research and
look at it as a social investment—not
a charity.
“There is no more important pub
lic policy issue today than that of in
vesting in science to prevent and
cure disease — in humans, in anim
als and in the plant world,” said Dr.
William C. Gibson of the Universi
ties Council of British Columbia.
$6.3 billion in income. And $2 billion
in hospital costs alone were saved.
“Cost-benefit analysts — the
doubting Thomases among econom
ists —would be surprised to find that
the total cost of the vaccine and its
field trials was only $41 million. The
savings, per year, were 70 times the
cost of the vaccine.”
“Public attitudes, nationally and
internationally, must change,” he
said. “It is counterproductive to go
on pretending that medical research
is a charity to be indulged, rather
than a great force to be liberated. ”
Gibson, writing in the Journal of
the American Medical Association,
cited polio as an example of a massive
payoff from a relatively small invest
ment.
Gibson said the rubella vaccine in
the United States prevented 9.7 mil
lion acute cases of measles in its first
five years of use. He said these cases
would have produced 3,244 inst
ances of mental retardation. In addi
tion, he said the vaccine saved
55,000 hospital days, 291,000 years
of normal life and 1.6 million days of
work.
He said the costs of developing
and administering the vaccine were
infinitesimal in comparison.
“staggering amounts, financial] |
socially.”
In the United States aloit
said, $6 billion was spent in III
nursing home care for people
chronic brain disorders, wilt
$4.5 million funded researd
problems caused when tkk
“wears out” years ahead oftke
the body.
Malaria was cited as anotheic
pie of a disease in dire need
search money. Gibson said I'J
lion people suffer from thedisa
Africa, Asia and Latin Amelia
less than 2 cents per person si
from malaria goes into main
search.
This is in contrast to came
search which he said receives
per cancer case, thanks to pi
initiative and governmental!
MOHITEAS
In the first six years after the intro
duction of the polio vaccine in the
United States 20 years ago, 154,000
cases of paralytic polio with 12,500
deaths were prevented.
This, he said, averted the loss of
Yet Gibson said the full potential
of science lies untapped. This, he
said, is because countries cannot
arrange for a small fraction of their
gross national products to be com
mitted steadily to science.
For example, Gibson said neglect
of the aging human nervous system is
costing taxpayers around the world
“Most governments knowi
thy population’s income taiB
more than cover the natal
search investment. A healthyp
lation needs far fewer hospital
The savings can be enormous.
“To doubters, one canonlys
you think medical researchist
sive, try disease.’”
>„v- O,^
^ BRUJERIAS V
SUPERSTITIONS \
a one-act playlproduced by
Vote machi
served onlf
one voter
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EL TEATRO I
de la
ESPERANZA i
y
Nov. 7, 1980 Rudder Theater 800 p.m
Presented By v.S?
\ MSC CAMAC *
Ticket Information- MSC Box Office - 845T234
vV
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United Press International
OKLAHOMA CITY-
many voters were standing ink
more than an hour to use a f
machine early Tuesday,
machine sat unused.
■ Or almost unused.
The voting machine was set!
serve an area called a sub-pret
“You’re not going to believe
but one voter lives
precinct,” said state Election
official Kip Stratton after
registration lists.
The voter, who
Democrat, lives in a subpn
Ward 1, precinct 2.
He or she was to be the ouk
son using that machine.
Meanwhile, voters were «?•*
40 minutes to more than anl« |
use the voting machine for®
precinct 2, which is in the su!
Warr Acres.
ma
leneres efficient home?!
The precinct is in Senate Dir ;
40, while the subprecinct is is 1
ate District 47. So the via
machines must be program?.?: •’
ferently, Stratton said. |
pro
yoi
Yet
Guys AND Gals Hair Design
ARE CHANGING THEIR NAME
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MANHATTEN SOUTH
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STILL THE VERY BEST IN HAIR CARE!
AND NOW WE’VE ADDED SOMETHING NEW!
112 Nagle at University
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