The Battalion. (College Station, Tex.) 1893-current, December 03, 1982, Image 2

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

    opinion
Battalion/Page 2
December 3,1982
Slouch By Jim Earle
” ... and if you think this week was tough, wait’ll next
week! Don’t wake me up until Monday.”
Making crime pay
in Washington law
by Maxwell Glen
and Cody Shearer
Ronald Reagan’s Wall Street watch
dog seems determined to make crime
pay.
In a striking tiew interpretation of a
half-century-old law, Reagan’s men at
the Securities and Exchange Commission
(SEC) indicated last week that the gov
ernment woidd investigate illegal corpo-
1 rate behavior only when such actions re-
1 suited in financial gain.
The reasoning behind a speech by
I SEC enforcepient chief John Fedders is
classically Reaganesque. Though Fed-
I tiers told a lawyers’ group that most
American investors expect businesses to
abide by standards of loyalty and hones
ty, he insisted that all stockholders share
; but one genuine interest: “the expecta-
; tion of a return on investment.” Unless
company behavior affects the bottom
line, he argued, the particulars don’t
matter.
Since the creation of the SEC, prohibi
tion of questionable behavior by publicly-
traded companies has hinged on a slim
provision in federal law stipulating strict
reporting of company transactions, legal
or otherwise. Suppression of this infor
mation, know as “material facts,” has
been illegal since 1934 on the grounds
that it encouraged the kind of misin-/
formed public investing that ^ helped
cause the 1929 stock market crash.
Yet, from Fedders’ perspective, re
porting requirements serve no public in
terest as long as the culprit companies
haven’t profited from their mischief.
“If unlawful conduct could not have a
material economic ef fect on a corpora
tion, it is not likely to be considered im
portant by a reasonable investor,” said
Fedders.” ... therefore it would be diffi
cult to prove in a law enforcement pro
ceeding that the information would be
important.”
Hence, less than five years after the
SEC invoked the anti-fraud provision to
force confessions of bribery from nearly
500 U.S. companies (nearly a third of the
Fortune 500), the administration is aban
doning the traditional standard of “in
tegrity of management.” By reneging on
its major enforcement responsibility, the
administration also sends a strong signal
to business that ethical purity is subordin
ate to rough-and-tumble risk-taking.
In the short term, this policy may
brighten corporate outlooks. In the end,
however, it could sour investors and soil
reputations. Reasoned one source close
to SEC investigations: “Fedders may be
lieve that as long as the company steals
for you, rather than from you, it’s OK.
But if a guy steals for you today, who’s to
say he won’t steal from you tomorrow?
This could create a climate that will lead
to a lot of other liberties with the law.”
Yet another Washington outrage has
been the ref usal of incumbent senators to
move into the new $150 million office
building they’ve built for themselves.
One suggestion for filling the 50-suite
structure, named for the late Sen. Phillip
A. Hart (D-Mich.), would be to move the
49 senators who voted for the most re
cent appropriation request for the mar
ble-faced Capitol Hill eyesore.
Garry Trudeau, creator of the soon-
to-disappear comic strip “Doonesbury,”
expects to begin work with Robert Red-
ford early next year on the production of
their new movie about the New Right.
Frudeau has finished the script for the
still-unnamed film, which involves the
efforts of a young conservative political
action committee operative to unseat a
liberal congresswoman.
Yale University has joined a handful
of American colleges which have agreed
to provide financial aid to male students
whose federal assistance has been jeopar
dized by failure to register with the Selec
tive Service System. Yale has vowed to
make scholarship funds and loans avail
able to those who lose their federal grants
and loan eligibility. Borrowers, however,
will have to pay market interest rates
rather than the 9 percent charged on fed
eral loans.
The Battalion
USPS 045 360
^ Member ot
Texas Press Association
Southwest Journalism Conference
Editor Diana Sultenf'uss
Managing Editor Phyllis Henderson
Associate Editor Denise Richter
City Editor Gary Barker
Assistant City Editor Hope E. Paasch
Sports Editor Frank L. Christlieb
Entertainment Editor Nancv Floeek
Assistant Entertainment Editor Colette
Hutchings
News Editors Cat In Capps, Jennif er
Carr, Johna Jo Maurer,
Daniel Puckett, Jan Werner,
Todd Woodard
Staf fWriters Jennif er Carr, Susan
Dittman, Beverly Hamilton,
David Johnson, John Lopez,
Robert McGlohon, Carol Smith,
Dana Smelser, Joe Tindel, John
Wagner. Rebeca Zimmermann
Copy editors Elaine Engstrom,
Jan Svvaner, Chris Thayer
Cartoonist Scott McCullar
Graphic Artist Pam Starasinic
Photographers David Fisher, Jorge Casari,
Ronald W. Emerson, Octavio
Garcia, Irene Mees, John
Ryan, Robert Snider
Editorial Policy
The ButlHlion is ;i non-protit, sclt-suppoiling news
paper operated as a community service to Texas AKM
University and Bryan-Collegc Station. Opinions ex
pressed in The Battalion are those ot the editor or the
author, and do not necessarily represent the opinions ot
Texas A&M University administrators or tacuilv mem
bers, or of the Board of Regents.
The Battalion also serves as a laboratory newspaper
tor students in reporting, editing and photography clas
ses within the Department of Communications.
Questions or comments concerning any editorial mat
ter should be directed to the editor.
United Press International is entitled exclusively to
the use for reproduction of all news dispatches credited
to it. Rights of reproduction of all other matter herein
reserved.
Second class postage paid at College Station, TX
77843.
Letters Policy
Letters to the Editor should not exceed 300 words in
length, and are subject to being cut if they are longer.
1 he editorial staff reserves the right to edit letters for
style and length, but will make every effort to maintain
the author’s intent. Each letter must also be signed and
show the address and phone number of the writer.
Columns and guest editorials are also welcome, and
are not subject to the same length constraints as letters.
Address all inquiries and correspondence to: Editor,
The Battalion. 210 Reed McDonald, Texas A&M Uni
versity, College Station, TX 77843, or phone (713) 84r>-
2011.
The Battalion is published daily during Texas A&M’s
fall and spring semesters, except for holiday and exami
nation periods. Mail subscriptions are $10.75 persemes-
ler, $33.25 per school year and $35 per full year. Adver
tising rates furnished on request.
Our address: The Battalion, 210 Reed McDonald
Building, Texas A&M University, College Station. TX
77843. ‘
Reagan and U.S. Love Boat
by Art Buchwald
“This is your Captain speaking. Wel
come to ‘Love Boat USA.’ We’re going to
have a wonderful triji because my crew
has navigated a sure-f ire course to get us
out of these heavy seas.”
“Permission to come on the bridge,
sir.”
“Permission granted, Stockman.”
“Sir, we’re in much deeper water than
I predicted.”
“Stay the course.”
“When we set sail my calculations indi
cated that we would be short 50 billion
gallons of fuel. But now because the shijj
is hardly moving, we could be short 185
billion gallons.”
“Let’s give every passenger another
fare cut. That should get the boat moving
again.”
“We have to find some way of getting
more fuel. Giving everyone a fare cut
now won’t do it.”
“Why don’t we lay off more of the
crew?”
“We’ve cut the crew to the bone. There
won’t be much savings there.”
“Then cut down on benefits for the
passengers.”
“Yes, sir. All the passengers?”
“Of course not. Just those, in tourist
class. We don’t want to deprive the first
class passengers of anything they need. If
the first class passengers are happy, it will
eventually trickle down to the tourist
class.”
“Chief Regan wants to speak to you,
sir.”
“What is it, Regan?”
“Bad news from the boiler room.
We’re running out of steam and the en
gines are only operating at half their
capacity.”
“Stay the course, Regan.”
“Yes, sir, but if we can’t produce steam
we’re going to have to use up even more
fuel than we anticipated.”
“Don’t worry. When my fare cut goes
into effect we’ll have all the steam we
want.”
“Captain, this is Officer Schweiker on
C Deck. A lot of steerage passengers are
seasick. Many of them are f alling over the
side.”
“Put uj) some more safety nets.”
“I don’t have any safety nets. You
ordered them thrown overboard to light
en the shijj’s load.”
“Well, then, the passengers are going
to have to stay in the water until we get
things straigtened out on the bridge.”
“They’re drowning, sir.”
“My heart goes out to them, but stay
the course.”
“Captain, damage control says we’re
taking bilge in the cargo holds)!
gross national product baro«i
dropping fast.”
“Tell them to reduce the pm
terest rate values.”
“They have, sir, but the bilgt
stoj). They want to know if you-
turn the shij) 20 degrees until lit
|)inn|) out the water.”
“I’m not interested in quid ft
save a leaking boat. Stay the conn
“Chief Gunnery Officer Weii
requests to speak to the captain,’
“Of course, Caspar. What’s up! |
“I’m going to have to put morel |
guns f ront and aft, sir, and 1 m i
controlled dej)th charges andtorp I
on deck, and I must install MSmiss |
the stern.”
“I don’t see any problem will; |
that. Go ahead. WTy are yous I
Stockman?”
"Sir, if we put all that militan
ware on deck in these heavyseasu
short over 220 billion gallonsoffi |
“As Captain I have no intention! I
ting back on the security needsi
shijj. If Caspar says he needsJ
stuff, then that’s good enoughfol
“Captain, look at those wavesll
we’re rolling into a depression."
"Keej) your voice down, Dole,
scare the passengers. Staythecoii
Bi
ke
by
B
Street
be more
the city
system t
for repai
municip;
manager
The (
Division
ing a cc
would f;
and ma
Ilschner
of the n
partinen
Traffic 1
He s
managei
PAVER
Bryan st
priority
ter coul
which st
paired fi
PA VI
$69,000
joint p:
Municip
ment an
ing dej
A&M 1
said.
The l
IFMEiS AH AGENT MOLOTOV BUM THIS OFFICE, W
WIFEYWISYOUTO PICK UP SOME MILK OH YOUR WAY HOI
develop
ram for
gradual!
gather i
While ai
miles of
would r
conditio
dons.
Using
PAVER
nance cr
quire
Ilschner
P&
ap
by S
Ba
The Col
aftd Zonin
day night
the ColU
Church fo
sign.
Pastor
that the c
has been ii
the churc
The churc
in membei
since its o
that with
church, ar
order.
A 19-f
focal poin
In oth
■nission:
Letters: Twelfth Man non-reqs
—appr
10 childrt
cated in t
603 of t
Apartmen
—authc
Editor:
This letter is in response to Coach
Jackie Sherrill’s recent announcement
that he plans to use “the 12th Man” on his
kick-off coverage team at all home games
beginning next season. Although Coach
Sherrill is sincere about this great, new
endeavor, he is being quite biased in his
choice of using only members of the
Corps of Cadets. Come on, Jackie! Were
you aware that there are 30,000 plus non-
regs at this university, many of whom are
just as supportive of “the 12th Man” tra
dition?
It is attitudes like yours and many
other jxiojde that keep this institution
from progressing as it should. Even the
publication of an underground news
paper which was meant to wake many
people up and make them aware of their
outdated views seems to have done no
good! Let’s face it, Ags, the “good old
clays of‘Old Army’” are on their way out!
One last question for Coach Sherrill:
What would the stands of Kyle F'ield look
like if more than 30,000 non-regs de
cided to abandon the 12th Man tradi
tion? You’re trying hard, Coach, but you
need to be aware of till the resources
available to you.
Steve Trolinger ’83
Nuclear news
Editor:
I noticed Maxwell Glen and Cody
Shearer reporting in their column titled
“Brief News about Reagan” that the nuc
lear power industry is preparing a “wide-
ranging” program to promote atomic
energy next year.
It was reported $21 million has been
pledged by the entire industry which in
cludes advertising in resj^onse to frustra
tion over its treatment in the mainstream
American jiress.
It is about time that the nuclear indus
try stopped reacting to the environmen
talist “greenie” onslaught against prog
ress like a damned ostrich, burying its
head in the sand.
It was also reported that Cambridge
reports presented Findings of a poll that
Americans oppose exjxmsion of atomic
plants by a 2-1 margin to the American
Nuclear Society. The opposition to solv
ing our energy problems once and for all
by the widespread expansion of safe,
clear nuclear power installations, spent
fuel reprocessing, closing the nuclear
fuel cycle, and rapid development and
commercialization of fusion reactors is
not surprising . The media outside of Sci
entific journals, Fusion Magazine, and
New Solidarity Newspaper has consis
tently blacked out any coverage of any
organized opposition to the No Nuke —
zero growth movement.
Also rather than inform the American
people of the facts and cover the opinions
and actions of both sides of this issue, the
media (which is tightly controlled) has
given only one-sided coverage. That is
why the American people do not know
who Lyndon LaRouche is, or who Dr.
Steven Bardwell is, or have heard of the
National Democratic Policy Committee
or of the Fusion Finergy Foundation.
The above organizations and people
I’ve listed represent the main {proponents
for the policy of switching to a hydrogen-
based economy through expansion of
Nuclear power and development of fu
sion. I implore fellow Aggies who want
economic development to call the various
news media and demand that they start
covering both sides of this inf
issue. Also, the National Democrai 1
cy Committee and the Fusion
Foundation challenge any oppoi
expanding nuclear power toap
bate.
I only hope that the industry
tactic of arranging public deW
paying' for network coverage
NDPC had the funds of $20milli
able, I know for a fact that the
would change the direction of
dons energy policies by turning 1
out of three currently ignorant
icans into educated citizenry
Brian ’
Camera stolen
Editor:
This past week my dad came
bonfire. He stayed in my roomtl
While we were outside, somedj
into my room and stole my dad’s
It is a Canon AE-1,35mm, with?
Canon lens and Albinar lens covet
camera is valued at $350.
The theft has been reported
University Police; however, the^
has not turned up. My dad and
want to blame an Aggie for the
since there were many people n(f
Texas A&M watching Bonfit
thought Aggies would have raon
If the person responsible ford
is reading this letter, bring the
hack, contact me at 260-6849 or
by Dormitory 11, Room 111.
a 37.06 aci
a fthe sou
intersectic
Wellborn I
district.
—passe
Karl A. Tre^
William P. Ire 111
• Witt
diplon
mourn
with a
loma V
with y,
iater tl
AVAIL
o
ar