New Braunfels Herald Zeitung, August 15, 1980, Page 4

New Braunfels Herald Zeitung

August 15, 1980

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Issue date: Friday, August 15, 1980

Pages available: 122

Previous edition: Thursday, August 14, 1980

Next edition: Sunday, August 17, 1980

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All text in the New Braunfels Herald Zeitung August 15, 1980, Page 4.

New Braunfels Herald Zeitung (Newspaper) - August 15, 1980, New Braunfels, Texas Opinions Herald-Zeitung Claude Scruggs, Publisher George Runge, EditorJack AndersonPresident's lawyers break bank silence For months. I have investigated the strange financial links between the Carter crowd and the Arabs All the while, the guardians of President Carter's assets. Charles Kirbo and Robert I jpshutz, have been sitting like stuffed owls on the Carter ledgers. Kirbo has simply refused to take repeated telephone calls from my reporter Peter Peckarsky. Lipshutz answered the telephone at first but gave evasive answers. Once he slammed down the phone. Now out of Atlanta has come a law erly letter from the pair. professing indignation over my reports and offering a page of obfuscation in response. The letter has the whiff of whitewash common to political documents that are intended more to conceal than to clarify. I reported that the president had accepted favorable loan treatment from a bank controlled by Saudi Arabian businessman. Ghaith Pharaon. whose father advises the Saudi k»ng how to deal with Washington. Kirbo and Lipshutz now responed by asserting what no one disputes, least of all myself Their letter professes, as if I had reported something different, what I had been careful to point out:    That Carter became indebted to the National Bank of Georgia before he became president and before Saudi Arabians acquired his stock in the bank I agree completely with Messrs. Kirbo and Lipshutz that the Saudis had no interest in this obscure bank until Carter had become president. But here are some other points the Atlanta lawyers omitted from their letter . 111 That the Saudis had learned the Carter peanut business was one of the bank's biggest borrowers; (2) that the Saudis were also aware President Carter wanted to save his buddy Bert loanee. from financial ruin; *3) that Pharaon then purchased lance’s stock in the bank for about double its worth; 141 that Pharaon consulted his father in the Saudi palace before making the purchase; i5> that it was a questionable investment in a bank which was losing money and paying no dividends; '6) that the bank renegotiated the Carter loan shortly after coming under Saudi control; (7) that the new repayment terms were favorable to the president. Of all the banks in America, why would Saudis want to acquire the National Bank of Georgia0 The Saudis have made no secret of their belief that the real source of Jewish influence in Washington is a financial hold on the politicians who wield the power It follows that the Saudis, old hands at the politics of bribery and manipulation, would seek to use their petrodollars to gain a similar hold on the purse strings of the powerful. The Kirbo-Lipshutz letter also disputes my claim that the Carter family in 1978 got a $60,000 break on their loan from the now Saudi-controlled bank. Declares the letter: “The Carter business got no ‘break’ for $60,000 or even $1.” In fact, the family peanut works lost about $500,000 in 1977 and wound up the year insolvent, with $93,058.49 more liabilities than assets. This caused a strain on the president’s finances, since he was the only member of the family with the resources to make the payments on a construction loan. These were the circumstances when the Saudi-controlled bank reduced the principal repayment in 1978 from $168,000 to $80,000. After taking into account the extra interest, this amounts to a break of $80,000. To be as fair as possible, I used an even lower figure in my earlier report. Finally, the president’s trustees wind up their letter with a paragraph of nitpicking. They write: “The public records of Sumter County, Ga., have shown—for anyone who really wants facts—that the loan of NBG to Carter’s Warehouse was paid in full and satisfied in early March, 1980. The same public records show that the collateral previously given to NBG now is held by Trust Company Bank of Atlanta.” But this raises more questions than it answers. The document transferring the loan was orignally set for Feb. 29. This was the day before the United States voted in the United Nations to condemn Israeli settlements on the West Bank. The vote raised such a storm in the Jewish community that Carter repudiated it. But the timing suggests that the president’s trustees were trying to move the loan out of the bank before the vote was cast. Why the hasty transfer? Perhaps it was precipitated by questions in January’ from my reporter, Peter Peckarsky, who inquired about the president’s indebtedness to a Saudi-owned bank at the same time he was taking foreign policy cues from the Saudis. You see, the Saudis had pressed the United States to join in condemning the Israeli settlements. The president repudiated the vote, and at about the same time, Charles Kirbo took off for Saudi Arabia on a mysterious mission that hasn’t been explained. Mailbag Berst decries voter apathy To the Editor: In answer to an article of August 6. concerning the elderly. This is written for the approximately 90 percent of the eligible voters who didn t bother to go to the polls, especially when their future health is a stake. Isn't is amazing that the National Institute of Dental Research mentioned the tremendous advantages of drinking natural fluoridated water against un-fluoridated water. Here we have .2 to .3 per million of natural calcium rn the form of sodium Sodium fluoride, by the way. was used in large quantities, for the making of rat poison. Remember, “you get nothing for nothing ” The Federal Government hands out grants like there’s no tomorrow, but, you and I. as taxpayers, pay for each and everyone. City after city has rejected fluoridation. Hundreds of cities have thrown out fluoridation after trying it. Yet. New Braunfels thinks we have to have to have it. Why? BECAUSE ONLY, approximately, IO percent DEEMED IT NECESSARYTOVOTE. Houston voted not to fluoridate. Los Angeles voted not to fluoridate. San Diego discontinued after trying it. Mandatory fluoridation was defeated in New York State. Canton. Ohio, Kansas City. Mo., Eugene, Ore., discontinued after trying it. Wichita, Kansas voted no. Mandatory fluoridation was defeated in Florida. Tallahassee, rejected, voted no. Williamsport, Pittsburgh. Allentown, Bethlehem. Pa . all voted no. It w as banned in the state of Illinois. This just scratched the surface, I could go on and on. Incidentally, most of the Pennsylvania cities* officials who voted for fluoridation were not reelected. Aside from the fact that it expensive, it also, takes extra people to maintain and operate, which is more expensive Fluoride has a habit of clogging pipes and machinery. It takes repair. Yes. New Braunfels has a lot to look forward to all because you. and you. and you didn’t vote. Bill Berst NO FAULT INSURANCE Remember when? Henry J. Taylor 25 years ago Standing in the Comal County Fair Queen’s Contest has taken a decided change during the past week, and Miss Irene Stoats is now in the lead Miss Annie Vogel comes second, and Miss Hernia Benoit third. The gneral contract for the erection of the new First National Bank Building was let Thursday at noon to Walsh. Burney and Key, Inc , of San Antonio Their bid was $48,300. The city commission and a committee of Adolph Henne, Harry Wagenfuehr, Bailey Jones and J R. Fuchs decided Tuesday to drop for the present the matter of the purchase of I-anda Park Seen About Town: Judge Adolph Seidemann with a complete oil drillers outfit on. It was given to him by the I -ions Club Thursday, August 8, and since then Judge Seidemann has been strutting the streets feeling like an oil king. A test well is being drilled three miles east of New Braunfels on Seidemann’s farm. Up until Wednesday approximately 500 bales of cotton had been ginned by the gins in this vicinity. On this date last year no bales had been ginned Mr. Carl Druebert, aged 52 years, an esteemed and w idely known resident of Barbarossa, died Tuesday night after a lingering illness. Miss Alvina Bensch, daughter of Mr and Mrs. John Bensell, was the hostess of a very pretty birthday party. 50 years ago On September 15, the city of New Braunfels will make the final payment on the City Hall. City Clerk Emil Haas said he would issue a check for $2,058 04 on that date and close out the 25-year-old account. City Hall was built in 1930 at a cost of $25,000 “Somebody’s got to get some water in here." Dr A.J. Binman told fellow members of New Braunfels Rotary Club Wednesday noon “Up to now we have only talked about saving them (Comal Springs)," said the doctor, “and our underground source is continuing to be Upped heavily...We can’t afford to allow our springs to die." Eleven members of Teutonia l-odge No. 21, Order of Hermann Sons, helped member Henry Meyer celebrate his 7bth birthday or. Sunday, July 24, The engagement of Miss Mae laidley of New Braunfels to Jack Kraft has been announced. The New Braunfels Unicorn cheerleaders proved to be among the tops in the Southwest at recent competition held at the University of Oklahoma. This team tied with a team from Kansas and Oklahoma for honors among 50 schools from six states They are, .Marjorie Hansmann, Betty Sue Jackson, Patsy Patterson. Jean Gardner and Patsy Lange. The three top w inners rn the annual Comal County Senior 4-H Girls Dress Revue are Jeannette Snoddy of Spring Branch, champion; Maxine Glenew inkel of Central 4-H, second; and Betty Jean Heise, also a member of the Central Club, third Algeria is plagued Algerian Petroleum .Minister Ab-decahmane Y. Nass now sings the blues. At a secret session of the National liberation Front, Algeria’s only party. he sUted: “Today w e are running out of oil. We have only about 18 years left Our enormous natural gas reserves similarly are threatened. We communists have wasted our money." Nass added that more than half of all known oil reserves, as well as much of the natural gas under Algeria’s deserts, has been pumped up and sold. This has netted the government billions of dollars. But, due to haphazard industrialization, this windfall has become a tragedy. International Telephone and Telegraph was hired to build a large electronics plant at Sad! Abbes; steel mills have been erected at Annaba and Skikda, 30 miles from Algiers’ Mediteranean coast; and a telephone equipment factory has been built at Tlemcen. Constantine now is the center for tractors and machine-tool production, and Medea is outstanding in the manufacture of pumps and valves. But Nass remains convinced that this and similar industrialization is a mistake, since oil and natural gas reserves have been neglected. Now such leaders as Algerian President Houari Boumedienne are forced to admit that much of the money has been wasted on ill-considered projects that were undertaken without any testing of demand for them. The tiny Bassi Messaoud marketplace is a microcosm of Algeria’s tragedy of wasted dollars. A used foreign TV set sells for more than half as much as an Algerian-made set—because, said the owner, “It’s French and works better." More than a million French settlers have been sent packing. Their estates in Algiers and throughout the country have been broken up or turned into cooperatives The French language and French culture were condemned to death by a government policy of Arabization. The bureaucracy is immense, and state industries are not competitive; the make-work is endless. This slows down Algeria's entire economy, absorbing an increasing amount of the oil and natural gas revenues. The government’s foreign debt exceeds $15 billion, and agriculture has collapsed. In 1979 this collapse forced Algeria to import about $1 billion in food The U S. dollar is worthless and, like other currencies and bank balances, is handled only by the central Bank of Algiers. As a result of Algiers shameful debacle, Boumedienne forced the resignation of his industrial minister who had been allowed to raise oil anc natural gas revenues and then spend the results. Instead, Boumedienne split thi: ministry into three parts: energy, heavj industry and light industry. At the same time, he appointed to the energy post < loyal and intimate crony, Nazim B Zouioche. director of oil and natural gas In taking office, Zouioche stated: “W< aim to hold oil production steady around the present annual 57 nullioi tons level, with only small variation insuring wells at optimal levels. “In the coming years," he added “natural gas exports will soar. Mean while, Algeria sharply is boosting it natural gas prices. We are renegotiate our prices with U.S. and Europea customers." At first, Zouioche attempted to charg oil buyers $3 per barrel as an “ex ploration premium." This meant liftin the price of crude oil. Customers eoul charge the premium against Algeria exploration. Zouioche now announces that Algeria has oil and natural gas exploratio contracts. Zouioche has stated Algeria’ objective of turning its nature resources toward an industrial future as if the past waste of manpower mean nothing Algeria is in deep trouble I ;

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