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For. Political Contributions / American Companies / Slush Funds #240009

CBS Evening News for Friday, May 16, 1975
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(Studio) Gulf Oil chairperson tells Senate subcommittee his firm secretly made huge political contributions to foreign cntrys.
REPORTER: Bob Schieffer

(DC) To protect investment in South Korea, Gulf illegally gave $4 million to political party of President Park Chung Hee; slush fund also bought helicopter for Bolivian presidential hopeful Rene Barrientos; money also used to publicize Arab cause in Arab-Israeli conflict. [Gulf board chairperson Bob DORSEY - explains pressures used by foreign cntrys. to get Gulf handouts.] [Senator Dick CLARK - asks if most American companies with international connections carry on this practice.] [DORSEY - thinks most companies do carry on this practice.]
REPORTER: Lesley Stahl

(NYC) Slush funds nothing new; Watergate and its aftermath exposed these practices. Gulf's political payments here and abroad between 1960 and 1974 reviewed. Payments amtd. to at least $5.4 million. William Bigley responsible for getting laundered money back to US. Northrop Corp. another target of Securities and Exchange Commission slush fund investigation; Securities and Exchange Commission charges reviewed. Details of Northrop's illegal political contributions between 1961-1974 given. William Saavy responsible for returning laundered money to US. 1 secret contribution helped pay for Watergate cover-up; money went to Herbert Kalmbach. Details of illegal Nixon contribution reviewed; Northrop President Thomas Jones hand delivered $50,000 to Nixon fund raiser in Los Angeles and $50,000 to Maurice Stans in DC. Northrop and Gulf just 2 of many companies under investigation.
REPORTER: Robert Schakne

Reporter(s):
Schakne, Robert;
Schieffer, Bob;
Stahl, Lesley
Duration:
00:05:20

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