Nothing is more important to me personally. But it is private, and I intend to reclaim my family life for my family. It’s nobody’s business but ours. Even presidents have private lives. It is time to stop the pursuit of personal destruction and the prying into private lives and get on without national life.

Our country has been distracted by this matter for too long, and I take my responsibility for my part in all of this. That is all I can do.

Now it is time - in fact, it is past time - to move on. We have important work to do - real opportunities to seize, real problems to solve, real security matters to face.

And so tonight I ask you to turn away from the spectacle of the past seven months, to repair the fabric of our national discourse, and to return our attention to all the challenges and all the promise of the next American century. Thank you for watching. And good night”.

Assignment:

1.  How does Bill Clinton’s TV address correspond with John Steinbeck’s description of Americans’ attitude towards their Presidents?

2.  Is there a balance between the public’s right to know and the individual’s right to privacy? If not, how do you think this balance could be achieved: by legislation or by a voluntary code?

THE MONEYCHANGERS

(excerpt)

by Arthur Hailey

NOTES:

Roscoe Heyward – an executive Vice-president and controller of the bank.

Alex Vandervoort – an executive Vice-president of the bank.

Both men represented the second management echelon immediately below the presidency and they were in many ways, rivals.

НЕ нашли? Не то? Что вы ищете?

Edwina D’Orsey – FMA’s ranking woman executive.

Nolan Wainwright – the Vice-president for Security.

Forum East is a low-income residential area.

The FMA plans to cut financing future Forum East projects in half.

Margot Bracken – a lawyer and a left-wing activist.

* * *

Like a bubble surfacing from underwater, the first hint of trouble appeared in mid-January. It was an item in a gossip column, “Ear to the Ground”, published in a city newspaper’s Sunday edition.

The columnist wrote:

…Whispers around downtown predict major cutbacks soon at Forum East. 'Tis said the big-big rehab project has bankroll problems. Nowadays who hasn’t? …

Alex Vandervoort was unaware of the item until Monday morning when his secretary placed it, ringed in red, on his desk with other papers.

During Monday afternoon Edwina D’Orsey telephoned to inquire if Alex had read the rumor and if he knew of anything behind it. Edwina’s concern was not surprising. Since the beginning of Forum East, her downtown branch bank had handled construction loans, many of the mortgages involved, and accompanying now the project represented an important segment of branch business.

“If there’s something in the wind,” Edwina insisted, “I want to be told.”

“So far as I know,” Alex reassured her, “nothing’s changed.”

Moments later he returned his hand to the telephone intending to check with Jerome Patterton, then changed his mind. Misinformation about Forum East was nothing new.

The project had generated much publicity; inevitably some was inaccurate.

It was pointless, Alex decided, to bother the bank’s new resident with needless trivia, particularly when he wanted Patterton’s support on a major issue – a large-scale expansion of FMA savings activity, now being planned for consideration by the board.

However, Alex was more concerned a few days later when a longer item appeared, this time in the regular news column of the daily Times-Register.

The report read:

Anxiety about the future of Forum East persists amid growing rumors that financial backing may shortly be reduced severely or withdrawn.

The Forum East project, which has as its long-term goal a total rehabilitation of the city’s downtown core both business and residential, has been underwritten by a consortium of financial interests spearheaded by First Mercantile American Bank.

A spokesman for First Mercantile American today acknowledged the rumors but would make no comment except to say, “An announcement will be forthcoming in due course.”

Under the Forum East plan, some inner city residential areas have already been modernized or rebuilt. A high-rise, low-rental community development has been completed. Another is in progress.

A ten-year master plan includes programs to improve schools, assist minority businesses, provide job training and employment as well as cultural opportunities and recreation. Major construction, begun two and a half years ago, has so far remained on schedule.

Alex read the morning news story at his apartment over breakfast: He was alone; Margot had been out of town on legal business for the past week.

On arrival at FMA Headquarters Tower he summoned Dick French. As Vice-president of public relations, French, a burly, blunt-speaking ex-financial editor, ran his department knowledgeably.

“In the first place,” Alex demanded, “who was the bank spokesman?”

“That was me,” French said. “And I’ll tell you right now I wasn’t happy about that ‘statement in due course’ crap. But Mr. Patterton told me to use those words. He also insisted I shouldn’t say more.”

“What more is there?”

“You tell me, Alex. Obviously something’s going on and, good or bad, the sooner we put it on the line, the better.”

Alex curbed a rising anger. “Is there a reason I wasn’t consulted about any of this?”

The p. r. head appeared surprised. “I thought you were. When I talked on the phone to Mr. Patterton yesterday I know Roscoe was with him because I could hear them talking. I assumed you were in there, too.”

“Next time,” Alex said, “don’t assume anything.”

At eleven Alex walked the few yards to the presidential suite – two corner rooms, each with a view of the city.

Today, bright sunshine from a cloudless winter sky shone through the wall-wide windows onto Jerome Patterton’s pink, near-hairless head. Seated behind a desk, he wore a light patterned suit, a switch from his usual tweeds. A newspaper in front of him was folded open to the news story which had brought Alex here.

On a sofa, in shadow, was Roscoe Heyward.

The three exchanged good mornings.

Patterton said, “I asked Roscoe to stay because I’d a notion what the subject might be.” He touched the paper. “You’ve seen, this, of course.”

“I’ve seen it,” Alex said. “I’ve also had Dick French in. He tells me that you and Roscoe discussed the press queries yesterday. So my first question is, why wasn’t I informed? I am as involved as anyone with Forum East.”

“You should have been informed, Alex.” Jerome Patterton seemed embarrassed. “The truth is, I guess, we got a little rattled when the press calls showed there had been a leak.”

“A leak of what?”

It was Heyward who answered. “Of a proposal I’ll be bringing before the money policy committee next Monday. I am suggesting a reduction of the bank’s present commitment to Forum East by approximately fifty percent.”

In view of the rumors which had surfaced, the confirmation was not surprising. What astounded Alex was the extent of the proposed incision.

He addressed Patterton. “Jerome, do I understand that you are in favor of this incredible piece of folly?”

A flush suffused the president’s face and egg-like head. “It’s neither true nor untrue. I’ve reserved judgment until Monday. What Roscoe has been doing here – yesterday and today – is some advance lobbying.”

“Right.” Heyward added blandly, “An entirely legitimate tactic, Alex. And in case you object, let me remind you that on plenty of occasions you took your own ideas to Ben in advance of money policy meetings.”

“If I did,” Alex said, “they made a damn sight better sense than this one.”

“That, of course, is solely your opinion.”

“Not solely. Others share it.”

Heyward was unruffled. “My own opinion is that we can put the bank’s money to substantially better use.” He turned toward Patterton. “Incidentally, Jerome, those rumors now circulating could be helpful to us if the proposal for a cutback is agreed to. At least the decision won’t come as a sudden shock.”

“If you see it that way,” Alex said, “maybe it was you who leaked the rumors.”

“I assure you it was not.”

“Then how do you explain them?”

Heyward shrugged. “Coincidence, I suppose.”

Jerome Patterton raised his hands. “Both of you save any more arguments until Monday. We’ll go over all of them then.”

The bank’s money policy committee was in session in an executive conference room. The committee, which had four members, met every other Monday morning with Roscoe Heyward as chairman. The other members were Alex and two senior Vice-presidents – Straughan and Orville Young.

The committee’s purpose was to decide the uses to which bank funds would be put. Major decisions were referred afterward to the board of directors for confirmation, though the board rarely changed what the committee recommended.

The president of the bank sat in, ex-officio, at the committee’s more important meetings, voting only if it became necessary to break a tie. Jerome Patterton was here today, though so far he had not contributed to the discussion.

Being debated now was Roscoe Heyward’s proposal for a drastic cut in Forum East financing.

Within the next few months, if Forum East was to continue as programmed, new construction loans and mortgage funds would be required. First Mercantile American’s expected share of this financing was fifty million dollars. Heyward had proposed a reduction of that amount by half.

He had pointed out already, “We will make clear to all concerned that we are not opting out of Forum East, nor do we intend to. The explanation we will give is simply that in light of other commitments, we have adjusted the flow of funds. The project will not be halted. It will simply proceed more slowly than was planned.”

“If you look at it in terms of need,” Alex had protested, progress is already slower than it should be. Retarding it still further is the worst thing we can do in every way.”

“I am looking at it in terms of need,” Heyward said. “The bank’s need.”

The power struggle between Alex Vandervoort and Roscoe Heyward was already well known. Because of it, some FMA executives had chosen sides, pinning their hopes for advancement on the victory of one adversary or the other. The split was also evident in the lineup of the money policy committee.

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