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This file contains material related to Lockheed, Dr. Karl Klasen, Bundesbank.
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4510972
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Memorandum for Files
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4510972
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Memorandum for Files
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This file contains material related to Lockheed, Dr. Karl Klasen, Bundesbank.
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Arthur F. Burns Papers
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1974-01-31
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1974
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1973-12-01
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1973
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The original documents are located in Box B79, folder "Memorandum for Files" of the
Arthur F. Burns Papers, 1956 - 1990 at the Gerald R. Ford Presidential Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Arthur Burns donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
Digitized from Box B79 of the Arthur F. Burns Papers, 1956 - 1990 at the Gerald R. Ford Presidential Library
OF
CHAIRMAN OF THE BOARD OF GOVERNORS
SYSTEM
FEDERAL RESERVE SYSTEM
THE
WASHINGTON, D.C. 20551
RESERVE
December 11, 1973
MEMORANDUM FOR THE FILES
Mr. Robert Haack called today. He indicated that
he was on the Lockheed board; indicated further that a
committee of the board is considering a merger (I knew
this from the meeting of the Emergency Loan Guarantee
Board m eeting on December 10, 1973). Haack went on to
say that he (or the company) was thinking of having Lazard
Freres do the canvassing with respect to the possible merger.
He wanted to know whether I had any views about the firm;
any objection to relying on this firm.
I replied that I am neither in favor of their doing so
nor am I opposed to their doing so. This is a matter for
their company's directors to determine. I added that I know
nothing unfavorable about the firm or its partners and that
the neutral stand that I took should merely be interpreted to
mean that I as a member of the Emergency Loan Guarantee
Board did not consider it proper to express any opinion about
Lockheed getting involved with Lazard Freres or any other
investment banking firm.
Adz
Arthur F. Burns
OF
BOARD
GOVERNORS
CHAIRMAN OF THE BOARD OF GOVERNORS
OF
THE
SYSTEM
FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551
FEDERAL
RESERVE
December 12, 1973
MEMORANDUM FOR THE RECORD
Bill Rogers called. He indicated that he was considering
serving as Counsel to Lazard Freres in connection with merger
conversations which that firm might undertake. He wanted to
know whether I thought that his doing so would cause any
embarrassment to the government.
I replied that I did not see why it should, but that this
was a matter on which I was not really qualified to give an
opinion and that he would have to make his own judgment.
I indicated that he might want to talk to George Shultz who
might have a basis for an independent judgment on this
question.
Arthur F. Burns
January 31, 1974
MEMORANDUM FOR FILES
FROM:
Arthur F. Burns
Dr. Karl Klasen telephoned today and reported as follows:
(1) Germany has reduced its capital controls and this
has had a good effect on the dollar, that is to say it
has checked the appreciation of the dollar.
(2) Klasen believes that the decision to keep the snake
alive was very wise. Norway, Sweden and Switzerland
are tied to the snake.
(3) The United States and Germany should try to keep a
stable rate between the dollar and the mark.
I indicated that I agreed in principle with regard to his
third point and that I would welcome any concrete suggestions on his
part.
We discussed the recent action of the French in abandoning
the snake. According to Klasen, the Germans offered a loan of $3
billion to the French in the course of the Rome meetings; Giscard
'Estaing liked the idea but apparently was turned down the next day
by Pompidou.
FORD & LIBRARY 076839
-2-
I inquired of Klasen how he would feel about inviting one
or more central bankers from the oil producing countries to a Basle
meeting in the near future.
Klasen thought it would be a very useful idea. I indicated
that I will talk this over with Shultz. If he also sees merit in the idea,
I will get in touch with Zijlstra and make the suggestion to him. We
talked about a possible meeting in March.
FORD : LIBRARY 077839