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Conversation: 466-006

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Start Date: Thursday, March 11, 1971 4:04 PM

End Date: Thursday, March 11, 1971 5:19 PM

Participants:

Nixon, Richard M. (President)Butterfield, Alexander P.Connally, John B.[Unknown person(s)]Sanchez, Manolo

Recording Device: Oval Office

Full Tape Conversation Start Time: 02:31:19

Full Tape Conversation End Time: 03:04:30

466-006.mp3

NARA Description:

On March 11, 1971, President Richard M. Nixon, Alexander P. Butterfield, John B. Connally, unknown person(s), and Manolo Sanchez met in the Oval Office of the White House at an unknown time between 11:04 am and 12:19 pm. The Oval Office taping system captured this recording, which is known as Conversation 466-006 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 466-6

Date: March 11, 1971
Time: Unknown between 11:42 am and 12:19 pm
Location: Oval Office

The President met with Alexander P. Butterfield

     President’s schedule
          -Gerard C. Smith
                -Publicity
                      -Press
                -Photo by White House photographer
                -Scope of possible meeting
                -Strategic Arms Limitation Talks [SALT]
                                               26

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                          (rev. 9/08)



                 -Photo
                      -President’s meeting with Secretary of Treasury

John B. Connally entered at 11:47 am

     Greetings

     Smith                                                              Conv. No. 466-5 (cont.)
          -Forthcoming trip to Vienna
               -SALT and European Security Conference
          -Job
An unknown person entered at an unknown time after 11:47 am

     Refreshment order

The unknown person left at an unknown time before 12:15 pm

     Access to President
         -Connally
         -William P. Rogers
         -Melvin R. Laird
         -John N. Mitchell
         -Connally
                -Role of Treasury Department
         -Cabinet officers
                -President’s time
         -Time management
         -Connally
                -H. R. (“Bob”) Haldeman

     Agenda
         -Arthur F. Burns
         -Lockheed
         -DuPont brokerage case
         -Money supply
              -Burns

     DuPont brokerage case
         -Mitchell
               -Meeting with Connally and H. Ross Perot staffers
                                      27

                    NIXON PRESIDENTIAL MATERIALS STAFF

                               Tape Subject Log
                                  (rev. 9/08)



     -Mort Meyerson
          -Call to Connally
          -Mitch Hall
     -A board meeting
     -Connally’s calls
          -Burns
          -Mitchell
                -Securities and Exchange Commission [SEC]   Conv. No. 466-6 (cont.)
          -Bruce McClaren of the Treasury Department
                -Instructions
     -Possible outcome
          -New York Stock Exchange
     -Board meeting recess
     -Mitchell
          -Work with SEC
     -Possible action by Internal Revenue Service [IRS]
     -DuPont family
     -Possible outcome
     -Perot
          -DuPont family
          -Possible acquisition

Lockheed
    -Need for government decision on loan guarantee
          -Connally’s view
          -David Packard
    -Connally’s meeting with bankers
          -Bank of America
                -Dan Hoffman
          -Bankers Trust
                -William H. Moore
    -Airlines’ position
    -Bankers’ position
          -Loan amounts
          -Government guarantee
    -Possible purchase of engines
          -Rolls-Royce
          -General Electric
          -Pratt and Whitney
          -Rolls-Royce
                -Costs
                                  28

               NIXON PRESIDENTIAL MATERIALS STAFF

                          Tape Subject Log
                             (rev. 9/08)



      -British position
            -Bankers’ view
            -Hoffman
-Bankers’ position
      -Engine guarantee
      -Government guarantee
-British action
      -Edward R. G. Heath                               Conv. No. 466-6 (cont.)
-Future
      -Government guarantee or loan
            -Importance
            -President’s position
            -Impact on economy
            -President’s position
            -Possible Congressional action
                  -Department of Treasury
                  -C-5A issue
-Packard’s work at Defense
      -Cash position
      -Efforts
-Future
      -Forthcoming meeting with President
            -Need for action
      -Congress
      -Government loan
            -Possible amount
            -Reconstruction Finance Corporation [RFC]
            -Penn-Central Railroad example
      -Possible administration action
            -RFC-type agency
                  -Penn-Central Railroad
-Possible action by banks
      -Congressional action
            -Possible legislation
            -Effect on banks’ decision
-Previous bank loans to Lockheed
      -Amounts
      -Rolls-Royce
      -Airlines
      -Cash flow
-Possible action by banks
      -Government guarantee
                                   29

               NIXON PRESIDENTIAL MATERIALS STAFF

                           Tape Subject Log
                              (rev. 9/08)



-President’s position
      -Penn-Central Railroad example
      -Defense considerations
            -C-5A
                  -Rolls-Royce engines
      -Rolls-Royce engines
      -General Electric Engines
      -RFC-type agency                                       Conv. No. 466-6 (cont.)
      -Instructions for Connally and Packard
-Effect of company failure
      -Airlines
      -Subcontractors
      -McDonnell-Douglas
            -President’s view
            -Connally’s talk with Hoffman
-President’s position
-Possible Congressional action
-Instructions for Connally
      -Administration action
-Effect of company failure
      -Economy
-Connally’s position
      -Call to Hoffman
            -Unions and executives’ wages
                  -Pay reductions
                  -Effect on US economy
-Administration action
      -President’s position
      -Possible effects on economy
            -Timing
      -Coordination
            -Defense, Treasury, Transportation Departments and Civil Aeronautics
                  Board [CAB]
      -Possible effects of non-action
            -Subcontractors’ losses
            -Airlines’ losses
            -Banks’ losses
            -Tax losses
      -Authority
            -Connally
            -Department of Transportation
                                            30

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                     Tape Subject Log
                                        (rev. 9/08)



               -Possible effects
                    -Justification for action
                    -Employment
                    -Tax losses
               -”Buy American”
               -Authority for action
                    -Defense Department
                          -C-5A                                  Conv. No. 466-6 (cont.)
                    -Transportation Department
                          -Involvement
                    -CAB
                    -Treasury Department
                    -Defense Department
                          -Funding
                    -John D. Ehrlichman’s staff
                    -Armed Services Committee
                    -Treasury Department
                    -Defense Department
                          -Contrasts
                          -Packard
                    -Peter M. Flanigan
                    -Connally’s role
                          -Flanigan
                    -Domestic Council and Defense Department
                    -Flanigan
                          -Forthcoming call from President
                    -Connally’s role
                          -Packard
                                 -Possible call from President
                                       -President’s schedule
                                             -Williamsburg
                                             -March 12, 1971
                                 -Call from Connally

     Connally’s schedule
         -Breakfast with [Name unintelligible]

Manolo Sanchez entered at an unknown time after 11:47 am

     President’s schedule
          -Lunch
                                               31

                               NIXON PRESIDENTIAL MATERIALS STAFF

                                        Tape Subject Log
                                           (rev. 9/08)



Sanchez left and Butterfield entered at 12:15 pm

     President’s schedule
          -Smith photograph
                -Henry A. Kissinger
          -Connally meeting

Butterfield left at 12:18 pm                                            Conv. No. 466-6 (cont.)

Connally left at 12:19 pm