EXECUTIVES: Blows at Hammer

In all his flamboyant career—as a pencil manufacturer in the Soviet Union in the 1920s, whisky dealer, art collector and oil magnate in the U.S.—Ar-mand Hammer has probably never had a worse week. First, the 77-year-old chairman of Occidental Petroleum Corp. pleaded guilty in a Washington court to a charge of making three il legal contributions to Richard Nixon's 1972 presidential campaign. Then Hammer's oil firm accused the Libyan government of holding 520 of its employees as hostages in a dispute that has turned Occidental's investment in Libya, once considered Hammer's master stroke, into a growing headache.

Hammer's personal problems...

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