Philip Morris - A Stock For Wealth Or Poverty (MO) Message Board

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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO)

MO 58.42

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3:59 PM EST

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To: Geoff who wrote (1334)	4/8/1998 1:46:00 PM
From: Xpiderman	Read Replies (2) of 6439

RJ Reynolds Won't Back Tobacco Bill washingtonpost.com The head of RJ Reynolds today said the effort to reach a comprehensive tobacco deal has failed and his company would no longer work toward getting Congress to approve the agreement tobacco companies reached with 40 states last summer. ''Today it is very clear to me that we have failed in our effort to achieve a comprehensive resolution of the contentious issues surrounding tobacco in our country,'' RJ Reynolds chief executive officer Steven Goldstone told the National Press Club. Further, in prepared remarks for the press club, Goldstone said, ''I have told my colleagues in the industry that effective today I no longer see any purpose in working toward the June 20th national settlement.'' He said he stands behing the agreement negotiated last year, ''but I see no possibility in this environment to achieve it.'' Goldstone said tobacco companies had not realized ''the depth of mistrust'' toward their industry. He said the administration, Congress and public health advocates had all worked to undercut the deal the tobacco companies reached with 40 state attorneys general. ''The admininistration, while publicly praising the concept, privately dismantled it piece by piece,'' he said. ''This resolution cried out for strong, bold political leadership. Precious little was forthcoming.'' The settlement had formed the basis for the congressional legislation.

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