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NEWS SUMMARY: WEDNESDAY, DECEMBER 3, 1986

Date: 03 December 1986

THE WORLD A special prosecutor will investigate the sale of arms to Iran and diversion of funds to Nicaraguan rebels, President Reagan announced, and Frank C. Carlucci, former deputy director of the C.I.A., will take over the N.S.C. Page A1 Congress will continue its inquiries into the arms deals with Iran, lawmakers from both parties said. Congressional leaders said they welcomed Mr. Reagan's decision to seek a special prosecutor. A10 Edwin Meese 3d defended an inquiry by the Justice Department into the diversion of Iran arms money to Nicaraguan rebels. The Attorney General disputed accusations that investigators had moved too slowly to preserve key documents.

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NEWS SUMMARY: TUESDAY, DECEMBER 2, 1986

Date: 02 December 1986

The World President Reagan would welcome the appointment of a special prosecutor, he said, if the Justice Department recommended one should investigate the diversion of money from Iran arms deals to Nicaraguan rebels. Page A1 Republicans have begun to suffer political damage from Washington's arms deals with Iran, Senator Bob Dole said, adding that the crisis must be eased before his party's prospects for 1988 are impaired. A14 Lt. Col. Oliver L. North invoked his right against self-incrimination during testimony before a Senate committee, two sources said. Robert C. McFarlane, meanwhile, testified for more than seven hours.

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PESKY ENTREPRENEUR: HENRY ROSS PEROT

Date: 02 December 1986

By N. R. Kleinfield

N. Kleinfield

He has never been able to keep quiet. Perhaps that should have warned everyone that the maverick and the auto giant were not going to make it together. Even yesterday, as General Motors announced that H. Ross Perot was leaving its board and selling back his G.M. stock, Mr. Perot stole the show from the auto maker with his own news conference in Dallas, where he twitted G.M. for paying him such an outlandish amount of money when workers were being laid off. Ross Perot, 5 feet 6 inches tall, has long been the pint-sized billionaire with the Texas-sized mouth. He calls himself an irritant. ''I stir things up,'' he likes to say.

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Of Names, Zeal and Appetite

Date: 03 December 1986

By Russell Baker

Russell Baker

Importance of Names: What shall we call it? A scandal? An affair? A mess? Perhaps a disgrace? Names are vital at times like this, yet this business about Iran, Nicaragua, Israel, Lieut. Col. Oliver North, the National Security Council, hostage trades and plenty more still has no name. Most suggestions rework the trite -gate suffix. As for all -gate names, enough already! ''Watergate'' was fine, but it's out. ''Northgate,'' which has been proposed, is feeble; the issue isn't Colonel North, who seems likely to emerge as just another fall guy, a Gordon Liddy in Marine greens.

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POLL RATING DIVES; 46% APPROVE REAGAN'S WORK, DOWN 21 POINTS

Date: 02 December 1986

By Richard J. Meislin, Special To the New York Times

Richard Meislin

President Reagan's overall public approval rating has plunged to 46 percent, from 67 percent a month ago, amid deep public concern over his Administration's arms deal with Iran and the funneling of funds to Nicaraguan rebels, according to a New York Times/CBS News poll. The decline is the sharpest one-month drop ever recorded by a public opinion poll in measuring approval of Presidential job performance, according to Andrew Kohut, president of the Gallup Organization. Presidential approval polling began in 1936. The poll, conducted Sunday, found that a majority of Americans believe that the Reagan Administration is ''covering up'' the facts of its arms deal with Iran and that the incident is at least as serious as the Watergate affair, which toppled the Administration of Richard M. Nixon in 1974. Most Believe Reagan Knew A majority of the 687 adults questioned by telephone nationwide also said they believed that the President and senior Administration officials knew that money from the sale of arms to Iran was being used to aid the contras, as the Nicaraguan rebels are known. This is despite repeated public assertions by Mr. Reagan and top members of his Administration in recent days that they had been unaware of the matter.

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COMPANY NEWS;

Date: 02 December 1986

Reuters

The Coca-Cola Company said the recent public offering of 51 percent of its bottling unit had resulted in a pretax accounting gain of about $376 million in the value of the 49 percent it retained.

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Bad News Bears

Date: 02 December 1986

A sign put up Sunday at Soldier Field by fans of the Chicago Bears, who have scored fewer than 20 points in six of their last seven games: ''Offense, we're going to the Super Bowl. Are you coming along?''

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Pillsbury Earnings

Date: 03 December 1986

Reuters

The Pillsbury Company said it expects earnings for its second quarter ending Dec. 17 to be ''somewhat below'' earnings a year earlier of $56.6 million, or 65 cents a share.

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MacGregor Sale

Date: 03 December 1986

Reuters

Finland's tobacco, consumer and sporting goods company Amer-Yhtymae O.Y. said it had agreed to acquire an 80 percent stake in the MacGregor Golf Company, which is controlled by Jack Nicklaus, the American golf star. Amer said that negotiations were continuing but both parties hoped to conclude the deal, worth some $8 million, before the end of the year.

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Excerpts From Attorney General Meese's Washington News Conference

Date: 03 December 1986

Following are excerpts from a news conference by Attorney General Edwin Meese 3d in Washington yesterday, as recorded by The New York Times: OPENING STATEMENT The Department of Justice, including the Criminal Division and the F.B.I., has for the past week been conducting a full-scale investigation into matters relating to arms shipments to Iran and the transfer of funds from these shipments to the contras in Nicaragua. We have a reached a point in this investigation where I have concluded that we have an adequate statutory basis to apply to the Special Division of the Court of Appeals for an independent counsel to pursue the investigation. Therefore, we are proceeding to make that application. Support of President This step is being taken with the full encouragement and support of the President. Seeking an independent counsel in this case is consistent with the President's desire to insure public confidence that all facts in this case be ascertained and acted upon appropriately.

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