Accordance of the Personal Rank of Ambassador to Nicolas M. Salgo While Serving as Chief of the United States Delegation for Property Negotiations With the German Democratic Republic

June 15, 1987

The President today announced his intention to accord Nicolas M. Salgo the personal rank of Ambassador in his capacity as Chief of the United States Negotiating Team for Property Negotiations with the German Democratic Republic.

Mr. Salgo was a trainee and export manager with Manfred Weiss Co., in Budapest, Hungary from 1933 to 1938, and in Geneva, Switzerland, 1938 - 1939. He was partner and director of Salvaj and Cie in Geneva from 1939 to 1948. Mr Salgo became owner and president of Indeco Corp., Coal Credit Corp., and Salvaj and Co., in New York City, 1948 - 1950. He was executive vice president of Webb and Knapp, Inc., in New York City, 1950 - 1957, and president and chief executive officer of the Norbute Corp., Butte, MT, 1954 - 1960. He was founder and owner of Nicolas Salgo and Co., New York City, 1959 - 1983. From 1960 to 1974, he was vice chairman and chairman of Bangor Punta Corp. and subsidiaries, Greenwich, CT. He was co-owner and president of the ZX Ranch, Paisley, OR, 1966 - 1980. Mr. Salgo was founder and limited partner, Watergate Improvement Associates, Washington, DC, 1960 - 1977, and served as chairman of the Watergate Companies, 1977 - 1983. He was a consultant to the United States Information Agency, 1982 - 1983, and a member of the international private enterprise task force. Mr. Salgo was appointed Ambassador to Hungary on October 7, 1983, and served in Budapest until the end of 1986.

Mr. Salgo graduated from the University of Budapest (LL.D., and Ph.D., 1937). He was born August 17, 1914, in Budapest, Hungary, and is articulate in Hungarian, French, and German. Mr. Salgo is married and has two children.