Word: accounting
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Dates: during 1980-1989
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Even for the wild market of 1987, it was a hair-raising ride. Many of the forces driving Gap stock down affected other retailers as well: sluggish August sales, sharper competition and growing ambivalence among shoppers. But such factors were not enough to account for the rout of Gap stock. Some problems were uniquely its own -- just as its startling success had been over the previous four years...
What could account for such a collapse? Some factors were plaguing the entire retail industry. A hot summer and late Labor Day meant that the normal back-to-school spending sprees never really revved up. Some shoppers, it seems, were just not sure what they wanted to buy. Many were wondering, for example, if the miniskirt was really back. Once inventories piled up, stores had to cut prices to keep their merchandise moving. That depressed earnings. The Limited's stock price dropped 27% over the past month, and the Dress Barn was down...
...applied to wholesale merchandise as well as consumer goods. Revenues from the new levies will partly offset major business-tax cuts intended to stimulate industry. The package also imposes bruising austerity measures, including reductions in subsidies for consumer goods and faltering enterprises, which now account for one-third of government spending...
...ruse, say investigators, whereby Intelsat was charged $1.2 million by Lipscomb to enable the firm to order construction materials far in advance of use. The money was paid out in January 1985, but no materials were ever ordered or delivered. Part of the cash went to a Swiss bank account controlled by Colino...
...sham construction work, broke it into three smaller contracts of less than $500,000 each, and pocketed some of the money himself. In another deal, the Government charged, Colino created a Panamanian consulting company that billed Intelsat for fees; these were in turn siphoned into Colino's Swiss bank account...