Word: agnew
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Most top private dealers dislike the system of guarantees and loans. "It creates an immediate conflict of interest," says Julian Agnew, managing director of the London firm of Agnew's. "If the auction house has a financial involvement with both seller and buyer, its status as an agent is compromised. Lending to the buyer is like margin trading on the stock market. It creates inflation. It causes instability...
...Julian Agnew, the London dealer, believes that "outside regulators could create as many problems as they solve -- they may not know the market well enough. Ideally, self-regulation is better. But if a dominant firm stretches the unwritten norms of the past, ((self-regulation)) may not be enough...
...Gold Fields, the world's second largest gold producer, had gathered last week at the London Zoo for a dinner party to celebrate the company's rebuff in May of a hostile takeover bid by South African-controlled Minorco. Not until the meal was over did ConsGold Chairman Rudolph Agnew inform his troops that the company's board had accepted a $5.5 billion takeover bid from Hanson PLC, the $12.5 billion British group whose holdings include Jacuzzi and Farberware...
Anyone who doubts that sheer gall knows no bounds should consider the case of former Vice President Spiro Agnew. In 1973 Agnew was forced to resign as Richard Nixon's Veep amid charges that while Governor of Maryland he accepted $147,500 in illegal kickbacks from highway contractors. Nine years later, after settling down in tony Rancho Mirage, Calif., Agnew paid the state of Maryland $248,735 in restitution for the alleged bribes, plus interest and fines. But Agnew, who became an international business consultant after leaving the Government, deducted the entire amount, plus legal fees and interest, from...
...audit, the California franchise tax board denied the deductions and ordered Agnew to pay an additional $24,197 in state taxes and interest. In an appeal last week, Agnew argued that the $24,197 should be returned to him as a tax refund on his restitution. Conway Collis, a member of the state board of equalization, pronounced Agnew's claim "unbelievable" and said he found it "very hard to be sympathetic" to the former Vice President. If the tax board granted him the refund, said Collis, "we are in effect asking other California taxpayers to subsidize Mr. Agnew's wrongdoing...