Word: bogus
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THIS MOVEMENT has promoted a litany of fragmenting "isms"-from bilingualism to lookism. In most cases these campaigns for particular rights are expressions of genuine suffering. These are not bogus concerns. But the cumulative effect has been to divide Americans into smaller and smaller interest groups...
...Treasury securities spread across much of Wall Street last week. On Capitol Hill, Richard Breeden, chairman of the Securities and Exchange Commission, said that "a distressingly large" number of firms had routinely inflated orders for bonds sold by government-sponsored agencies like the Federal National Mortgage Association. The bogus orders apparently enabled firms to purchase extra bonds and resell them at a hefty profit...
...argued strenuously against any knee-jerk changes. The Treasury Department, anxious to regain its authority over a market it relies on to raise capital, announced that it was reopening its investigation to see if Salomon and one of its clients, Mercury Asset Management, worked together to cover up a bogus bid last February. Treasury's renewed interest may have been prompted in part by a Justice Department announcement that it was widening its probe of unauthorized bidding practices in search of violators in other Wall Street firms...
Ironically, it was a practical joke gone awry that helped bring Salomon down. In an elaborate form of hazing, Mozer reportedly persuaded a Salomon customer last February to submit a bogus $1 billion order for 30-year Treasury bonds. The idea was to shock the novice trader who received the order. But the prank backfired: the deal went through, and the unauthorized purchase landed on Salomon's books...
...accounting firm Price Waterhouse that called the fraud "one of the most complex deceptions in banking history." Price Waterhouse found that the bank had routinely siphoned funds from deposits and created fictitious loans to generate phony profits. But such practices only created an insatiable demand for more bogus transactions...