Word: broker
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...investors believe that the market is now taking off on another leg of its stampede toward the 2000 mark. Says Thomas Kelley, chairman of BankAmerica's investment-management subsidiary, which handles about $15 billion: "It was so obvious the market was going to come back." Notes Richard Goforth, a broker for the Los Angeles investment firm Crowell, Weedon: "People feel like we're in a good bull market that's going to last for another year...
This illegal practice, known as insider trading, caught up with Levine last week. The Securities and Exchange Commission filed a civil complaint charging him with 54 violations of federal securities law that were part of an elaborate scam involving fictitious names, phony Panamanian corporations and a Bahamas-based broker. Soon thereafter, U.S. marshals arrested him in Manhattan on the criminal charge that he had obstructed the SEC's investigation. If the SEC's civil charges are upheld, Levine could be forced to hand over $7.6 million in illegal profits and pay a $22.8 million fine. He could also be sentenced...
Last week's news shook Wall Street like a 100-point dive in the Dow Jones industrial average. Traders are wondering who might be the investigators' next target. Says one broker: "Everybody has done insider trading at one time or another." Observes a senior investment banker: "People used to joke around about insider trading. Now it's in extremely bad taste to crack such jokes." These days, needless to say, Dennis Levine and those who swapped secrets with him are not laughing...
Meanwhile, people sleep on the streets while our tax dollars are at work waging war in Central America. We know we really ought to find the time and the courage to do something about it. (Things to do today: call insurance broker, add to IRA, smash the state...
...conflict there have been charges that the separatists have been aided by India, which has a substantial Tamil population in the southeastern state of Tamil Nadu, 22 miles from Sri Lanka across the Palk Strait. But in the past ten months, Indian Prime Minister Rajiv Gandhi has tried to broker a peace agreement between the Sri Lanka government and the insurgents. Last year he helped arrange two ceasefires, only to see the fragile agreement crumble. Sri Lanka's President J.R. Jayewardene, for his part, has offered greater political autonomy to the Tamils but rejects the idea of an independent state...