Word: brokering
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Dates: during 1980-1989
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...case evolved from the testimony of Boesky, who fingered West Coast broker Boyd Jefferies. The Government alleges that GAF used Jefferies as a participant in a scheme to manipulate the price of shares in Union Carbide. Prosecutors claim that GAF, which held a large block of Carbide stock as the result of an unsuccessful bid to take over the company, tried to run up the price of the shares before selling them. After many days of technical presentations about stock trading, the jury may have become numbed by it all. Even so, federal prosecutors vowed to try the case again...
...heptachlor case highlights another flaw in the system. USDA and FDA investigators have been unable to trace the source of the tainted seed because it changed hands -- from farmer to grain-elevator operator to feed broker to poultry producer -- so many times. Closer monitoring is necessary at every step along the food-supply chain. Federal agencies also need more flexible enforcement powers. The USDA, for example, cannot levy fines on processing plants. It can close a plant down, but that is a drastic action that is not readily employed...
Since promotion is usually based on performance, the refusal of some whites to do business with black executives can be a source of frustration. David Grigsby is a broker at Merrill Lynch in Manhattan. When he prospects for clients over the phone, he does not always mention that he's black. That led to a surprise for at least one investor, who showed up to meet his adviser in person. He was "visibly shaken," Grigsby recalls. Not long afterward, the client asked for another broker. "It didn't take an Einstein to figure out what that meant," says Grigsby. Then...
...tawdry kickback scam. In July 1987 MacDonald arranged for the Navajos to buy the 491,000-acre Big Boquillas ranch near Seligman, Ariz. The tribe paid $33.4 million for the place, which only two days earlier had been purchased by an oil company for $26.2 million. Real estate broker Byron ("Bud") Brown testified that when he was fixing the deal with MacDonald, the Navajo leader smiled and said, "I assume I'll be taken care of." Replied Brown: "Certainly...
...reiterating an idea that has been floating around the region for several years and is widely endorsed by most of the relevant parties, except Israel. But as a public relations ploy, the trip was effective. Shevardnadze amply demonstrated Moscow's intention to break Washington's monopoly as the peace broker in the Middle East. With his shrewd charm and flair for appearing to generate goodwill, Shevardnadze sent a new breeze through the Middle East -- a breeze that George Bush promised would come from the U.S. Indeed, while the Soviets were launching their most important Middle East diplomatic initiative in more...