Word: businessmen
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...revenue for the Federal Government, but it could also turn President Reagan's tax-reform plan into a tax increase for millions of upper-income Americans in high-tax states. The other would bring in only peanuts, relatively speaking, but it could radically change the life-styles of businessmen, professionals and their clients throughout the nation. Together, the proposals to eliminate the deductions of state and local taxes and to restrict severely those for business entertainment have emerged as two of the most controversial parts of the President's tax package. Both have already stirred passionate campaigns of opposition...
...latest revelations have cast a shadow of suspicion over the entire corporate community and are especially upsetting to the vast majority of businessmen who have spotless records and nothing to hide. "It's scary, isn't | it?" says David Ransburg, who owns a business in Peoria, Ill. "What I resent is that all of us who operate honestly and ethically get indicted in the broad sweep." Both businessmen and consumers are asking why the new outbreak of lawlessness is occurring, and the Reagan Administration is stepping up efforts to bring it under control. Says Stanton Wheeler, director of Yale University...
...least as old as horse trading, of course, and has periodically flared up in new forms. Shady stock deals helped bring on the great Wall Street Crash of 1929, and Lockheed and ITT became enmeshed in bribery scandals during the 1970s. But rarely have so many big-name businessmen and corporations been accused of so much wrongdoing in so short a time. Several business trends, including financial deregulation, the growth of huge conglomerates and the rise of electronic funds transfers, seem to be multiplying the opportunities and temptations for businessmen to stray outside...
...passing judgment on businessmen, the courts face what Yale's Wheeler calls a "paradox of leniency and severity." Says he: "Many whitecollar criminals are first-time offenders who have records of contributions to their community and have often led exemplary lives. From that point of view, they deserve a great deal of leniency. On the other hand, they occupy positions of power and trust, and their violation of the law is significant. Judges try to weigh one interest against the other, and it's often a difficult...
Savings institutions started out in the early 19th century as the mom-and-pop shops of finance. At the time, the Industrial Revolution was spawning an urban working class that had no place to put its savings. Commercial banks were mostly uninterested in small accounts, preferring to deal with businessmen and property owners. As a result, philanthropists set up savings banks for working people. In his book Savings Banking, Franklin Ornstein, chairman of Central Federal Savings in Long Beach, N.Y., traces the origins of the industry to the formation in 1816 of the Philadelphia Saving Fund Society, which was started...