Word: butchering
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Dates: during 1980-1989
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...Jake Butcher wiped away tears as he stood last week with his wife and four children in a Knoxville court. The room was not far from the site of the 1982 ; World's Fair, which he made a success, and the gleaming headquarters building of the United American Bank, where he had been chairman. "I want to apologize for what I've done," said Butcher, 49. "I pray for the opportunity to try to restore or right some of the wrongs . . . My little boy there, nine years old, thinks I'm going to be gone 20 years." But Federal Judge...
...intrigue and downright crime. The offenses make up a catalog of chicanery: cheating on Government defense contracts, check-writing fraud, bogussecurities dealing, tax dodges, insider trading and money laundering. Among the culprits: General Electric, E.F. Hutton, Bank of Boston and General Dynamics. Once powerful and respected executives, including Jake Butcher, the Tennessee banker, and Paul Thayer, the former LTV chairman, are now facing the humbling prospect of spending several years in prison...
...depositors' money and juggled the books to cover up losses. The Federal Deposit Insurance Corporation estimates that 50% of the 79 bank failures that occurred last year resulted at least in part from criminal conduct. Among the casualties were the eleven banks in Tennessee and Kentucky controlled by Jake Butcher. He pleaded guilty last month to charges of misusing his banks' money to make illegal loans to himself and associates. Butcher is awaiting a sentence that could amount to 20 years in prison...
Harsh penalties may be the most effective deterrent to executive-suite misdeeds. Says U.S. Attorney Giuliani: "Corporate crime is a crime of greed and fear. The best way to combat it is to raise the fear." Experts hope that the sentence given Thayer and the long prison term that Butcher is expected to receive will send a message to would-be business criminals about the consequences of getting caught...
...shaky state of consumer confidence in banking and sparked demands that all deposit-taking institutions be federally insured. Most of all, Maryland's crisis raised doubts about the overall health of the savings and loan industry, which is attempting to recover from a six-year slump. Said Willard Butcher, chairman of Chase Manhattan Bank: "We have the potential for a very serious thrift crisis in this country...