Word: caseys
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Dates: during 1980-1989
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...attention to Casey's past comes just as he was earning grudging praise from CIA hands for getting the agency more funds despite the Reagan budget cuts. He also seemed to be leading the CIA away from the distraction of recurring headlines and back to doing its job quietly and better. But with a congressional investigation looming, the nation's shrouded intelligence agency was once again all too visible...
...Beyond Casey's unfortunate choice of Hugel, whom he asserts he met when both worked in Reagan's presidential primary campaign, the director's own business ethics will be scrutinized by Senate Investigators. They came under question in a civil suit filed against him in 1974 by investors who had lost heavily when a New Orleans-based agricultural firm of which Casey was a director went bankrupt. Casey had disclosed the existence of the lawsuit on a routine form sent to the Senate Intelligence Committee after his confirmation hearings last January, but the committee did not question...
...Casey last week refused to discuss his problems over past business practices. The lawsuit involved an agribusiness firm named Multiponics, which was set up in 1968 to acquire land owned by the company's founders and to operate it jointly in farming and related ventures. Casey was a director and one of the founders, in vesting $145,614 in the company, which also assumed a mortgage debt on his land of $301,000. The company tried to raise money by issuing stock privately...
...been assumed by the firm. The circular also said that the company owned seven operating farms, while the judge determined that two were not in operation, one was operating at a loss and two were operated by sharecroppers rather than by the experienced managers mentioned in the circular. While Casey's lawyer last week contended that Casey had been a "passive investor" who relied on others to prepare the stock circular, Judge Stewart noted that Casey and the other directors had attended a meeting at which copies of the offering "were distributed and fully discussed...
Multiponics went bankrupt in 1971, and Casey lost most of his investment. Reviewing an attempt by Casey and other directors to reorganize the bankrupt company a year later, District Judge Herbert Christenberry in New Orleans also had concluded that they had driven the corporation "deeper and deeper into debt" by managing in a "pattern of self-interest." A puzzling irony in Casey's involvement in the lawsuit is that it involved questionable dealings in sales of stock-and he was considered such an expert on these matters that he was made director of the Securities and Exchange Commission...