Word: cash
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Dates: during 1980-1989
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...week the dream came true. The back door of a Wells Fargo truck lugging some $400,000 along route I-95 burst open and, suddenly, according to a highway patrolman, it "rained $20 bills." A massive traffic jam ensued as astounded motorists abandoned their vehicles to merrily chase the cash. When lawmen arrived and ordered the gleeful pursuers to return the loot, some complied. But all together, the money chasers carried with them what a Wells Fargo spokesman later called a "significant" amount of money...
...almost literally, on a wing and a prayer. At one time the ministry spent employee retirement funds to pay operating expenses. PTL had no reliable internal audits, no checks and balances for financial accountability and often no receipts or other devices for keeping track of incoming and outgoing cash. In the final months of the Bakker era, PTL was taking in $4.2 million a month and spending $7.2 million...
...million was paid out of a single confidential executive checking account handled by the Charlotte office of Laventhol & Horwath, PTL's auditors. Almost $1.4 million in compensation went to the Bakkers and top executives from the account during the first four months of 1987. Aide David Taggart received 1987 cash advances of $111,000 and bonuses of $225,000. Payments totaling $128,000 were made last year to James Taggart, brother of David, who ran an interior-decorating firm...
...says one former executive, on a "theology of building." Recounts Harry Hargrave, a Dallas businessman recruited by Falwell to run the shattered organization: "Jim would build something here, and then he'd have to build something bigger to finish paying for this as well as the enlarged cash flow." That pyramid philosophy led Bakker from his first Heritage Village television studio in Charlotte to Heritage USA and, finally, to the 500-room Heritage Grand Hotel and its sister, the unfinished Heritage Towers. Bakker's ultimate fantasy was a $100 million replication of London's Crystal Palace. A painting of that...
...serves to deflate the pomp without completely devaluing the circumstance. Violence pervades the landscape, yet Parker always pauses to evoke compassion for the victims. And despite the ebullient entertainment, his purpose is as serious as ever: to remind readers that so-called victimless crimes generate huge amounts of cash, which can then be used to suborn -- and victimize -- the very political system that citizens rely on for protection...