Word: colombianizing
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Likewise, Young would not say whether he was forced to resign from his job at Manufacturers in December 1990, shortly after he allegedly induced the bank to sell its share in Colombian debt to a business partner. Young allegedly knew the debt was about to be restructured in favor of the investment...
...will not say how that description differs from the indictment's charge that Y & A existed only as "a vehicle for Daniel Young and others to profit from the Colombian asset and other [less developed country] debt." The district attorney alleges that the creation of the company was an important method Young used to exploit the inside information he gleaned from his work at Manufacturers...
...sources familiar with the case said last week that Manufacturers Hanover was tipped off in December, 1990, to what one source called "ethical problems" with Young's handling of a Colombian debt deal in November, 1990. As a result, Young was forced to resign on Christmas Eve of that year, and he lost a Christmas bonus of an unspecified amount...
...work with the Colombian debt did not end there. In March 1991, the indictment charges, Young set up a company, Y & A Holdings "as a vehicle for Daniel Young and others to profit from the Colombian asset and other [less developed country] debt...
...indictment charges that he induced Manufacturers to sell a stake in Colombian debt to Tritech, a company in which Young allegedly had a financial interest, because Young knew the debt was about to be restructured...