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Only days before the sentencing, the Government's dragnet had proved effective in snagging another suspect, this time outside the Boesky ring. Israel Grossman, a 34-year-old Manhattan lawyer, was charged with sharing information about a Colt Industries stock buy-back with at least six friends and relatives. His telephone tips allegedly enabled them to reap $1.5 million in profits on their investments of just...

Author: /time Magazine | Title: From Pinstripes to Prison Stripes | 3/2/1987 | See Source »

...level, does it make much difference?" Conner asks. "Mario Andretti or A.J. Foyt? Or is it the car?" One of the shapeless peaked caps he rotates in endless supply bears the emblem of Calumet Farm. If Kentucky had bred Conner, would he have trained horses? Alydar was a Calumet colt the year Affirmed beat him by an inch in all of the Triple Crown races. Romantics tended to credit that inch to Affirmed's young jockey, Steve Cauthen. "Maybe if it comes to that," Conner says softly...

Author: /time Magazine | Title: Going For the America's Cup | 2/9/1987 | See Source »

Thrice in a 15-play march third downs required something wonderful. On a third-and-18 play near midfield, Coach Dan Reeves advised Elway to try for just half of it, recalling the cautious voice of Baltimore Coach Weeb Ewbank that Johnny Unitas never heeded in the Colt-Giant sudden-death championship game of 1958. Elway completed his 20-yd. pass to Mark Jackson, and another of 5 yds. for the touchdown. In terms a Giant can understand, pro football had a new standard for closing flourishes. No less an authority than Dallas' Tom Landry, New York's defensive coach...

Author: /time Magazine | Title: Sport: Elway and The Giant Way | 1/26/1987 | See Source »

...carrying military equipment that Iran had purchased from international arms dealers. They brought with them, said Rafsanjani, gifts of a Bible autographed by President Reagan, a cake shaped like a key intended to symbolize an opening to better relations between the U.S. and Iran, and an unspecified number of Colt pistols to be distributed to Iranian officials. Rafsanjani insisted that he ordered the Americans kept under virtual house arrest in their hotel rooms, refused to let them see anyone and expelled them from Iran after five days. They were furious, Rafsanjani reported. He quoted McFarlane as saying, "You are nuts...

Author: /time Magazine | Title: The U.S. and Iran | 11/17/1986 | See Source »

...weapon, apparently, is too small for congressional scrutiny. Take the Army's venerable Colt .45 handgun, widely used since 1911. Searching for a modernized replacement, the Army settled on the 9-mm Italian-made Beretta. It did so after extensively testing other handguns, including those made by Smith & Wesson, based in Springfield, Mass. One Smith & Wesson model broke down before firing 5,000 rounds, while another cracked at 7,000. By contrast, the Beretta triggered 8,800 rounds without a mishap. After the Army signed a contract for 300,000 Berettas, which would be produced at the company's Accokeek...

Author: /time Magazine | Title: Top Guns, Handguns and Raw Pork | 11/10/1986 | See Source »

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