Word: conflict-of-interest
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Although the court noted that the Bureau of the Budget knew of Wenzell's dual role, it pointed out that this provided no exemption from the conflict-of-interest statute; Government officials cannot exempt underlings from the statute. "Wenzell's primary allegiance was to First Boston," said the court, and his loyalty to the Government only "fleeting...
...shares of Ford stock, drop options on 30,000 more shares-a potential personal loss of more than $3,000,000. Typically, McNamara turned down the suggestion from a Kennedy staffer that he should sell the stock to his children, thereby avoiding the loss without violating any conflict-of-interest...
Most businessmen are dead certain that they do not need more laws to handle conflict-of-interest problems. They find impracticable the SEC's proposed requirement of monthly reports. It would mean twelve times more paperwork and be of little value, since executives rarely get in and out of a conflict situation in a month...
...most talked-about ethical problem in U.S. business is conflict of interest, in which an executive divides his loyalty between his own firm and another. The conflict may take the form of slipping some of his firm's business to a relative or profiting from owning (or owning stock in) a supplier. Last week Chrysler Corp.. which touched off the current conflict-of-interest furor by sacking President William C. Newberg for owning interests in suppliers, announced that an investigation has found its present 36 top executives in the clear. Shaken by the Chrysler case, other corporations...
CHRYSLER FIRED another top executive, Jack W. Minor, 39, director of marketing for Plymouth, DeSoto and Valiant, in conflict-of-interest scandal. Investigation showed that Minor made about $20,000 in commissions on Chrysler Corporation business given to advertising firms in which he had an interest...