Word: cranstone
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...just six weeks before California Senator Alan Cranston's hotly contested re-election campaign in 1986--in which each candidate spent $13 million--Ganz received a call from Cranston asking for help...
...unwitting investors as it headed toward insolvency, guilty of 17 counts of securities fraud. Keating, whose $1.4 million in political contributions entangled five U.S. Senators in the S&L scandal, faces 10 years in prison and a $250,000 fine. Last month the Senate reprimanded California Senator Alan Cranston for soliciting contributions from Keating while he was ! urging federal regulators to go easy on Keating...
...hundreds of thousands of dollars flowed into dummy shops in Manhattan's jewelry district each day from nationwide drug couriers. The cash was bundled into duffel bags or gold- shipment crates and driven by Brink's or Loomis armored trucks to the Saccoccia Coin Co., an unobtrusive storefront in Cranston, R.I. (pop. 76,000), or to a second location in Los Angeles. Thereafter, most of the money was subdivided, deposited in U.S. banks -- ranging from Rhode Island's modest Fleet/Norstar to Bank of America -- and then converted into cashier's checks made out to dummy firms. Next the money...
...racket apparently grew with astonishing speed. Saccoccia started as a decent enough kid, collecting coins while in high school in Cranston until he dropped out in 1973 to open his coin shop. By 1980, with the price of gold soaring, the boy wonder enjoyed a statewide reputation. "He was fencing ((buying and reselling)) all the stolen gold in the area," recalls a local federal agent. "Kids were busting into houses left and right, stealing precious metals and lining up outside his store." By the time he pleaded guilty in 1985 to tax evasion, Saccoccia was reputedly a key moneymaking "associate...
...committee found that Cranston's conduct had been "improper and repugnant," but those were mild words to describe his dealings with Keating. In one instance, a Keating aide gave Cranston $250,000 at the same meeting during which he agreed to plead Keating's case. Cranston insisted that what he had done for Keating was not unusual for a Senator. How many lawmakers, he demanded, "could rise and declare you've never, ever helped -- or agreed to help -- a contributor?" To which Republican Warren Rudman snapped, "Everybody doesn't do it." Perhaps not. But the leniency extended to Cranston suggests...