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Word: defunction (lookup in dictionary) (lookup stats)
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...technical ones, even after the financier pleaded guilty last April to six of 98 counts of securities violations and agreed to pay a record $600 million in fines and restitution. The defense tactic helped precipitate an unusual two-week presentencing hearing that showed Milken's operations at the now defunct Wall Street firm Drexel Burnham Lambert to have been riddled with unlawful activities. Significantly, the new testimony did nothing to refute the government's claim that Milken had encouraged Drexel employees under him to destroy or remove incriminating documents. Moreover, Liman's strategy precluded Wood from crediting Milken...

Author: /time Magazine | Title: A Stiff Term for the Wizard | 12/3/1990 | See Source »

...agency involvement in the scandal, will soon produce some answers. Nobody has managed to nail down a charge, aired in a series of articles in the Houston Post, that the CIA used fraudulently obtained S&L money to fund some of its covert operations, including support for the now defunct Nicaraguan contra rebels. But there is more evidence for a second Post allegation: that a Justice Department prosecutor investigating a bank failure in 1985 was warned off by FBI agents because one of his targets had CIA ties. The House committee, which questioned CIA Director William Webster about the matter...

Author: /time Magazine | Title: Spooky S&L Stories | 12/3/1990 | See Source »

...wishes of those who give the most. Anticipating the claim that each of the five had merely taken proper steps to help a constituent, special counsel Robert Bennett declared, "These activities went beyond the norm of constituent service." In helping Keating, who awaits trial for defrauding investors in his defunct California-based Lincoln Savings & Loan and in its parent, American Continental Corp., the Senators, Bennett charged, had ignored the welfare of many more constituents -- including the taxpayers, who will spend some $2 billion because of what he called "the looting of Lincoln." Keating had contributed nearly $1.4 million...

Author: /time Magazine | Title: You Sold Your Office | 11/26/1990 | See Source »

...Impressionist idea of fidelity to the passing nuances of light was subsumed in rendering a molecular space, dancing and palpitating with perfectly controlled motes of close-valued color and big, tranquil, centered images that resembled stars or novas. One can see them as part of the same (now utterly defunct) fixation on the "spiritual" possibilities of outer space that tinged the culture of the day, whose big expression in film was Stanley Kubrick's 2001: A Space Odyssey...

Author: /time Magazine | Title: Art: Seeing The Far in the Near | 11/12/1990 | See Source »

...deals among S&Ls and their biggest customers, the possible impact of political contributions in delaying crackdowns by regulators, even the deceptive lure of junk bonds and their king, Michael Milken. It is not a case history of nice guys being caught innocently in an oil bust, as the defunct thrift's managers often claim. It is a study in greed, deceit and profiteering...

Author: /time Magazine | Title: Running with A Bad Crowd: Neil Bush & the $1 billion Silverado debacle | 10/1/1990 | See Source »

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