Word: erdman
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Dates: during 1970-1979
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...probably would not have written the novel had I not been in jail," says Erdman. In 1970, he and other officials of the United California Bank in Basel, Switzerland, found themselves in one of the city's 17th century dungeons. The bank had collapsed after losing more than $30 million speculating in cocoa futures, and the books had been doctored to hide the losses...
There is no habeas corpus law in Switzerland. Erdman was held for ten months without being charged with any crime before he was able to raise a bail set at nearly 1,000,000 Swiss francs. The Swiss have also attached his property and bank accounts. After he was sent to jail, he had to fall back on some formidable intellectual assets. In addition to having a Ph.D. in economics from the University of Basel, he has studied philosophy with Karl Jaspers and is a scholar of ancient Greek...
...Erdman, who grew up in the Midwest, exudes a boyish enthusiasm. He seems to be an irrepressible doer. Be fore leaving jail, he had not only writ ten the novel but revamped the prison library system and persuaded the war den to paint the cells in cheerful col ors. His own accommodations were not unpleasant. He had television, radio, all the books he wanted - and a typewriter...
Most of the losses developed from unauthorized speculation in the volatile world cocoa market, which some men associated with the bank reportedly tried to corner. Seven officers of the Basel bank have been arrested on charges of suspected fraud and mismanagement. Among them are Paul Erdman, the vice chairman and the only American in the group, and Alfred Kaltenbach, deputy chairman. Both were officers of the bank before it was bought by United California last year. Until then, it was known as the Salik Bank and had a reputation for involvement in speculative deals...
...Julie Budd (nee Erdman), 16, is a Brooklyn-born toy Streisand, (5 ft. 2½ in.). She has yet to learn to read music and insists that she has never studied voice. Says Julie: "I just open my mouth and sing." Within the three years since she was discovered on an amateur night at a resort in the Catskills, she has appeared on most of the network variety shows, including Merve Griffin for the 34th time last week, and has played Caesars Palace in Vegas with Frank Sinatra. She has a big three-octave range and reaches high C with...