Word: fraud
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Dates: during 1990-1999
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...Texas' pine-covered Eastern District, where failed thrifts are about as common as pickup trucks, U.S. Attorney Robert Wortham has a problem. Some 30 financial institutions have already gone belly-up or come under Government supervision; 59 more are under investigation for fraud. But Wortham, with a team of five FBI agents, doesn't have the manpower needed to unravel the bankers' dastardly deeds. "I've begged. I've pleaded. I've complained up the ladder," said Wortham at a hearing last week before the House Commerce, Consumer, and Monetary Affairs Subcommittee. "I could ask my mother...
...assets would be hard enough if they had been in the hands of honest businessmen, but many failed thrifts were ruined by larcenous schemers who took advantage of lax S&L rules and poor supervision during most of the 1980s. Testifying before Congress last week, Seidman said criminal fraud had been discovered in 60% of the S&Ls seized by the Government during the past year, almost triple the rate in commercial bank failures. Some of the wrongdoing may even be traced to the CIA. According to the Houston Post, the intelligence agency had connections with 22 now failed thrifts...
Avarice, arrogance, sleaze, fraud, carnal sin. Various American televangelists have already been accused of almost every imaginable transgression. What more could media-star ministers possibly be charged with? Answer: sloppy theology. That is precisely the theme of a new anthology, The Agony of Deceit, published by Chicago's fundamentalistic Moody Bible Institute (284 pages; $12.95). The book's twelve contributors (including former U.S. Surgeon General C. Everett Koop, who criticizes faith healing) have scoured books and sermon tapes and found the TV preachers guilty of egregious doctrinal heresy...
...arrogance, avarice, sleaze, fraud and carnal sin were not enough for the industry, various televangelists are being charged with sloppy doctrine by fellow Bible Belters...
...sign that Wall Street is entering a period of welcome sobriety. Drexel, after all, was more than just a tough competitor; it was viewed as a bad influence. Last year the company agreed to pay a $650 million fine and pleaded guilty to six counts of mail and securities fraud. As part of the settlement, federal prosecutors required Drexel to dump Milken, who now faces a 98-count fraud and racketeering indictment. "The era of extravagance and insanity has come to an end," says economist Pierre Rinfret, who runs a Wall Street consulting firm. "This is a breath of fresh...