Word: fraude
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...Milken is having his day in court, but it will be a quick one. In an unusual proceeding that began last week, federal Judge Kimba Wood will hear evidence about some of the 92 charges Milken did not admit when he pleaded guilty to six felony counts of securities fraud and other crimes. Prosecutors hope to offset the efforts of Milken's lawyers to cite his philanthropic activities as grounds for a lenient sentence. Milken, 44, could be given anything from community service to 28 years in prison...
Despite its efficiency in carrying out Operation Desert Shield, the Pentagon is a paper tiger when it comes to penalizing its contractors for fraud and other crimes. Just last February Northrop pleaded guilty to 34 counts of falsifying test results on key parts for cruise missiles and AV-8B Harrier jump jets. In part because of those abuses, the Pentagon banned the company from receiving new contracts. But the Defense Department disclosed last week that it has waived the ban to allow the Navy to buy 104 more Harrier gyroscopes (total price: $300,000), which are made only by Northrop...
...billion in financial assets and counted a handful of U.S. Senators among his powerful buddies. Last week he stood as a wretched symbol of the past decade's financial follies. After the former owner of California's bankrupt Lincoln Savings and Loan was indicted on 42 counts of criminal fraud and was unable to raise the $5 million bail, police handcuffed and jailed him. California alleges that Keating bilked investors who bought $250 million of now virtually worthless junk bonds. The state's charges were the latest in a flood of legal actions against the disgraced businessman. Overall, taxpayers will...
...spend in the slammer? Junk-bond king Michael Milken, who is scheduled to be sentenced Oct. 1, could get up to 28 years. He has already been punished financially: last April, when Milken reached an agreement with prosecutors to plead guilty to six of the 98 counts of securities fraud and other crimes leveled against him, he was ordered to pay $200 million in fines and $400 million in restitution. Scores of Milken's friends -- and a smattering of his foes -- have deluged New York Federal District Court Judge Kimba Wood with more than 200 letters that aim to sway...
...once cheated on her husband, for example, it's not worth waiting 400 more pages to know who it was. Turow fails to make the Dixon investigation suspenseful for most of the book because there is no indication how it relates to the issue of Clara's death. Securities fraud arouses curiosity for a few minutes on the evening news, but it's not really the stuff that 500 page novels should be made...