Word: frauded
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Meanwhile, things have gone from bad to worse. Allstate has now tried a similar tactic on a group of 650 life insurance agents, 80 percent of whom are over the age of 40, and the company has counter-sued some of its protesting employees for fraud. (Daly also refused to comment on “pending litigation...
...everyone knows as Buddy is in an expansive mood, considering he spent most of the day in a fluorescent-lighted federal courtroom where 12 jurors are considering whether to put him in prison for the rest of his life on charges that include racketeering, extortion, bribery, mail fraud and witness tampering. But then it's been a busy evening for the mayor, what with swearing in two school-board members, giving three speeches and dropping by a book signing. And he still has a fund raiser to go to. Cianci shows no sign of the stress, unless you see some...
...extortion and claims to have arranged $25,000 in bribes for Buddy--"like a chainsaw going through a piece of wood." That's why Cianci can't understand the strategy employed by another high-profile politician defendant, Ohio Congressman James Traficant, convicted in April of bribery, racketeering and fraud. "He's the guy who represented himself," Cianci says. "That's like a dentist trying to pull his own teeth...
...would scarcely recognize what California created as a "free market." The rules remained complex and rife with perverse incentives. The benefits to be gained from the system--taking advantage of its loopholes and stretching them wider--are all too obvious. Mike Aguirre, a San Diego lawyer who specializes in fraud and is representing California in one of its suits against Enron, took an energy-trading course in Houston last year in an enterprising bid to understand what the other side was being taught. There he learned Megawatt Laundering, or how to sell California its own electricity for a higher price...
...emotional issue for investors who want to see someone on their side. Long before he arrived, several institutions--the SEC, Congress, the New York Stock Exchange and the National Association of Securities Dealers--had looked for but failed to turn up hard evidence of what Spitzer asserts is criminal fraud. Few expect that anyone will go to jail. More likely, Merrill, which says the e-mails were taken out of context, will settle with Spitzer--perhaps this week--by agreeing to some kind of fine as well as curbs that would extend to other brokerage firms...