Word: frauds
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Dates: during 1980-1989
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...latest moves angered many employees who had stood by Drexel during its two-year legal ordeal, in which the firm was investigated for stock fraud and other allegations. Outraged brokers shouted down Drexel chief executive Frederick Joseph when he fielded questions about the sale over the firm's coast-to-coast intercom. "You show a lot of loyalty," a disgruntled employee said later, "and what you get back is 'Don't let the door...
...oversight committee. The firm is also naming a new chairman, former SEC head John Shad, to succeed Drexel's Robert Linton. As expected, the deal forces Drexel to cut all ties to its former junk-bond king, Michael Milken, who is facing separate criminal charges of racketeering and securities fraud. Last week Milken agreed to set aside assets of at least $600 million, which could be forfeited if he is found guilty...
...sensational shoot-out in Ciudad Madero, police arrested Joaquin Hernandez Galicia, known as "La Quina," the powerful and widely feared leader of Mexico's oil workers' union. A month later Eduardo Legorreta Chauvert, a top businessman with ties to the Salinas government, was jailed on charges of stock fraud. What La Quina, Legorreta and Felix Gallardo have in common is that they are renowned for using patronage and corruption to put themselves beyond the reach of the law. By tackling such formidable figures head on, Salinas has given notice that he is willing to uproot the status quo to enforce...
...Mexicans as "El Chaparro" (Shorty) and "El Pelon de las Orejas" (Baldy with Big Ears), Salinas, 41, was considered an unlikely presidential candidate even by many members of his own Institutional Revolutionary Party (P.R.I.). When he was elected with 50.7% of the vote last July amid charges of ballot fraud, it became evident that the P.R.I., which has ruled Mexico for 60 years, had lost its grip on the country. By striking forcefully at targets like Felix Gallardo, Salinas has boosted his prestige and consolidated his hold on the presidency. "If President Salinas won by just 50% last July," says...
Last week all the accused lost. The jury found Walters and Bloom guilty of racketeering, conspiracy and mail fraud. Each faces up to 55 years in prison and a fine of up to $1.5 million. As for college athletics, it emerged with more of its idealistic luster tarnished -- just what it did not need after a bruising year of recruiting scandals and crackdowns by the National Collegiate Athletic Association...