Word: funds
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Dates: during 1980-1989
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Gerald Tsai, 59, is a legendary Wall Street figure who made millions as a mutual-fund manager during the go-go '60s. Now the Shanghai-born whiz is chief executive of Primerica, formerly American Can, once a pillar of Smokestack America and currently a $2.9 billion financial-services conglomerate. Last week Tsai burst back onto Wall Street when Primerica announced that it had agreed to buy Smith Barney, one of the country's best-known brokerage firms, for $750 million...
...Nothing ever materialized," says Perot. But eight months later, in January 1986, North phoned again and asked Perot for $100,000 to fund a new rescue attempt. Perot sent the money by courier to intermediaries of North's in Canada...
...Department of Justice are also on hand, and PTL Board Member Jerry Nims, for one, hopes for a full-dress fraud investigation. He charges that the local representative for PTL's outside auditors, Laventhol & Horwath, operated a secret fund through which PTL higher-ups got enormous bonuses. Laventhol says it is unable to discuss the situation until PTL gives permission. In addition, says Nims, some PTL officials were observed pocketing cash from mail donations right off the counting table...
...President explicitly is interpreted as not applying to him." But critics protest that this would put the President above the law. Says Harvard Law Professor Laurence Tribe: "Congress's control over the purse would be rendered a nullity if the President's pocket could conceal a slush fund dedicated to purposes and projects prohibited by the laws of the U.S." Democratic Congressman Edward Boland observed that if Reagan wanted to claim exemption from the amendment, he should have done so when it was enacted. Instead, Boland noted, Reagan signed the bill without any public comment...
Private U.S. citizens who donated to the cause described how North and others would give a strong pep talk about the needs of the contras and then leave it to private fund raisers like Carl Channell to ask directly for donations. Republican Senator Warren Rudman described it as a "one-two punch." According to William O'Boyle, a New York City oil investor who testified last week, he was told by North that as a Government employee he could not directly ask for donations. But Joseph Coors, a Colorado brewing- company executive, testified that in January 1986 North did personally...