Word: go-go
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...Gortari. But these days Legorreta is a guest of the Reclusorio Oriente jail in Mexico City, where he has been held without bail since Feb. 14 on charges that he traded in bogus government treasury certificates, as well as other allegations of securities fraud. Legorreta, chairman of the go-go brokerage firm Operadora de Bolsa, is the government's biggest catch in a long-awaited crackdown on irregularities in the Mexican stock exchange, La Bolsa...
American Savings (assets: $30 billion), which was once the largest thrift in the U.S., had got into the same trouble as many other go-go S & Ls. During the early 1980s its maverick chairman, Charles Knapp, furiously pumped up the company's growth with brokered deposits and high-risk loans. When the thrift suffered a run on deposits in 1984, the Federal Home Loan Bank Board seized American and installed fresh management. But the new team gambled and failed in a multibillion-dollar investment in mortgage-backed securities. When the Bank Board went looking for help again...
...fact, the agreement was a stunning about-face by the most influential, go-go investment-banking house of the 1980s. After maintaining for two years that Drexel had done nothing wrong, a shaken board of directors voted 16 to 6 to accept the stiff terms proposed by Rudolph Giuliani, U.S. Attorney for the Southern District of New York. The deal calls for Drexel to plead guilty to six felony counts involving mail, wire and securities fraud and to pay a record $650 million in penalties. Some $300 million of the fine would go to the Government, which...
Even before Black Monday, the First Boston investment firm's go-go days had gone. In late 1986 the company's traders lost $100 million in the Treasury bond market. Last February the firm's prized merger-and-acquisition specialists, Bruce Wasserstein and Joseph Perella, defected to start their own firm, taking 16 staffers with them...
...roaring, greedy decade that created not only legitimate prosperity but also boundless motivation for stealing. Fraud was never so tempting or remorseless, thanks to the proliferation of electronic money and fast, faceless financial transactions. In the past the primary safeguard against such theft had been trust, but in the go-go '80s that ethical obstacle blew away like an old cobweb. Now, finally, the epidemic of cheating may be cresting, since greed is going out of style in some quarters, and the spectacle of once upright citizens slouching off to jail may provide a deterrent...