Word: hutton
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...Warhol, Actress Rosanna Arquette (who co-starred with the bride in Desperately Seeking Susan) and Brat Pack Members Emilio Estevez and Judd Nelson. TV Talk Show Host David Letterman was also there, as were Cher (in purple hair), Diane Keaton, Record Producer David Geffen and Penn's friend Timothy Hutton. But the reporters never saw Madonna or Penn enter or leave...
...Hutton must bear some blame for the apparent inadequacy of the federal investigation. The firm's failure to deliver 18 subpoenaed documents may well have hampered the inquiry. Hutton explained that the relevant papers were only just discovered in file drawers that had belonged to Ball...
...controversy has battered Hutton's bottom line as well as its reputation. In May, New York City temporarily barred the firm from participating in two municipal-bond offerings, accusing Hutton of "stealing." Though the ban was lifted, it represented a loss of some $500,000 in fees and an incalculable amount of prestige. A New York state agency, the Metropolitan Transportation Authority, has indefinitely prohibited Hutton from doing any of its underwriting...
State officials could take even tougher action if they decided to suspend Hutton's brokerage licenses. Connecticut has begun hearings on such a move. Hutton now manages $100 million in assets for 13,000 clients in that state. Hutton, declares Brian Woolf, the Connecticut banking commissioner, accepted a public trust but then "betrayed...
...depth of that betrayal may be determined by the House Judiciary subcommittee, which will conduct more hearings this week. Said New Jersey Democrat William Hughes, the chairman: "We're learning a lot more about the E.F. Hutton case by the hour." Yet even before the new hearings open, Hutton is hurting. Said James Hanbury, who monitors financial-services companies for the investment firm Wertheim & Co.: "Hutton's sales force is nearly demoralized, and its customers are starting to hold back. Even after it's over, Hutton will still wear the stigma. And in this business, which is regulated by trust...