Word: hutton
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...Hutton scheme, several bank accounts were played off against one another to gain, in effect, interest-free loans. The operation gave the company use of as much as $250 million a day at no cost for 20 months beginning in July 1980. Short-term interest rates at the time were about...
Bell reportedly also singled out Perry Bacon, a former manager at Hutton's Alexandria, Va., branch. Bacon's office sometimes had overdrafts of $9 million on deposits of only $100,000. He has since become vice president of a Hutton branch in Washington...
Whether Bell's findings will clear Hutton's name is uncertain. Some Wall Streeters think the worst is over for the company. Says Analyst Stephen Berman at L.F. Rothschild, Unterberg, Towbin: "Investigating Hutton has become the fashionable thing to do, but just how long can you beat a dead horse...
...Hutton has not said whether any employees will face disciplinary action as a result of Bell's investigation. Many people in the financial community, though, expect that the company will soon announce a shake...
...former prosecutor in Alameda County, Calif., Meese prides himself on being tough on crime. But two widely publicized cases have led to criticism that he is soft on well-connected criminals. In May the Justice Department accepted a settlement allowing the E.F. Hutton brokerage company to plead guilty to a massive check- kiting scheme, but declined to seek indictments of any of the firm's officers, although Hutton was fined $2 million. Meese has also had to defend the Justice Department's protection of Jackie Presser, the president of the International Brotherhood of Teamsters and the only major union boss...