Word: iras
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Dates: during 1980-1989
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...Exchange Commission snared Dennis Levine two months ago in the biggest insider-trading case ever, jittery Wall Streeters were sure the scandal would spread. Last week it did. Robert Wilkis, 37, until June a first vice president of E.F. Hutton and at one time with Lazard Freres, and Ira Sokolow, 32, a former vice president of Shearson Lehman Bros., were accused in a civil complaint drawn up by the SEC of conspiring with Levine, 33, a former managing director of Drexel Burnham Lambert, as part of an insider-trading ring. They allegedly enriched themselves by using or selling important advance...
...away from freedoms. Democracy and freedom, fraternal twins and sibling rivals, do not always get along well with each other. The genius of the Founding Fathers was in their construction of a legal and political system that protected minorities from the possibility of a tyranny of the majority. Says Ira Glasser, executive director of the American Civil Liberties Union: "They recognized for the first time ever--and pretty much for the last time--that individual liberty, equal rights, etc., are not assured by democracy. The flaw in a democratic system is: What about the minority, whether religious, political, sexual...
...tied to a dead Chevrolet Parkwood station wagon, and out back of the little house were 40 fresh-plowed acres. A dark, blustery front was coming in from the west. On the porch sat Jack Owens, a black man with startling blue eyes, and with him was a friend, Ira Hudson, who volunteered, "I'm doing fine for a 75-year-old pap." Owens got out his twelve string Silvertone guitar from Sears, Roebuck, and you could see dust buildup on all the lower frets that a bluesman never fingers. Spires accepted an A harp from Owens, removed a wooden...
Repealing the deductibility of interest on consumer loans. Taxpayers would no longer be allowed to write off the interest they pay on auto loans, credit-card balances and other nonmortgage financing. This may bring a loss of business for lenders and the makers of vehicles and heavy appliances. Said Ira Shapiro, director of tax policy at the Coopers & Lybrand accounting firm: "It could change the way people buy big-ticket items. They may prefer to buy the cheaper item in a product line and pay cash for it, instead of borrowing...
...lost write-offs. Tax shelters for oil and gas drilling, however, were largely spared because of that industry's dire condition and political clout. Most businesses are finding that the new tax proposal is a mixed bag of helpful and hurtful surprises. Stockbrokers, for instance, would lose IRA business but would pick up investment money that might otherwise have gone into tax shelters. Automakers might suffer a bit because car loans would no longer be deductible, but could expect to benefit from the accompanying tax cut that puts more money into consumer pockets. Farmers would mourn the loss...