Word: kerners
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Always much more concerned with affairs at home than in Washington, Daley wants above all to keep his machine intact; recently it has taken quite a beating from scandals involving former Governor Otto Kerner and State's Attorney Edward Hanrahan. Rather than get out of the primary as Daley instructed him, Hanrahan is battling the machine's candidate for state's attorney. Daley will have his hands full keeping Cook County under control. If Muskie can help him, then Muskie will be his candidate-provided that the Senator does not stumble along the way in the primaries...
After weeks of work, IRS agents put together pieces of the stock deal. In 1966, when Kerner and Isaacs were in office in Springfield, they were allowed to buy 50 shares of C.T.E. stock. Each put up $25,000. At that time the 50 shares were worth a total of $300,000, but they paid only about what the stock had been worth in 1962. In an effort to disguise the bargain, Mrs. Everett signed a "letter of intent" to sell the stock that carried a fake date...
...months later, Kerner and Isaacs traded their C.T.E. holdings for 5,000 shares each in the Balmoral Jockey Club, another racing venture of Mrs. Everett's. In 1967 they sold the Balmoral stock for $30 a share, collecting a profit of $125,000 each on their original $25,000 investment. Government investigators also learned that Kerner and Isaacs turned a profit of $22,400 apiece within a ten-month period on stock in other Everett interests...
Racing Dates. When Mrs. Everett was called in earlier this year by Government probers and asked to explain her dealings with politicians, she promptly blew the whistle on Kerner and Isaacs. Kerner appeared twice before a federal grand jury in Chicago to insist that when he was Governor he had not intervened in the allocation of racing dates, which might have benefited Mrs. Everett. Other state officials, though, reported that Kerner had conferred with them about racing seasons. However it came about, during the tenure of the Kerner administration Mrs. Everett was able to get additional racing dates and turn...
...investigation was not limited to the Kerner transactions. Tax investigators uncovered a seemingly endless string of politicians, both Republicans and Democrats, who held stock in one horse-racing association or another during the 1960s. Most embarrassing to the Daley administration, besides the allegations concerning Kerner, were revelations about other pals and close political associates of the mayor who had been trafficking in race-track stocks. Among them were two former law partners of the mayor, one a federal judge, the other an Illinois circuit-court judge; a Democratic congressman and leader of the Illinois Democratic house contingent; and a high...