Word: laventhol
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...broader pattern of plundering PTL's treasury has emerged. According to the Falwell loyalists who are currently in charge at PTL, in the Bakkers' last 16 months in power, more than $2.4 million was paid out of a single confidential executive checking account handled by the Charlotte office of Laventhol & Horwath, PTL's auditors. Almost $1.4 million in compensation went to the Bakkers and top executives from the account during the first four months of 1987. Aide David Taggart received 1987 cash advances of $111,000 and bonuses of $225,000. Payments totaling $128,000 were made last year...
...Department of Justice are also on hand, and PTL Board Member Jerry Nims, for one, hopes for a full-dress fraud investigation. He charges that the local representative for PTL's outside auditors, Laventhol & Horwath, operated a secret fund through which PTL higher-ups got enormous bonuses. Laventhol says it is unable to discuss the situation until PTL gives permission. In addition, says Nims, some PTL officials were observed pocketing cash from mail donations right off the counting table...
Still, experts wonder how long no-frills operators can enjoy such a smooth journey. As new companies enter the market and established chains expand, there is the growing risk of a glut. "Profit potential now is high, but success breeds excess," says Daniel Daniele, an analyst at Laventhol & Horwath, an accounting firm specializing in the lodging industry. Daniele predicts an industry shake-out in the next two to five years, but that is a distant prospect. This summer travelers tooling down interstate highways are sure to find plenty of bargain motels...
Chandler generally improves what his firm buys. At the Dallas Times Herald, for example, the editorial budget has been doubled and news columns increased by 30% since Times Mirror took over in 1969. Says David Laventhol, publisher of Long Island's Newsday, acquired in 1970: "Chandler has a good sense of the need for local autonomy...
...Newsday says that when the tax returns of Editor David Laventhol and Investigative Reporter Robert Greene were audited by New York State, the two men were told individually that it was being done at the request of the Federal Government. Publisher William Attwood is not aware that his returns have been audited...