Word: lax
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...first five years, their affair was carried on mostly at his apartment, rarely at hers, which for years has been overflowing with kids and pets: Farrow now has four biological and seven adopted children. "She likes to spend tons of time with kids," he told author Eric Lax in a biography published last year, in enumerating the opposites that attracted him to her. "I like to spend . . . only a limited time with kids." But the warming intensity of their companionship led Allen to a decision he had avoided in two marriages, to Harlene Rosen and actress Louise Lasser...
Weld's address to the convention also blasted Arkansas Gov. Clinton for his state's lax restrictions that let prisoners out early, and criticized Democrats in general for their fiscal policies...
...Flight 103 over Lockerbie, Scotland -- and it was a whopper. The family of Robert Pagnucco, an assistant general counsel at PepsiCo and one of the 270 people killed in the terrorist bombing, was granted $9.2 million. A previous trial had held Pan Am responsible for its lax security. Although the defunct airline plans to appeal that finding, its insurers could face more million-dollar verdicts in the 200 or so compensation cases brought by the families of other victims...
Still, improper trades by corporate insiders are hard to police. Poor record keeping and lax enforcement by the SEC, for example, have typically made such cases difficult to detect and prosecute. Unless there is unshakable evidence to the contrary, insiders can easily explain away questionable deals as simply being fortuitous. And often even the most flagrant-appearing trades can fall within legal bounds. The Bioscience transactions, now challenged by shareholders as improper, apparently satisfied SEC guidelines. Explains Robert Gabele, president of Invest/Net, a Fort Lauderdale research firm that tracks insider trades: "Many corporate insider trades are not illegal, just unethical...
Stung by criticism of lax enforcement, the SEC has been pressured into cracking down. The watchdog agency has opened a raft of investigations into cases involving corporate insiders in recent months. In one of its toughest actions to date, the SEC last October filed insider-trading charges against three top officers at Shared Medical Systems. The executives, including CEO R. James Macaleer, are accused of making false statements about Shared Medical's financial health and then selling 157,400 shares, at 35 to 4114 each, before the Malvern, Pa., company disclosed a sudden sharp decline in its earnings. The news...