Word: legorreta
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Dates: during 1980-1989
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...initiated by President Carlos Salinas de Gortari since he took office late last year. In January, after a sensational shoot-out in Ciudad Madero, police arrested Joaquin Hernandez Galicia, known as "La Quina," the powerful and widely feared leader of Mexico's oil workers' union. A month later Eduardo Legorreta Chauvert, a top businessman with ties to the Salinas government, was jailed on charges of stock fraud. What La Quina, Legorreta and Felix Gallardo have in common is that they are renowned for using patronage and corruption to put themselves beyond the reach of the law. By tackling such formidable...
Only last December, prominent Mexican stockbroker Eduardo Legorreta Chauvert was an honored dinner guest of President Carlos Salinas de Gortari. But these days Legorreta is a guest of the Reclusorio Oriente jail in Mexico City, where he has been held without bail since Feb. 14 on charges that he traded in bogus government treasury certificates, as well as other allegations of securities fraud. Legorreta, chairman of the go-go brokerage firm Operadora de Bolsa, is the government's biggest catch in a long-awaited crackdown on irregularities in the Mexican stock exchange, La Bolsa...
...sharper tumble in early October of that year. In just 28 days, La Bolsa lost 74% of its value. The "crack," as Mexicans refer to it, wiped out tens of thousands of small investors, many of whom filed criminal complaints accusing their brokers of cheating them. The arrest of Legorreta, who had been considered immune partly because of his role as a fund raiser for Salinas, has proved popular among consumers, if not businessmen. Legorreta has denied any wrongdoing. "I am innocent," he said. "I believe in doing things according...