Word: lloyds
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...mistake was to cross swords with Lloyd's of London. When coffee prices plunged in 1986, leaving him exposed, he handed the insurers $6 million in claims for the alleged theft of a Song dynasty vase and commercial losses on an undocumented coffee shipment. Underwriters refused to pay, so Bilbeisi sued them for punitive damages, prompting Lloyd's to launch a deeper investigation. Result: last December Lloyd's filed a civil racketeering suit against Bilbeisi and B.C.C.I., charging the two with a long list of illegal acts, including coffee smuggling, arms dealing, customs violations, money laundering and paying bribes...
...Bilbeisi scheme reaches into corporate America as well. The grand jury is investigating Arthur Berman, who was president of Chase & Sanborn in 1981-84 and Chock Full o' Nuts in 1984-85. The Lloyd's lawsuit contends that the executive, knowing the coffee was smuggled, accepted "substantial commissions" from Bilbeisi and Coffee Inc. to facilitate sales to Chase & Sanborn and Chock Full o' Nuts. Bilbeisi's company ledgers show $160,000 in cash and checks paid to Berman. In a 1988 deposition, Berman denied the payments were illegal commissions, insisting they were merely loans that he used to support...
...Lloyd's investigators have also probed Bilbeisi's role as an arms broker. In one transaction Bilbeisi proposed the sale of U.S.-built Jordanian fighter jets and helicopters to Guatemala. According to documents from a Bilbeisi company, three helicopters were delivered at hugely inflated prices, and part of the proceeds was kicked back to high-ranking Guatemalan officers and the brother of former President Vinicio Cerezo. B.C.C.I. financed the deal for a $400,000 commission. Guatemala has brought criminal charges against Bilbeisi, and is seeking his extradition from Jordan...
...remember him as an intellectual person and an exceedingly gracious person," says Professor of Law Lloyd L. Weinreb. "He was then what he is now. There really is a continuity...
...even hunger, crossed over into the sated land of Republicans? Victims of their own remarkable success, maybe. "Must be $50 billion on the hoof here," muttered a Kennedy veteran. Mrs. Harriman, one of the wealthiest Americans, is a kind of housemother to the Democratic Party. Megamillion lawyers like Lloyd Cutler, once counsel to President Carter, were a dime or so a dozen. "It's hard to get fire in the belly over health insurance when it's stuffed with pate," quipped the Kennedy...