Word: loan
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Dates: during 1960-1969
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...LOAN-SHARKING OR USURY nets several billions?it is impossible to say how many?in revenue for the Mob. Dollar for dollar, usury is LCN's best investment; though the gross is lower than it is in gambling, profit is higher. Interest rates commonly run at 20% per week, or, in the Mob's words, "six for five"?borrow $5 on Monday and pay back $6 by Saturday noon, the normal deadline. Borrowers are frequently gamblers who have lost heavily or hope to make a big strike, but they also include factory workers, businessmen on the verge of bankruptcy...
Many of the Cosa Nostra's legitimate business fronts were acquired when the owner could not pay his debt. Some public officials were acquired in the same manner. Over his head in various business deals, James Marcus, the former Water Commissioner of New York City, took a loan at 104% annual interest. When he was unable to pay, the gangsters found him a willing victim for other schemes, including graft on city projects. In the case of Marcus, as with many other public officials, the loan was almost certainly a come-on for what the Mob really wanted: a good...
...extend to an estimated 5,000 business concerns. Indeed, Cosa Nostra's penetration of the above-ground world of finance and commerce is probably the greatest threat that it poses to the nation today. A business can be acquired in any number of ways, from foreclosure on a usurious loan to outright purchase. LCN, after all, has more venture capital than any other nongovernmental organization in the world. New York's Carlo Gambino and his adopted family own large chunks of real estate in the New York area valued at $300 million. Until recently, they also ran a labor consulting...
...Papadouspolos filed four suits--against the co-sponsors, against Harvard, which lent the Stadium for the concerts, and against Edward S. Gruson, assistant to the President for Community Relations, who arranged the loan of the facility. The suits against cosponsors and Harvard were thrown out yesterday; a hearing has not yet been held on the suit filed against Gruson...
George Papadoupolos, a Boston rock producer, has filed suits for slander against the Harvard Corporation, which lent the stadium for the concerts; Edward S. Gruson, assistant to the President for Community Relations, who arranged the loan of the facility; and the Riverside Neighborhood Association and the National Center for Afro-American Artists, the two groups now co-sponsoring the concerts...