Word: lockton
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...unprecedented criticism of Moody's stems indirectly from letters written to various public officials-including Moody's President John Lockton-by Arthur Cohen, a Hollywood, Fla., businessman who holds $50,000 worth of New York City notes. Cohen was furious about the state's decision to put a moratorium on payment of principal of outstanding city notes. In one of his latest letters to Lockton, Cohen charged that New York Governor Hugh Carey "and his legislative colleagues have perpetrated what amounts to one of the biggest fraudulent acts" in U.S. history. He further claimed that challenges...
Cohen promptly sent a copy of Lockton's letter to such noted political and economic authorities as Johnny Carson, Chevy Chase and Daniel Schorr. He also mailed one to Rohatyn, who saw in it evidence that Moody's position on MAC bonds was "obviously one of political dogma." Though Moody's denies that politics was involved, MAC officials have called a meeting for this week to decide whether to sue the company or negotiate for a higher rating...