Word: mckesson
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...Federal grand jury last week ended three months of hearings by indicting nine men for criminal fraud in helping F. Donald Coster perpetrate his $18,000,000 swindle of McKesson & Robbins, Inc. The nine men were Coster-Musica's three brothers, two brothers-in-law, a vice president, two McKesson & Robbins directors and a shadowy character named Ben Simon who had known the inside story for 20 years and had lived on his knowledge...
...snorted that a subpoena was unnecessary, promised to debark in the Canal Zone and return immediately if necessity demanded. Though Federal authorities said they wanted Judge Thomas and his books chiefly for the Manton investigation, they confessed their interest in a case from Judge Thomas' own court: the McKesson & Robbins receivership that exploded the notorious Coster-Musica drug scandal (TIME...
Poking behind some furniture in a shed near the McKesson & Robbins plant in Bridgeport, Conn, one day last week, Post Office Inspector Samuel MacLennan found two old ledgers. They contained the record, written in his own hand, of 16 of the 18 years that Philip Musica lived and swindled as F. Donald Coster. Confronted with the diaries, the three surviving Musicas promptly pleaded guilty to violation of the Securities & Exchange Act. SEC Examiner Adrian S. Humphrey thought them so important that he adjourned his inquiry until the ledgers had been studied...
Those who examined the diaries said only that they "named new names." Newspapers recalled that in his suicide note Coster-Musica accused unnamed directors of knowing he had kited McKesson & Robbins' assets...
Last week, with his usual tartness, SEC Chairman William O. Douglas took a fling at directors in general and McKesson & Robbins directors in particular. Plumping for responsible paid directors who would give real attention to their jobs, he urged U. S. corporations to go out and find men who would represent stockholders rather than management or banks. Although there might be plenty of practical problems in staffing directorates with paid "outsiders" (not part of the management) who had the time to know intimately the business they directed, Mr. Douglas said pertinently...