Word: niarchoses
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The Casey Case. The ship-buying tactics of Niarchos and brother-in-law Onassis were blown out into the open when Congress started a stem-to-stern investigation of the immense profits that were made on war surplus ship sales. A congressional committee found that Massachusetts' former Representative Joseph...
Casey and his associates bought five T25 from the Maritime Commission, which stipulated that they remain in American hands. The Casey syndicate chartered and later sold the ships to Niarchos' U.S. companies. With Niarchos' help, according to Justice Department records, Casey and colleagues in two years avoided paying...
As a result of the investigation, Casey was indicted, but he later won immunity from prosecution by testifying before a grand jury. In 1953 the Justice Department also started moving against Niarchos, Onassis and other independents. In civil actions against nine of his companies, Niarchos was accused of misrepresenting them...
Rather than tie up his ships by a prolonged court battle, Niarchos settled the case out of court, paid an initial fine of $4,000,000. To recover 13 of his ships, he later made a deal with the Government that gave U.S. shipyards a needed boost. In return for...
The Bafzanakia. Thus the Government wound up by slapping Niarchos' wrist. His fines were greatly reduced, in effect, since the 13 ships transferred to foreign registry automatically gained $5,000,000 in value as a result of lower operating costs under flags of convenience. Though it will cost Niarchos...