Word: payoff
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...legal problems of Labor Secretary Raymond Donovan are deepening A special prosecutor will probably be appointed this week to investigate allegations that Donovan witnessed an illegal payoff by his New Jersey construction firm to a corrupt union official in 1977. In addition, TIME has learned that investigators are looking into the possibility of perjury in Donovan's testimony at his confirmation hearing, when he claimed he had never met New Jersey Gangster Salvatore (Sally Bugs) Briguglio...
Over the past three years, Masselli was the target of FBI agents, wiretappers, stakeouts, prosecutors and federal grand juries. These investigations produced reports of an alleged $5,000 payoff to New York City Democratic Congressman Mario Biaggi. The money was said to have come from a paving contractor who was seeking dumping privileges at a city landfill. Biaggi denied any such deal, saying: "It didn't happen." Similarly, Masselli is alleged to have sought the help of Carmine De Sapio, 73, a former New York City Democratic leader, in leasing a dump site from the New York State Metropolitan...
Even if the allegation involving Donovan is ultimately discounted, the fact that the details of Montuoro's account of the alleged payoff were not presented at his confirmation hearings indicates a disturbing lapse by federal investigators. Corruption in Local 29 had been under multiple investigations, beginning as early as 1978, by the FBI, the Department of Justice, the Internal Revenue Service and even by the Labor Department that Donovan now heads. Yet none of those agencies had informed the Senate that Donovan's name had turned up in these probes...
...finance his recreational use. The business seemed so easy that it just grew. Throughout their perilous escapades, Stein berg and friends remained calm, peaceful, fun-loving, devil-may-care. They never used force. If an aide was kidnaped, they paid the ransom. If a distributor burned them on a payoff, they simply did not deal with him again. Their mothers, aunts, wives, girlfriends were recruited to rent safe houses in Miami suburbs for storing drugs or to ride along as evidence of propriety when they were transporting a shipment. Says Steinberg: "I never saw a gun the whole time...
...payoff from those stunning interest rates, though, is often only an inflationary illusion. Over the past two centuries, the real interest rate in the U.S. has been fairly consistent at about 3%. Anything more than that has just offset the current level of inflation. A return of 17% from a money-market fund is obviously better than 5.25% from a bank, but if the inflation rate is also 17%, the depositor is not really that far ahead. With inflation now at about 11%, a yield of 17% is clearly a good deal...