Word: pollacks
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Directed by Jeff Pollack...
...late 1980s, many kinds of fish were verging on "commercial extinction" -- they were still around, but not in great enough numbers to supply fishing boats. In some cases, countries have agreed on fishing bans until stocks recover. Last February, for example, six nations reached a tentative pact to restrict pollack fishing in an area known as the "doughnut hole," in the international waters of the Bering...
...these arrangements don't always work: Russia has been trying to orchestrate a second pollack treaty in the Sea of Okhotsk, off Siberia, but Poland, South Korea and China have refused to go along. And even when nations enact bans or quotas for certain species, they can be difficult to enforce. Sometimes ships flying flags of convenience just ignore agreements...
...down payment: in settling with the Securities and Exchange Commission, Prudential said it will fully compensate all investors who can show they were bilked in some $8 billion worth of partnership deals dating back to 1980. Moreover, the company is all but handing over its checkbook to Irving Pollack, 75, a Washington attorney and former SEC commissioner, who will determine the size of each award, if Prudential's offers prove unacceptable to investors...
Parceling out compensation to the victims will now cost the company some $20 million in administrative expenses over the next three years. Pollack will earn $20,000 a month for supervising a cadre of lawyers, accountants and financial appraisers hired at his discretion on the Pru's dime, who will sift through customers' claims. "If you're a widow for whom the purchase of a risky oil-and-gas partnership was inappropriate and you were told it was safe, you're very likely to get compensation," says Thomas Newkirk, an associate SEC enforcement director who worked on the case...