Word: profitability
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Dates: during 1950-1959
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...with partisan references to "vicuña" and "Eisenhower recession," Passman-armed with an impressive amount of detail on the program -got away virtually unchallenged with horrendous buckshot charges. Sample: "The defense support part of this program in all probability has been responsible for more bribery, overpricing, conniving and profit taking on the part of officials and friends of officials in foreign nations than any program ever conceived by the mind...
...Wolfson group continued to sell until it had cleaned out its holdings. Estimated profit on the sale: $2.5 million. Then, said the SEC, Wolfson began to sell short in the belief that A.M.C. sales would slide and the price of the stock drop. But A.M.C. car sales rose and the stock did not drop; the Wolfson accounts were eventually caught in a short position of about 150,000 shares...
...charged that Trans Continental shares were being sold by telephone by high-pressure operators, with the claim that the stock would double in 30 to 60 days and that the company had a good profit position and would soon declare a substantial dividend. The truth of the matter, said SEC, is that the company has operated at a loss since 1955. It cannot pay dividends until it pays off $3,000,000 in loans. Furthermore, said SEC, substantial trading in the stock was being conducted by an unnamed "foreign source," which had pushed the stock from...
...fact is that Big Steel, which had planned to finance the bulk of its projected $665 million expansion program for 1958 (TIME, March 24) through profits and depreciation charges, has been hit by the profit squeeze and the inadequacies of depreciation allowances. By going into the public market, it will improve its cash position, make it easier to continue its expansion program without further dipping into working capital...
...that he can get out with a quick killing. The big advantage is that he can put up only $5,000 to get $100,000 worth of bonds; if the bonds advance a point-as they often do shortly after issue-the free rider can sell at a profit of $1,000. The danger is that the bonds also can go down. Last week the Government bond market suffered its worst beating of the year, and many of the joyriders were derailed with heavy losses...