Word: ruckdeschel
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Meet Philip Ruckdeschel, 68, a disabled mechanic who lives with his wife, his 78-year-old mother-in-law and three children in Sloansville, N.Y. (pop. 200). In 1986, Ruckdeschel handed his family's savings, roughly $150,000, to Joseph Ventura, a sales rep from First Investors Corp., one of the country's largest managers of junk-bond mutual funds. Four years later, Ruckdeschel estimates his total losses at $75,000 but doesn't know the exact figure because at each sales call, Ventura would toss out the old records. "He never said anything about any risk -- just that...
...Ruckdeschel, Ventura and Loncar inhabit the lower end of the food chain that fed Michael Milken and a handful of others hundreds of millions of dollars in personal profits during the leveraged-buyout binge of the '80s. Now the continuing collapse of the junk-bond market is starving more than 270,000 First Investors clients, many of whom were lured in by deceptive tactics like those used by Ventura and Loncar. Customer losses nationwide could top $500 million...
Upstairs, where Charles higher-ups work in offices as cluttered as the back rooms of country stores, President George Ruckdeschel said he was "too low" to discuss the reasons why the store was closing. Low in spirit but not so taciturn was Chairman William A. Charles. Behind his roller-top desk, looking like a baffled and unhappy small-town grocer, this tall, grey-haired, 70-year-old son of the store's founder talked of Charles & Co.'s rise & fall...
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