Word: scandalizer
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After weeks of controversy over his handling of the future of Deutsche Telekom, the last thing Chancellor Gerhard Schröder needed was another scandal just nine weeks before a general election. But allegations of financial impropriety swirling around Defense Minister Rudolf Scharping forced Schröder to fire him last week. "In my opinion the necessary basis for cooperation in government no longer exists," Schröder said. Scharping, 54, was ousted after the weekly magazine Stern reported that he had received payments from a public relations agency that has several defense contractors as clients. Scharping admitted...
...blue-chip European companies that make up the Dow Jones Stoxx 50 index have declined 24%. That bonfire of capital has been fueled only in part by the revelations of corporate sleaze on the other side of the Atlantic. "Even if Europe hasn't had a scandal like Enron or WorldCom," says Sorbonne economist Christian de Boissieu, "the situation confronting our telecom operators, who are all deep in debt, means that we're facing similar problems." To the well-known troubles of France Telecom and Deutsche Telekom, add the pains at tech giant Alcatel. Or the fiasco at media...
...repeat itself, Mark Twain said, but it often rhymes. As the markets growled, historians recalled the grisly years of 1973-74, a downturn driven not just by a sick economy but by disillusion over everything from Vietnam to Watergate. This too is a summer not of one scandal but of many-the Roman Catholic Church, and the FBI, and Major League ballplayers on steroids. Comedians joke that Arthur Andersen tries to cover up corruption by rotating accountants from diocese to diocese, that Enron and K Mart will merge so Martha Stewart can design the prison uniforms. In each case...
...America's gilded ages have reliably ended in scandal, followed by soul-searching and reform. But investors are divided over what needs to be done. The gentle, self-policing era that sec chairman Harvey Pitt proclaimed last October is dead and gone, but even some battered investors don't trust grandstanding lawmakers to distinguish between reforms that are needed and those that will cramp the recovery even more. That was the argument Dick Cheney and others made to the President-that in the long run, Bush will suffer more if he gets a quick political boost from reforms that strangle...
With corporate scandal at the center of national attention, Reich proposed plans of his own to cope with the recently discovered problem...