Word: scandalous
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Dates: during 1980-1989
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...scandal could also have serious political repercussions for the financial community's traditional allies in the Conservative Party of Prime Minister Margaret Thatcher, who must call national elections by the summer of 1988. "There's bound to be political fallout," says a prominent London banker. "The muck will be raked by the media and the opposition parties, and some of it will stick." Though no government official has been implicated, Roy Hattersley, deputy leader of the opposition Labor Party, has charged that support for the City's "sleazy undercurrent of corruption is the inevitable extension of Tory economic philosophy...
...full details of the Guinness scandal have not been revealed, but the investigation centers on the company's battle with Argyll Group, a Scottish supermarket chain, for control of Distillers. Both rivals had offered Distillers' shareholders a mix of stock and cash. During the contest, however, an unexplained flurry of trading raised the price of Guinness's shares. That boosted the value of Guinness's bid and helped it win Distillers. In the process, though, Guinness allegedly made large illegal purchases of its own stock and paid off other investors to do the same. Among those traders who may have...
...seven top executives of Guinness and of Morgan Grenfell, the London bank that acted as the brewer's financial adviser, have been asked to resign as a result of the scandal, which has been dubbed "Guinnessgate" by some British newspapers. Among those fired: Guinness Chairman Earnest Saunders and Morgan Grenfell Chief Executive Christopher Reeves. Some of the executives could face criminal prosecution, and Guinness has already been hit by lawsuits from Distillers' shareholders...
...political ramifications that City leaders fear most of all. Though the affair involves complex financial transactions that are little understood by the general public, the scandal could sting the Tories, who are running neck and neck with the Labor Party in opinion polls. "Watergate was amazingly complex, and people didn't follow the minute details," says Peter Kellner, political columnist for the liberal New Statesman magazine. "But there came a time when it wasn't the detail that mattered, but the general stink...
...Vatican Bank scandal had a dramatic opening in June 1982 when Calvi, who was known as "God's banker" because of his Vatican connections, was found hanging from London's Blackfriars Bridge, his pockets stuffed with $13,000 in / various currencies. Later Michele Sindona, the corrupt Italian financier who introduced Calvi to Marcinkus, died in jail after drinking a cup of coffee laced with potassium cyanide...