Word: scandalous
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Dates: during 1980-1989
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Melamed sees the Chicago scandal as just part of an ethical malaise in financial markets around the world. Said he: "Whatever the reason, it's a shame, and I think it's our greatest danger." His conciliatory move this week may actually hasten reform and speed up the Government investigation by reducing the elements of conflict, as he intends. But Melamed's response recalled a bit of wisdom from a bygone era in Chicago: when surrounded by the Feds, come out with your hands...
...ethics grant closely followed Wall Street's unprecedented scandal two years ago. Two-thirds of the money came from Ambassador to the Netherlands John S.R. Shad, who then chaired the Securities and Exchange Commission and who received a 1949 Harvard...
...office, "disciplinary action" should be taken against him for "conduct which should not be tolerated of any government employee, especially not the Attorney General." Among Meese's misdeeds cited in the report: doing favors for chum E. Robert Wallach, who is awaiting trial for his part in the Wedtech scandal, and participating in decisions on companies in which he owned stock. To no one's surprise, Meese's lawyer called the report a "travesty of justice," and former boss Ronald Reagan deemed it "unwarranted...
...feds have got and against whom." Several panicky traders who reportedly had been subpoenaed sold their exchange seats, including one on the Merc that went for only $330,500, a sharp drop from the previous sale at $380,000 only a week earlier. Many traders worried about what the scandal might cost Chicago's booming markets in terms of lost prestige and new Government regulation. Says a broker: "It shows once and for all that we're not capable of regulating ourselves honestly...
...within the bounds of West German law. But that is not saying much. The country's export regulations are among the loosest in the world. The Economics Ministry processes some 70,000 chemical-industry export applications each year. Even the tighter regulations announced in the wake of the Libyan scandal, Economics Minister Helmut Haussmann maintained, do not guarantee that unscrupulous manufacturers will refrain from conducting business as usual...