Word: sec
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Dates: during 1950-1959
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Thomas got off in front, set a killing pace for the quarter (56 sec.) and the half (1:58). Then Lincoln and Elliott surged past him, battled for the lead through the third quarter. But as the bell clanged for the final lap, Elliott went into high gear. His muscular legs churning, he left the field behind with an astounding 55.5-sec. final quarter. As 20,000 fans shrieked approval, Elliott finished 12 yds. in front in an unbelievable 3:54.5, far under the 3:58 listed record of Australia's John Landy. Lincoln was second...
LOUIS WOLFSON got out from under SEC charges of manipulating American Motors Co. stock by signing consent decree pledging not to perpetrate "fraud or deceit" on future buyers of A.M.C. shares. SEC action was light wrist slap for Wolfson, who made about $1.7 million in A.M.C. stock dealings, now avoids a public airing of his deals. But in future attempts to move in on corporations, Raider Wolfson probably will have to show on his proxy that he was once restrained by SEC for fraud...
That Terrible Feeling. Last week, as FBI and SEC agents unraveled the details, no one felt worse-or needed more help-than the officers of the 23-year-old Manufacturers' Bank of Edgewater, N.J. The New Jersey State Banking Commission prepared to liquidate its assets, having ordered it closed when it discovered that the bank, with $2,100,000 in deposits but only $130,000 in capital, had apparently lent Belle $150,000 without adequate security...
...scheme was to issue new shares of Cornucopia, swap them for stock in the proposed subsidiaries. That part of the deal never got off the ground. Smelling a rat, SEC stepped in, and refused to clear a proxy statement to get existing shareholders' permission for the issue. Meanwhile the American Exchange had suspended Cornucopia from trading for failure to file required financial statements. Nevertheless, even though Belle & Co. only held options, they were able to install officers in some of the companies (making textiles, hot-water heaters and electronics, a printing plant, real estate, etc.) and sweet-talk...
...great trick-and growing danger-of such a scheme is to keep the balloon expanding, paying off one loan with another. But when SEC moved in and started investigating, there was nothing to do but get out-quickly. A month ago Belle apparently started systematically looting the companies. As a sample of his thoroughness, he even tried to get the employees' pension funds of one of the companies, Troop Water Heater Co. Though the bank that held the funds in trust refused to go along, Belle got partial revenge. All but about $900 of the final week...