Word: sec
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Dates: during 1980-1989
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Most stunning was the news that the SEC had subpoenaed 15 employees of Shearson Lehman Brothers, including its chairman Peter Cohen. The agency is investigating the $482 million buyout of Sheller-Globe, a Toledo maker of auto parts, by a group that included Shearson, the investment arm of American Express. Sheller-Globe's shares surged just before the buyout was made public, rising from 28 3/8 on Jan. 10 to 44 on Feb. 19. That sort of sudden movement in a stock often suggests that illegal insider trading may have taken place...
...SEC came under fire for its handling of the Boesky case. In testimony before Congress, SEC officials revealed that the agency had allowed Boesky to reduce his liabilities by $1.4 billion, partly by selling stock, before the insider-trading charges against him were made public. That amount was far greater than the $440 million in stock sales that had been reported previously. The transactions enabled Boesky to avoid huge losses. The SEC has said that if Boesky had been forced to sell out after the charges were announced, the activity would have sent the stock market into a dive. Nonetheless...
...Whoa, wait a sec, dude, slow down. What about the war on drugs? You're not suggesting that the U.S. government sell drugs to finance the rebels in Nicaragua, are you?" This time he was going...
...have them tattooed on your chest in mirror writing so you can meditate on them while shaving. We will go out to dinner at least once during October, even though it is the sacred time of the baseball playoffs, and you will remain eligible to talk in 10-sec. bursts or more during Monday-night football. You will cease all jokes about how I wake up in the middle of the night smelling dust, and you will learn how to work the vacuum and the toaster...
...reports of abuses in the takeover game proliferate, the political pressure to put new curbs on corporate raiders is sure to rise. At last week's hearing before the House Monopolies Subcommittee, A.A. Sommer, a Washington securities lawyer and former SEC commissioner, delivered a strong denunciation of takeover mania. Said he: "American enterprise, at a time when all its energies are needed for the worldwide economic struggle, is being driven by a . handful of opportunists into a massive restructuring, with consequences that may be disastrous." Sommer's argument struck a responsive chord among the legislators. Said Democratic Representative Mary Rose...