Word: sec
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Dates: during 1980-1989
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...scandal would spread. Last week it did. Robert Wilkis, 37, until June a first vice president of E.F. Hutton and at one time with Lazard Freres, and Ira Sokolow, 32, a former vice president of Shearson Lehman Bros., were accused in a civil complaint drawn up by the SEC of conspiring with Levine, 33, a former managing director of Drexel Burnham Lambert, as part of an insider-trading ring. They allegedly enriched themselves by using or selling important advance information about companies and profiting on the movement of those firms' stocks...
...tender offer, he cleared a $95,000 profit. Levine bought 33,000 shares of Carter Hawley Hale and made $222,000. Sokolow, meanwhile, leaked advance information to Levine about Litton Industries' 1982 bid for Itek and R.J. Reynolds' 1985 offer for Nabisco Brands. For those tidbits, the SEC said, Sokolow was paid...
...blasted off even though the temperature at the cape was 38 degrees . During the night, a subfreezing cold had chilled the shuttle, and surface winds of 30 m.p.h.. had aggravated the problem. Chunks of ice floated in water tanks laced with antifreeze. Once aloft on its tragic 73-sec. flight, Challenger was assailed by 75-m.p.h. gales, producing, even before the explosion, what one NASA engineer called "an extremely rough ride, maybe the roughest yet." At sea, ships assigned to recover the $25 million boosters were heading for safe harbors as waves broke over their gunwales. All those facts...
Despite the SEC's stepped-up enforcement, many Wall Streeters believe that the investment world is still rife with insider trading. They note that in scores of mergers, including General Electric-RCA, Capital Cities-ABC and Philip Morris-General Foods, a run-up in the price of the target company's shares proves that many investors bought stock based on advance knowledge of the deal...
Some securities experts believe that the SEC is woefully understaffed. Richard Phillips, chairman of the American Bar Association's committee on federal regulation, notes that while the volume of securities traded grew by 800% between 1976 and 1985, the size of the SEC's enforcement staff dropped...