Word: sec
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Dates: during 1980-1989
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Richard B. Black, 48, won a place in the Guinness Book of World Records in 1978 for running the fastest continuous vertical, mile, up and down the stairs of Chicago's Lake Point Tower (time: 2 hr. 9 min. 45 sec.). Now Black has achieved a very different kind of notoriety. He is a chief executive officer who is suing the company he worked for. Black has filed a lawsuit that accuses his former employer, AM International, and some of its ex-executives of misrepresenting the firm's financial condition when he was hired a year ago. Black...
...David Edwards, then 33, a former member of Citibank's international staff in Paris, walked into SEC headquarters in Washington with an extraordinary tale. He charged that Citibank had created an intricate system of special telex messages, false documents and secret sets of books to evade taxes on its European operations. The technique involved hiding profits from tradings in foreign currency by creating artificial transactions with Citibank's branch in Nassau, the Bahamas, where taxes are lower than in Europe. In one such deal, Edwards charged, a telex from the Paris branch of Citibank instructed the Nassau office...
...Edwards claims put European bank regulators on the trail of Citibank, which had to pay $5.6 million in back taxes and $7.5 million in administrative fees to Switzerland and $550,000 in fines to France. But far from changing its procedures after Edwards made his allegations, the SEC investigators charge, Citibank merely altered its bookkeeping methods to make the practice harder to trace...
John S.R. Shad, the new Reagan-appointed SEC chairman and a former vice chairman of a Wall Street investment firm, has adopted a more limited role for the agency. Shad and Fedders see their primary job as policing the securities markets. Said Shad: "The SEC was using its power of disclosure to influence corporate decisions. There was concern after Watergate at what appeared to be the unbridled power of corporate management." But Shad wants to back away from enforcement that he believes is "clearly beyond the basic mandate of the commission." Although few will quarrel with his avowed goal...
Meanwhile, investigators studying the crash of Air Florida Flight 90 in Washington, D.C., eleven days earlier used the plane's flight recorder data to reconstruct its takeoff. The Boeing 737 took 47 sec. rather than the usual 30 sec. to reach its lift-off speed of 147 knots, thus putting it farther down the runway than normal when it ascended. The plane stayed aloft less than 30 sec. and reached a maximum height of 337 ft. when it should have been much higher. Investigators are looking into the possibility that runway slush slowed the plane on takeoff. They also...