Word: sec
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Dates: during 1990-1999
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...when it comes to financial misconduct -- stealing, cheating, fraud -- companies have a terrific out. They can settle the charges without admitting they've done anything wrong. In return for large wads of cash, the Securities and Exchange Commission (SEC) allows most corporate offenders to dodge acknowledgment of their offenses. This helps make up for the fact that companies can't blame alcohol or drugs or say their lousy childhood made them do it, and wiggle out of trouble the human...
...industry analysts cheered last Monday when Martin Marietta disclosed plans to buy Grumman at $55 a share, the Securities and Exchange Commission began looking into allegations that some individuals, yet unknown, profited illegally from the trade of Grumman stock options prior to the announcement. Far more upset than the SEC, though, were David Spinney and Stephen Taylor...
Martin Marietta and Grumman officials insist that only a handful of top officials knew of the impending deal before the weekend. They hint that outside financial and legal advisers were the most likely culprits. The SEC probably will begin its probe by examining an options order for the right to buy 25,000 shares of Grumman stock before April 15 at $45 a share. The buyer paid 25 cents a share for the right, or $6,250. In the wake of the deal, the stock soared to nearly $55, meaning the value of the $6,250 stake had soared...
Accepts campaign contributions from John Shad, who was seeking the chairmanship of the Securities and Exchange Commission. D'Amato was chairman of the Senate subcommittee that oversees the SEC. Shad won the chairmanship...
...defense industry intensified with a bidding war to purchase the ailing Grumman Corp., one of the most venerable names in military aviation. Martin Marietta's announcement of a $1.9 billion deal to acquire Grumman was followed by a $2 billion offer from Northrop. As the buyout battle unfolded, the sec launched an insider-trading investigation into heavy stock and option trading of Grumman shares that occurred just before Martin Marietta announced its move...