Word: sec
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...emerged from the phone booth-size cockpit of his spindly aircraft Voyager. For Rutan, 48, and his copilot Jeana Yeager, 34, the landing at Edwards Air Force Base, Calif., marked the completion of an extraordinary mission: a 25,012-mile global trip in 9 days, 3 min. and 44 sec., the first time that a plane had circled the earth nonstop without refueling...
...that battered the plane and severely jostled both pilots over stretches as long as 18 hours. The most precarious moment occurred near the end of the voyage, over western Mexico, when the plane's rear engine, the only one running at the time, temporarily died. Over the next 90 sec., before the front engine was started to compensate for the loss, the craft plummeted from 8,500 ft. to about...
...part of his settlement with the SEC, Boesky reportedly had allowed investigators to tape-record his business conversations, which implied to nervous Wall Streeters that more culprits were likely to be snared in the weeks and months ahead. Most intensely watched was the go-go investment firm Drexel Burnham Lambert, which had close ties to Boesky and ranked as Wall Street's leading financier of corporate raiders through high-yield, high-risk junk bonds...
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...