Word: sec
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NASA needed the triumph. To the dismay of space officials, the maiden launch of Discovery had been postponed three times. The original takeoff date of June 25 was put off when a back-up computer refused to answer a command. The next day a fuel valve faltered 4 sec. before blastoff, again delaying the mission. Then, on Aug. 28, the day before the third scheduled launch, a NASA engineer discovered that the computer charged with the last-minute double-checking of equipment might miss some critical signals. Blast-off was deferred for 24 hrs., as computer programmers scrambled to write...
...officers gave themselves rich rewards. The bosses enjoyed their bounty until earlier this year, when the Securities and Exchange Commission ordered the bonuses paid back. President Leon C. Hirsch, for one, agreed to relinquish $317,000. A probe of U.S. Surgical's books, the SEC claimed, had discovered that the company padded its 1979-81 profits by more than $18 million...
Rooting out financial-disclosure fraud has become the top priority of SEC Chairman John Shad this year. The federal agency is coming down hard on companies that sugar-coat their earnings reports to give stockholders an artificially sweetened idea of corporate performance. Says Shad: "Some companies try to hide the bad news." So far this year the SEC has brought lawsuits against 25 firms for cooking the books, compared with 23 in all of 1983. This month the SEC is also expected to impose stricter guidelines for financial disclosure. Under the new rules, companies would be required to publish separate...
...most stunning case of SEC enforcement occurred last month when the agency ordered California's Financial Corp. of America to restate its second-quarter results to show a $107.5 million loss instead of a $31.1 million profit. After customers realized the true state of the savings-and-loan company's finances, they began a temporary run on deposits. Disillusioned investors have driven the company's stock price down 17% since the announcement. During the same week the SEC charged Stauffer Chemical of Westport, Conn., with overstating its 1982 earnings by $31 million, allegedly by recording sales that...
When the story of Winans' improprieties broke in March, co-workers suggested that he might have been the dupe of sophisticated traders and investment analysts whom he interviewed for his column. But in May the SEC charged in a civil suit that two stockbrokers who shared in the scheme, David Brant and Kenneth Felis, both then employed by Kidder Peabody, paid Winans $31,000 disguised as interior-decoration fees to his New York City roommate, David Carpenter. Last week's indictment charges that in the first half of 1983, before any arrangement with the brokers, Winans and Carpenter...