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Paul Thayer. Last week the SEC charged that Thayer, as chairman of LTV Corp. and board member of Anheuser-Busch Cos. and Allied Corp., improperly passed along inside information to his friends. The day before the SEC filed its civil complaint in a New York federal court, Thayer resigned as the Pentagon's No. 2 man. Thayer termed the charges "entirely without merit" and vowed to fight them. At week's end his replacement had been named: William Howard Taft IV, the self-effacing chief counsel of the Defense Department, a protégé of Defense Secretary...
...SEC complaint follows a ten-month investigation. It alleges that Thayer, who is married, has had a "personal relationship" since 1979 with Sandra Ryno, now 38, a divorcee and a former receptionist at LTV, the company he left a year ago for Washington. During 1981 and 1982, the SEC claims, Thayer passed stock tips to Ryno and seven other defendants in the suit. All seemed to come from soap-opera central casting...
According to the SEC, Harris used the stock tips to benefit Julie Williams, 26, a public relations firm employee who also teaches aerobic dancing at a health...
Normally, the SEC settles cases of "insider trading," a civil offense, with a "consent decree," in which the defendant neither admits nor denies guilt but promises to obey the law in the future. Thayer's settlement talks with the Government, however, have so far proved fruitless, in part because he has reportedly balked at a full public airing of the facts of the case...
Meanwhile, the Justice Department has launched a criminal investigation of possible perjury and obstruction of justice in connection with the SEC probe...