Word: shearson
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...first glance, Herbert Cantley of Huntingdon Valley, Pa., seems an unexceptional 46-year-old man who earns an honest living renovating and painting houses. But that is only his latest career. Last year he was fired from his job as a sales manager at the Philadelphia office of Shearson Lehman Bros., a New York-based brokerage firm, after authorities began investigating % large unreported currency transactions at the company. Last week that investigation finished with a flourish: a federal grand jury indicted Shearson Lehman, Cantley and six other people on charges of laundering $1.2 million for an illegal gambling syndicate...
...accomplices, including Joseph Vito Mastronardo Jr., the son-in-law of former Philadelphia Mayor Frank Rizzo, operated a $1 million-a-week, five-state gambling ring. They hid their profits, the indictment states, by changing cash into bank checks and money orders, which then made their way into numerous Shearson accounts. The funds were mostly used to buy municipal bonds. Thus the defendants allegedly managed to launder their gambling proceeds by putting them into legitimate investments...
...list of corporations that ask all job applicants to undergo urinalysis is like a roll call of the largest and most prestigious firms in the U.S. Among them: Exxon, IBM, Lockheed, Shearson Lehman, Federal Express, United Airlines, TWA, Hoffmann-La Roche, the New York Times. On March 1, Du Pont became the newest name on the list. And this spring, AT&T, which already tests applicants at plants where volatile chemicals are handled, will start screening all potential employees at its manufacturing facilities for drug use. About one-fourth of the FORTUNE 500 companies now screen applicants for drugs...
...York Air and Eastern are currently direct competitors on heavily traveled routes from New York to Boston, Washington, and Florida cities. While the Justice Department is studying the deal, other airlines could come forward to top Texas Air's bid. Says Robert Joedicke, an airline analyst for the Shearson Lehman Bros. investment firm: "The merger is not a fait accompli yet. A lot of things can happen...
...prime rate's decrease from 10% to 9 1/2%. The move dropped the prime below double digits for the first time since 1978. The decline should give a needed boost to business spending, and may indicate that other borrowing costs will fall. Said Allen Sinai, chief economist for Shearson Lehman Brothers: "What we will see, independent of the prime rate, though in conjunction with it, is a decline in mortgage rates and, from time to time, a decline in consumer borrowing rates...