Word: short-term
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When the highflying Florida securities dealer collapsed, it left dozens of creditors with losses totaling as much as $315 million. E.S.M. had attracted investors by offering them high returns on short-term loans backed by Government securities. Many of those securities cannot now be found. Says Miami Attorney Thomas Tew, the court-appointed receiver for E.S.M.: "It's probably one of the most colossal, stupendous frauds I've ever seen." Tew and others have sued Alexander Grant & Co., the Chicago-based accounting firm that gave E.S.M. a clean bill of financial health for the past five years even though...
...rapidly growing storm was touched off by the March 4 collapse of E.S.M. Government Securities, a Fort Lauderdale, Fla., dealer in bonds, notes and bills. The failure left dozens of creditors out as much as $300 million. E.S.M. had beguiled investors by offering high interest rates for short-term loans backed by U.S. Government securities. But some of E.S.M.'s customers never actually took possession of the securities, many of which now cannot be found...
...them come from ABC, which dropped to last place this season behind the newly rejuvenated NBC, and thus has the most holes to fill. Newcomers that do well in their spring tryouts are likely to reappear in the lineup next fall; for TV's latest sparring partners, these short-term engagements could be the start of long and profitable relationships...
...financial institutions and other creditors stood to be out as much as $300 million. Among the potential victims were Beaumont, Texas, which could lose $20 million, and Miami's American Savings and Loan, which may drop $60 million. E.S.M. had attracted investors by offering guaranteed high interest rates for short-term loans. The funds were supposedly backed by government securities that E.S.M. promised to put up as collateral. When it turned out last week that many of the government certificates could not be found, the Securities and Exchange Commission sued E.S.M. for fraud. In Congress, District of Columbia Democrat Walter...
...avowedly peaceful Front as a champion of the militant African National Congress and thus justify a purge of all such opponents of apartheid. But Botha's supporters claim that he is trying to defuse "revolutionary elements" before negotiating with black moderates and point out that the fist of short-term law enforcement is by no means incompatible with the open hand of long-term conciliation. Nonetheless, said U.S. Ambassador to Pretoria Herman Nickel, "The plain fact is that images of repression will always blot the more complicated story of reform...