Word: skinner
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...have connived to be simultaneously on the public dole. Last week, in the latest crackdown against a special breed of welfare cheater, 164 civil servants in Chicago and New York City were indicted for double-dealing an extra slice of the taxpayers' pie. Said U.S. Attorney Sam Skinner in Chicago: "The problem is immense. There is an astonishing lack of respect for law from public employees. We rest our whole Government on integrity, and I consider this to go to the very foundations of our Government...
...cars-a 1977 Monte Carlo and a 1976 Charger. Another had a master's degree, earned $15,000 a year and had stashed $20,000 in a bank. Many of those indicted held charge cards from some of the city's best stores; some had BankAmericards. Attorney Skinner cites the most frequent excuse by those indicted: "I needed the money." Fumes Skinner: "They need it! We all need...
Violent Swings. The implications of the indictments go beyond soybean trading. They represent the first results of a 15-month investigation into U.S. commodity trading by the Department of Justice, the Internal Revenue Service, U.S. postal inspectors and the federal Commodities Futures Trading Commission. Skinner warned that more indictments involving other commodity markets can be expected...
...problems of the commodities exchanges: the same broker may both represent customers and trade for his own account. Though this duality is thought to dampen violent swings in price-brokers may have to buy or sell when no one else will-it opens opportunities for abuse. Says Skinner: "Whenever you have a situation where a broker can trade for himself as well as be arbiter for both sides, you are going to have problems...
...attorney had now brought his case into the open. Warren Lebeck, president of the Board of Trade, claimed that his investigators had started digging into possible misconduct by traders even before the feds moved in and that the board had already taken disciplinary action in one case. But if Skinner's charges prove to be true, the board's measures appear to have been just a drop in the bucket...