Word: slushing
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Dates: during 1970-1979
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...conclusion of Gulfs case shines almost brightly in such a context. The huge company (1974 sales: $16.5 billion) last year admitted that it had paid $12.3 million to politicians in the U.S. and elsewhere, most of it from a secret slush fund (TIME, Dec. 8). In response, Gulfs board convened for a marathon session that in many ways had elements of a two-act courtroom drama. Act I opened on a Monday afternoon. Twelve of the 14 directors gathered in the walnut-paneled board room on the 31st floor in Gulfs headquarters tower in Pittsburgh...
After that, Dorsey instructed his employees to cooperate with further investigations of the slush fund. Unpleasant facts spilled out in an ugly torrent. According to the McCloy report, Gulf had slipped money to a host of prominent politicians over the years, starting with Lyndon Baines Johnson, who received $50,000 in 1961 when he was Vice President. Other alleged recipients included Oklahoma Senator Fred Harris, now a candidate for the Democratic presidential nomination; Senate Republican Leader Hugh Scott of Pennsylvania; New Mexico Republican Senator Edwin Mechem, now a federal judge; and Indiana Republican Representative Richard Roudebush, now chief...
Then last summer an anonymous postcard advised investigators that all was not well. Other tips followed, including a letter from nine unidentified police officers, disclosing that patrolmen were being forced to pay kickbacks to their commanders for off-duty work and that a cops' slush fund for social affairs and special police equipment had mysteriously disappeared. A department probe was launched, and when it began unearthing evidence of corruption, the grand jury took over. What it was investigating was a story of vice cops soliciting bribes and police shaking down people for money, merchandise and prostitutes' services. Under...
Frank Rich's material success may be no substitute for the intangibles, like pride in his work, but, the way his friends see it, Rich has come a long way since the days when he was trudging around with them in the Cambridge slush, agonizing over term papers and eating Barbecue Beef in the Lowell House dining room. What really gets them, though--what really sets their teeth gnashing--is that those days were so recent. That's just the way it happens, for some people. Before he could hang up his mortarboard, Rich was writing an article about Daniel...
...special prosecutor that he had wide latitude over his generous budget. He was fined $1,000, Gulf paid another $5,000 fine, and the matter was temporarily dropped. But earlier this year, the Securities & Exchange Commission decided to sue many corporations for failing to disclose to their stockholders illegal slush funds. In Gulfs case, the suit led to a series of damaging disclosures...