Word: thayer
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...even more important, as Stacey Anderson of Thayer Hall put it, "We're here because, basically, there's nothing better...
...make up a catalog of chicanery: cheating on Government defense contracts, check-writing fraud, bogussecurities dealing, tax dodges, insider trading and money laundering. Among the culprits: General Electric, E.F. Hutton, Bank of Boston and General Dynamics. Once powerful and respected executives, including Jake Butcher, the Tennessee banker, and Paul Thayer, the former LTV chairman, are now facing the humbling prospect of spending several years in prison...
...executives or employees use confidential information to help themselves or friends make killings in the stock market. In particular, the recent rash of mergers and acquisitions has created golden opportunities for investors who are tipped off to the deals ahead of time. Perhaps the most notorious episode involved Paul Thayer, the former businessman who became Deputy Secretary of Defense under President Reagan. While chairman of LTV and a member of the boards of Anheuser-Busch and Allied, Thayer passed to friends information about acquisitions that those companies were planning to make. Thayer later lied to SEC officials about his actions...
...Thayer case was fairly unusual in the annals of corporate crime because it resulted in a stiff penalty. Of the 9,900 white-collar offenders sentenced last year, 60% received no prison term. Those sent to jail typically serve one year or less. In contrast, an estimated 70% of defendants convicted of all kinds of felonies go to prison or jail. Prosecutors and critics of the courts maintain that business crime is on the rise because corporate crooks have received such lenient treatment...
Harsh penalties may be the most effective deterrent to executive-suite misdeeds. Says U.S. Attorney Giuliani: "Corporate crime is a crime of greed and fear. The best way to combat it is to raise the fear." Experts hope that the sentence given Thayer and the long prison term that Butcher is expected to receive will send a message to would-be business criminals about the consequences of getting caught...