Word: trusts
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Dates: during 1970-1979
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...this, Richard M. Nixon has acted in a manner contrary to his trust as President and subversive of constitutional government, to the great prejudice of the cause of law and justice, and to the manifest injury of the people of the United States...
...National Catholic Reporter, the progressive lay weekly that broke the story last week, the Reno diocese and the La Salette fathers both faced bankruptcy after losing as much as $15 million - the exact amount is not known - in a $25 million investment operation called the St. Joseph Trust Fund. Other investors, including an unidentified Canadian diocese and a Canadian women's religious order, may have lost another $6 million or more...
...Green of Reno saw the plan as a way for his poor diocese to meet rising expenses. He raised $3.5 million through the sale of bonds, some $800,000 of which went to diocesan expenses, $200,000 to pay for underwriting costs and $2.5 million to the St. Joseph Trust. The La Salette fathers, who have thus far been silent, are thought to have raised as much as $15 million through bonds and private loans for investment in the fund...
Glamour Issues. Sauvé worked with the Chicago brokerage house of McMahon and Hoban in setting up and operating the fund. But just what the St. Joseph Trust invested in remains a secret, though one story indicates a heavy purchase of glamour electronics issues. The Securities and Exchange Commission reportedly found illegalities in some of the investment activities, but no evidence of fraudulent intent...
Whatever the investments of the St. Joseph Trust, they began to go awry about two years ago, but no one will say how or just why. After the situation be came serious, a church official from Rome is said to have put a freeze on the fund, which reportedly sank to less than a tenth of its original worth...