Word: vesco
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...speaker is Financier Robert Lee Vesco, who last week gave a rare telephone interview to TIME Correspondent Bernard Diederich. His sentiments are understandable: if the U.S. can get him extradited from Costa Rica, to which he fled in 1972, he will face trial on four indictments. The latest, returned in mid-January, charges Vesco and six associates with selling stocks held by mutual funds that were managed by I.O.S. Ltd.-the investment complex once controlled by Bernard Cornfeld-and then investing more than $100 million of the proceeds "for their own use and benefit" in corporations they controlled. Some...
...result can be questionable scoops. In April, for instance, the Chicago Daily News and the New York Post gave prominent play to a statement that Nixon two years ago met Robert Vesco, the businessman and G.O.P. campaign contributor who was later to become a fugitive from federal prosecution. The story called the development a "new bombshell." In fact, the source was the fallen financier, Bernard Cornfeld, a Vesco enemy fresh out of jail himself. His account lacked proof that the meeting had taken place; even Cornfeld did not claim firsthand knowledge of it. The New York Times last January front...
...newsmen and officials as its target. The Washington Star-News reported abuses in campaign contributions, including the famous donation by Robert Vesco...
...bargaining has also posed a tactical problem for the Watergate prosecutors, as illustrated by the trial of John Mitchell and Maurice Stans in the SEC-Vesco case. While appearing for the prosecution, John Dean admitted that he hoped his testimony would help to hold down his own sentence; the jury consequently discounted most of what he said. Jaworski's office now seems to have decided that it is wiser to have sentences meted out before trying to use a bargained witness. So this week Colson will get his-as much as five years in prison plus...
...hardly an ideal time for Ray Garrett Jr., 53, to become chairman of the Securities and Exchange Commission. The watchdog agency's staff was demoralized by the departure under fire three months earlier of G. Bradford Cook, Garrett's predecessor, who got himself entangled in the Robert Vesco scandal. And the securities industry was then, as it still is, in severe economic trouble...