Word: white-collar
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SENTENCED. BERNIE EBBERS, 63, former CEO of WorldCom, convicted in March of orchestrating the $11 billion accounting fraud that toppled the telecommunications giant; to 25 years in prison, the latest and harshest in a string of recent sentences for white-collar executives; in New York City. Under federal guidelines, Ebbers, who maintained his innocence and plans to appeal, must serve at least 85%, or 21 years, of the term, making it all but a life sentence...
...most widespread surplus plagues the office-building market: more than 16% of total space is empty, compared with 3.5% in 1980. The vacancy rate continues to rise, in part because the building of offices is running 50% ahead of the growth in white-collar employment. Among the first cities to be hit by the glut were Denver and Houston, where demand for office space collapsed because of the downturn in the oil and gas industry. Hapless developers wound up with rows of "see-through buildings," thus named because they have so few occupants and interior fixtures. The developers of Houston...
...earplugs when she sang. Hardly the way to treat a lady. Unless she happens to be Lady (Helen) Teresa Margaret Manners, 23, daughter of Charles John Robert Manners, the tenth Duke of Rutland, and lead singer of the British aristo-rock band, the Business Connection. Despite the group's white-collar name, Lady Teresa's connections are strictly blue blood. Her father owns Belvoir Castle, one of Britain's most imposing homes; her 15-piece band includes the Marquess of Worcester on vocals and the 19th Duke of Somerset on drums. A horsewoman and London-educated artist, Lady Teresa found...
...things get so bad so fast? Many attribute Anaya's troubles to his combative personality. He had made his name as the state's attorney general, battling white-collar corruption and crusading for consumer and environmental causes. Once he became Governor, Anaya, an achiever accustomed to getting his way, found his power diluted by scores of boards, commissions and independent-minded elected officials. His impatience with back-room deal cutting did not help to promote his costly liberal programs in a legislature dominated by Republicans and conservative Democrats. Says Republican State Senator Les Houston: "He didn't know...
...that determine who may be prosecuted for obstruction of justice. Still, says Todd Jones, a corporate litigator at the Atlanta law firm Powell Goldstein, the SEC and the Justice Department are likely to be more cautious about pursuing such cases now, having been warned against prosecutorial overreach. One prominent white-collar litigant, former financier Frank Quattrone, above left, is appealing his conviction on similar grounds and has argued that he did not mean to commit a crime when he had documents destroyed...