Word: white-collar
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...Governor and two former Pentagon officials had reason to celebrate last week as juries declined to convict them of white-collar crimes. Louisiana Governor Edwin Edwards declared himself a winner after a New Orleans jury deadlocked on racketeering and fraud charges related to a hospital investment scheme that netted Edwards $1.9 million between terms as Governor. A mistrial was declared ^ after seven days of deliberation because two jurors held out for conviction on most of the 50 counts. In New York, Thomas Reed, a former Air Force Secretary and Reagan assistant, was acquitted of profiting in the stock market through...
...Union Carbide (1984 sales: $9.5 billion) aims to reverse its fortunes. Last week the Danbury, Conn.-based company dramatically retrenched its operations, announcing that it will eliminate 4,000 white-collar jobs, thereby reducing its work force about 15%. The firm will close several unprofitable plants and make other moves to slim down operations. The large write-offs, which will cost $990 million, will give Union Carbide an estimated net loss of $250 million for 1985, compared with a profit of $323 million in 1984. In a step that could dissuade raiders, the company plans to buy back $500 million...
Still, AT&T intends to proceed carefully. It will rely on financial incentives and attrition to slim its ranks. White-collar managers and lower- level workers will in some cases be offered 60 weeks' severance pay. Others leaving voluntarily will get medical insurance for as long as six months. In deciding whom to let go, seniority will be the first consideration: last hired will be the first fired. A few, only about 2,000, may get reassigned to other jobs in the company...
...from Central America may be found washing cars or working as bellhops in Miami. Other highly skilled people are driven to emigrate not by economic choice but by political circumstance. During their genocidal 45-month reign in Kampuchea, the Khmer Rouge killed roughly 2 million people, many of them white-collar workers. As a result, around 70% of the Kampucheans in the U.S. are professionals...
...Matamoros, on the southern tip of the Rio Grande Valley, Mexican and American white-collar workers sip Scotch and water at Blanca White's, while a marimba-and-drum combo plays local salsa-flavored music. Young women from Matamoros cross into Brownsville daily to attend Texas Southmost College. They party on the U.S. side in blue jeans and T shirts, on their home turf in cocktail dresses. Affluent Americans in El Paso drink margaritas and munch tamale and chili canapes at black-tie affairs. When they visit friends in Juarez, their parties start earlier and linger long into the night...