Word: yachting
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...stock options. When WorldCom's growth machine began to sputter so did its stock price, denting Ebbers' net wealth. Yet he tapped WorldCom's cash reserves for hundreds of millions of dollars in loans to buy even more stock plus a huge ranch in British Columbia, a Georgia yacht builder and a minor league hockey team. (He still owns a golf club and a lumber business in Mississippi.) To keep WorldCom afloat, prosecutors charge, Ebbers allegedly resorted to a combination of hype, hidden expenses and phantom revenue to inflate earnings by all those billions and perpetuate the illusion that WorldCom...
Lawyers for Dennis Kozlowski, former CEO of Tyco, take this line of reasoning further. The Wall Street Journal called theirs the "brazenness defense." Kozlowski made no secret of the fact that he used Tyco money for a yacht, kept his mistresses on the payroll and (possibly therefore) also let Tyco finance a $5 million diamond ring for his wife. How could he have criminal intent if it was all out in the open? By contrast, Scott Sullivan, former CFO of WorldCom, engaged in a more traditional form of gall in pleading guilty to $11 billion worth of accounting fraud...
Potts was at a ceremony in New Orleans where his father was named Commodore of the Southern Yacht Club...
...family kitty). "Forbes remains a very strong franchise," says Steven Cohn, editor in chief of Media Industry Newsletter. "If they sold their estate in Colorado, I'd be more concerned." The Forbes family also has property in Normandy and London, many more paintings and historical documents, and the Highlander yacht...
...riots in Malé did not appear to "disturb Gayoom's reverie" is highly partial-particularly given the fact that immediately after they happened, he appeared on national television talking about them, and visited the relatives of the prisoner who died. What's more, the gibe about a presidential yacht is a cheap one. In a country of 1,200 islands-only three of which have airports-most travel is made by boat, so it is hardly surprising that there is a presidential boat! The final quotation from the interview with the President was used completely out of context. This...