Word: corruption
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Dates: during 1980-1989
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When Congress adopted an obscure antiracketeering law in 1970, it seemed to target a particular kind of criminal: the old-school gangster wearing a fedora and a bulging shoulder holster. Nowadays, however, when federal prosecutors trigger the Racketeer Influenced and Corrupt Organizations Act, their sights are often set on a very different sort of defendant: a wealthy professional in designer pinstripes and Gucci loafers. In the nearly 20 years of its existence, RICO has evolved beyond its Mob-busting origins to become a powerful legal weapon against the upper reaches of white-collar crime. And because of its broad civil...
Significantly, 18 of the traders were charged under the often criticized Racketeer Influenced and Corrupt Organizations Act. Originally passed by Congress in 1970 to combat organized crime, RICO is increasingly being used as a battering ram against the clubby defenses of financial institutions. Because it allows prosecutors to seize all assets -- including homes, salaries and pensions -- of those indicted, many people facing a RICO count offer to inform on their former colleagues in exchange for leniency. Last week Anton Valukas, the U.S. Attorney who supervised the 2 1/2-year probe, advised both Chicago exchanges that if the RICO-charged traders...
...well last week. A Manhattan jury convicted five executives of Princeton/Newport Partners and a former trader for Drexel Burnham Lambert of 63 felony counts stemming from illegal stock-trading schemes. They were fined a total of $3.8 million. The case marked the first time the Racketeer Influenced and Corrupt Organizations Act has been used against Wall Street executives, and thus lays the groundwork for the Government's prosecution of junk-bond king Michael Milken, formerly of Drexel. Since Drexel was Princeton/Newport's main partner in the illegal trades, evidence from the trial is likely to be used again, against Milken...
...July 1979 took place "during the dictatorship"; everything afterward is "since the triumph of the revolution." Ten years ago this month, a victorious band of guerrillas who called themselves Sandinistas, embraced a unique brand of tropical Marxism, and promised to educate, heal and enfranchise the poor triumphed over the corrupt rule of Anastasio Somoza Debayle, the inheritor of a family dynasty begun in 1936. The Sandinistas had ridden to power on an armed uprising, aided by a cutoff of U.S. support to Somoza and pressure from Nicaragua's Latin neighbors. Jubilant Nicaraguans believed their national darkness had been lifted...
...recent turmoil and rebellion included many people because some party members, cadres and especially a minority of leaders were engaged in corrupt practices which made the people very dissatisfied," the People's Daily said. "Organizers of the rebellion used anti-corruption slogans to incite the uncertain public...