Word: done
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Dates: during 1980-1989
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...reaction is another indication of how the sudden mellowing of the East German state and the crumbling of the Wall have taken the West by surprise. The West German government has done little or no planning to absorb the refugees: it has left the task of resettlement to states, cities and private charity. "There is no real contingency plan for reunification" either, admits a Kohl confidant. Only in recent days has a small group been assigned to examine the reunification question, and it has not even been given office space...
...certain ways. There's a bizarre prejudice that exists in the New York publishing establishment that any work outside the tri-state area is being done by trained chimpanzees, that geography screens out sensibility. There's an idea that all Los Angeles writing is about the movie industry, that it's vulgar, shallow and banal...
Imagine how much worse it must be to get a really big government mad at you -- like the U.S. Government, in the person of former U.S. Attorney Rudolph Giuliani. That's what money manager James Sutton ("Jay") Regan, 47, seems to have done. His firm, Princeton/Newport Partners, was charged with making a series of bogus trades in 1984 and '85 to claim tax losses. The trades were shams, argued the Government, because though Princeton/Newport really did sell securities in which it really did have losses, the firm didn't really sell them because it had an unwritten deal...
...because the judge accepted the Government's argument that his views might blur the issue.) Regan's trades were part of a hedging strategy under which you buy and sell related securities at the same time. You lose on one and gain on the other, but if you've done the math right, you'll usually lose a little less than you gain. Yippee! But you've got to keep your transaction costs low and, of course, not get caught with a taxable gain on one half of the hedge without realizing your loss on the other half...
Regan claims that he had no damning evidence against Drexel, and was convinced that he had done nothing wrong, so he refused to cut a deal. The Justice Department was irritated, to put it mildly. Far from having the IRS handle this as a regular tax case, or even as a criminal tax case, Justice brought the full force of the controversial racketeering statute, RICO, to bear. All this over a relatively small number of tax dollars...