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...smashing of Saccoccia's empire is actually the third major drug-money % laundering indictment in the precious-metals and diamond industry in as many years. The first phase of what the Federal Government calls Operation Polar Cap involved the 1988 breakup of a $1 billion money-laundering scheme for the Medellin cartel through a Los Angeles jewelry mart. "Saccoccia was in a position to step right in after we knocked out Polar Cap One," says U.S. Attorney Lincoln Almond of Rhode Island. "We were onto him from...

Author: /time Magazine | Title: Organized Crime: All That Glitters . . . | 12/16/1991 | See Source »

...city reaches its levy limit, established by the Proposition 2 1/2 tax cap, the city will not be able to make up budget shortfalls with new taxes...

Author: By Melissa Lee, | Title: Aid Cuts May Alter City Budget | 12/5/1991 | See Source »

...Office of Management and Budget order will cap administrative cost reimbursement, a significant portion of indirect cost recovery, at 26 percent of direct costs. This cap, effective next July, will translate into a $2 million loss for the Medical School, according to the school's newsletter

Author: By Gady A. Epstein, | Title: Med School Audit Nears Completion | 12/4/1991 | See Source »

...extraordinary charges cap several years of civil proceedings against the 55-year-old physician, who first came to the attention of authorities after what seemed to be an unusual string of false pregnancies. According to the government, Jacobson was giving patients hormone treatments that simulated the effects of early pregnancy. At hearings before a committee of the Virginia Board of Medicine in 1989, several women wept as they described how Jacobson would show them sonograms of what he said was their fetus, pointing out nonexistent heartbeats, fetal movements and thumb-sucking. He would give them fetal snapshots to take home...

Author: /time Magazine | Title: Scandals: The Cruelest Kind of Fraud | 12/2/1991 | See Source »

...today, credit-card rates remain stuck at an average 18.8%. Banks say they need that interest to offset the cost of rising delinquencies. But President ) Bush last week urged bankers to reduce their rates. Not to be outdone, the Senate voted 74 to 19 to put a cap on credit-card rates under a formula that would lower the current level to 14%. That move may have helped trigger Friday's stock-market plunge by threatening to cut the profits of America's already ailing banks...

Author: /time Magazine | Title: The Economy Down and Dirty | 11/25/1991 | See Source »

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