Word: frauds
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...million civil suits are filed in California every year, and lawyers here earn upwards of $17 billion annually in legal fees. Those numbers could soar even higher if a controversial new state ballot initiative is adopted on Nov. 5. Proposition 211 would make it easier to file securities-fraud suits in California than in any other state--and top business leaders have risen up in alarm to fight it. "There's no place in the world like California for new companies," says Richard Hill, the chairman and CEO of Novellus Systems, a San Jose semiconductor-equipment manufacturer. "But this bill...
...Attorney-Client Fee Arrangements, Securities Fraud, Lawsuits" initiative would make businesses and their professional associates, from boards of directors to accountants, liable for any statement or act that "directly or indirectly, willfully, knowingly or recklessly" results in a loss to any pension fund, retirement fund or even a personal savings account. Companies would be fair game for class-action lawsuits for both reporting and failing to predict bad news. Corporate officers would be personally assessed for punitive damages, and their firms could not indemnify them. The proposition would also prohibit any attempt to set new limits on attorneys' fees...
...government clearly shook up such manipulators in its recent sting. But the fact is the feds aren't set up to succeed time and again. The FBI and U.S. Attorney are great at undercover work and prosecuting fraud. But they don't know common stock from livestock. The market is the SEC's domain. But the SEC isn't empowered to employ wiretaps or conduct stings. No single agency is fully equipped for the mission...
...bank account. The officers appeared at Rao's home in central New Delhi to charge him , but left without the canny politico in custody; his lawyer was on hand to pay $715 in bail immediately. Rao is at the center of a large corruption scandal involving the 1989 document fraud along with two other charges, but is arguing that his poor health, and inadequate courtroom security for a person of his stature preclude his appearance. Rao resigned earlier this month after a five year stint as Prime Minister at the head of the Congress Party, under a cloud of corruption...
William P. Moynihan '00 reports that a student named "[Edidiong N.] Ikpe '00 said it is possible [Janice] George was mentally unstable." ("Students Befriend a Fraud," news story, Sept. 24). What does mental instability have to do with deception? It is more likely that a psychologist would deceive someone. Attributing mental illness is an effective way to discredit someone as Ikpe has done...