Excerpt:
Garn–St. Germain Depository Institutions Act
From Wikipedia, the free encyclopedia
The Garn–St. Germain Depository Institutions Act of 1982 (Pub.L. 97-320, H.R. 6267, enacted October 15, 1982) is an Act of Congress that deregulated savings and loan associations and allowed banks to provide adjustable-rate mortgage loans. The act was a contributing factor in the savings and loan crisis of the late 1980s.[1]The bill, whose full title was "An Act to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans," was a Reagan Administration initiative.[2]
The bill is named after its sponsors, Congressman Fernand St. Germain, Democrat of Rhode Island, and Senator Jake Garn, Republican of Utah. The bill had broad support in Congress, with co-sponsors including Charles Schumer and Steny Hoyer.[3] The bill passed overwhelmingly, by a margin of 272-91 in the House.[4]
An important consumer change was to allow anyone to place real estate in their own trust without triggering the due-on-sale clause that allows lenders to foreclose on a current loan upon transfer to another. This greatly facilitates the use of trusts to pass property to heirs and minors. It may also protect the property of wealthy or risky owners against the possibility of future lawsuits or creditors, because the trust owns the property, not the individuals at risk. The bill states "... a lender may not exercise its option pursuant to a due-on-sale clause upon ... a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property[.]” (The Garn St. Germain Depository Institutions Act of 1982, (U.S.C.) 1701j-3(d)(8).[5]
Title VIII of the act, Alternative Mortgage Transactions, allowed banks to provide adjustable-rate mortgage loans.[6]
http://www.rumormillnews.com/cgi-bin/archive.cgi/noframes/read/153960
Excerpt:
Remembering the Solar Eclipse of June, 1982 and the GARN-ST.GERMAIN ACT signed by Reagan that year
Posted By: TheMythSmith
Date: Sunday, 23-Aug-2009 16:30:09
Date: Sunday, 23-Aug-2009 16:30:09
In Response To: Imagery Happenstance Presents as Summer turns to Autumn, 2009 (TheMythSmith)
Remembering the Solar Eclipse of JUNE 1982 and the GARN-ST.GERMAIN ACT Reagan signed in SEPTEMBER |
http://en.wikipedia.org/wiki/Jamiel_Chagra
Excerpt:
Later life and death
Jimmy Chagra was reportedly placed in the Federal Witness Protection Program. The story surrounding the assassination of Judge Wood was profiled in an episode of City Confidential. A fictitious name reference to the Judge John Wood assassination also appeared in an “FBI Files” episode “Dangerous Company” as the show regularly changed names of real-life people to protect privacy.
He married his third wife, Lynda Ray, while living under the name James Madrid on November 22, 2005. They were married in Las Vegas.[3]
Chagra died of cancer at 10:30am on July 25, 2008. He had been living in Mesa, Arizona with his wife.[4]
Several videos on the right that I'd like everybody to watch but go over the blog first, k? ...cal
http://wn.com/Hitman_Charles_Harrelson_on_the_assassination_of_JFK
http://www.washingtonpost.com/wp-dyn/content/article/2008/07/27/AR2008072701699.html
Excerpt:
By Joe Holley
Washington Post Staff Writer Monday, July 28, 2008
Jimmy Chagra, a flashy, high-stakes gambler and drug kingpin who was implicated in the 1979 assassination of a federal judge in Texas, died July 25 of cancer at a Mesa, Ariz., hospice. He was 63.
http://www.imdb.com/name/nm0000437/bio
Excerpt:
Woody Harrelson
Date of Birth
23 July 1961, Midland, Texas, USA
Birth Name
Woodrow Tracy Harrelson
Height
5' 10" (1.78 m)
Mini Biography
Woody Harrelson grew up in Lebanon, Ohio. He received degrees in theatre arts and English from Hanover College, Indiana. His career began in New York theatre as an understudy in Neil Simon's "Biloxi Blues". Within months, he was cast as Woody on the hit TV series, "Cheers" (1982). Due to conflicts with his TV schedule, Harrelson found it difficult to cross-over to films. His first appearance was in Wildcats (1986) with Goldie Hawn. His next movie, Cool Blue (1990) (V), was releases directly to video. He followed with two cameos, which went uncredited. Meanwhile, he continued to be active in theatre in L.A.: "Zoo Story", "2 on 2" (his own basketball drama), "Brooklyn Laundry" (with Glenn Close and Laura Dern). In 1991, Doc Hollywood (1991) gave him his first widely-seen movie role. The following year, White Men Can't Jump (1992), with Wesley Snipes established him as a box-office draw. He followed immediatly with two hits, Indecent Proposal (1993) and Natural Born Killers (1994). Harrelson lives with his former assistant, Laura Louie, and their 3 daughters.
IMDb Mini Biography By: Anne-Marie Cowsill
http://www.alternet.org/story/13796/
Excerpt:
AlterNet / By J.A. Savage COMMENT NOW! The Original Mean CEO?
Long before Kenneth Lay and Bernie Ebbers, Charles Hurwitz and his company Maxxam were raising the hackles of environmentalists and workers in the redwood forests of California.
August 8, 2002
Long before Ken Lay was squandering his employees' 401(k) plans, Charles Hurwitz was pioneering the pension fund raid of about $55 million, money that had been set aside for lumber workers in the economically challenged rural north coast of California.
http://en.wikipedia.org/wiki/Greenmail
Excerpt:
Greenmail
The term is a neologism derived from blackmail and greenback as commentators and journalists saw the practice of said corporate raiders as attempts by well-financed individuals to blackmail a company into handing over money by using the threat of a takeover.
From the viewpoint of the target, the ransom payment may be referred to as a goodbye kiss. The origin of the term as a business metaphor is unclear, although it will certainly be understood in context as kissing the greenmailer and, certainly, millions of dollars goodbye. A company which agrees to buy back the bidder's stockholding in the target avoids being taken over. In return, the bidder agrees to abandon the takeover attempt and may sign a confidential agreement with the greenmailer who will agree not to resume the maneuver for a period of time.
While benefiting the predator, the company and its shareholders lose money. Greenmail also perpetuates the company's existing management and employees, which would have most certainly seen their ranks reduced or eliminated had the hostile takeover successfully gone through.
The St. Regis Paper Company provides an example of greenmail. When an investor group led by Sir James Goldsmith acquired 8.6% stake in St. Regis and expressed interest in taking over the paper concern, the company agreed to repurchase the shares at a premium. Goldsmith's group acquired the shares for an average price of $35.50 per share, a total of $109 million. It sold its stake at $52 per share, netting a profit of $51 million. Shortly after the payoff in March 1984, St. Regis became the target of publisher Rupert Murdoch. St Regis turned to Champion International and agreed to a $1.84 billion takeover. Murdoch tendered his 5.6% stake in St. Regis to the Champion offer for a profit. (Source: J. Fred Weston, Mark L.Mitchell J. Harold Mulherin -- Takeovers, Restructuring, and Corporate Governance: page 529)
http://www.aoc.state.nc.us/www/public/coa/opinions/1996/951325-1.htm
Excerpt:
Martha A. Cone died 12 April 1993. She was survived by two living children, respondent-appellees Martha Cone Wright and Ceasar Cone, III, and by two grandchildren, the issue of her deceased son, respondent-appellants Kristen Greer Cone and Laurence M. Cone, Jr.
Mrs. Cone was the widow of Ceasar Cone, II who died on 14 November 1986. The bulk of Mr. Cone's forty million dollar estate had passed to Mrs. Cone. After receiving her distribution from her husband's estate, Mrs. Cone revised her estate plan. The last will of Martha A. Cone, dated 29 November 1988, devised the "rest, residue, and remainder" of her estate to "Central Carolina Bank & Trust Company, N.A. as Co-Trustee under that certain trust agreement between me as Settlor and Central Carolina Bank & Trust Company, N.A. as a Co-Trustee executed prior to execution of this Will on August 15, 1986, and as amended to the date of my death." Mrs. Cone's trust agreement, dated 15 August 1986, provided for the distribution of the trust estate at her death under Article V titled "Distribution and Termination." Article V of the 1986 trust agreement made general bequests to individuals and institutions in sections 5.01 through 5.11, then devised the "rest, residue and remainder of the Trust estate" to the "children of the Settlor surviving her in equal shares, provided, however, the issue of a deceased child surviving her shall take per stirpes the share their parent would have taken had he or she survived." Article IV of the 1986 Trust Agreement provided that the Trustees, in their discretion, pay "any estate, inheritance, succession, death or similar taxes payable by reason of the Settlor's death, together with any interest thereon or additions thereto, without reimbursement from the Settlor's executor or administrator, from any beneficiary of insurance upon the Settlor's life, or from any other person."
http://www.finalcall.com/artman/publish/article_1537.shtml
Excerpt:Carolina bank accused of charging Blacks higher rates
By Cash Michaels
The Wilmington Journal
Updated Aug 22, 2004 - 7:53:00 PM
Community Reinvestment Association of North Carolina
WILMINGTON, NC (NNPA)- Central Carolina Bank (CCB), where Wilmington Mayor Spence Broadhurst is a North Carolina CEO, is accused of using a “tiered pricing system,” charging Blacks higher interest rates for mortgage loans.
That’s just one of the reasons why two Durham-based public interest groups—the Community Reinvestment Association of North Carolina (CRANC) and the NC Fair Housing Center (NCFHC)—are actively opposing the merger of CCB with SunTrust Banks Inc. of Atlanta.
Regulators with the Federal Reserve—the federal agency that oversees the U.S. banking industry and considers all merger applications—are considering SunTrust’s $6.98 billion cash-and-stock bid to purchase the National Commerce Financial Corp, CCB’s Memphis, Tenn. parent company. Final approval of the deal is expected by the end of the year.
If the merger is approved, SunTrust—which operates
http://cmsserv.ncat.edu/doclib/FocusSupDocs/%5B18%5D%20Bio.SpenceHBroadhurst.BOT.pdf
Excerpt:
‐638‐8315 (home)‐433‐6011 (office) ‐seven years with SunTrust (legacy Central Carolina Bank/National Commerce
Birth Name
Woodrow Tracy Harrelson
Height
5' 10" (1.78 m)
Mini Biography
Woody Harrelson grew up in Lebanon, Ohio. He received degrees in theatre arts and English from Hanover College, Indiana. His career began in New York theatre as an understudy in Neil Simon's "Biloxi Blues". Within months, he was cast as Woody on the hit TV series, "Cheers" (1982). Due to conflicts with his TV schedule, Harrelson found it difficult to cross-over to films. His first appearance was in Wildcats (1986) with Goldie Hawn. His next movie, Cool Blue (1990) (V), was releases directly to video. He followed with two cameos, which went uncredited. Meanwhile, he continued to be active in theatre in L.A.: "Zoo Story", "2 on 2" (his own basketball drama), "Brooklyn Laundry" (with Glenn Close and Laura Dern). In 1991, Doc Hollywood (1991) gave him his first widely-seen movie role. The following year, White Men Can't Jump (1992), with Wesley Snipes established him as a box-office draw. He followed immediatly with two hits, Indecent Proposal (1993) and Natural Born Killers (1994). Harrelson lives with his former assistant, Laura Louie, and their 3 daughters.
IMDb Mini Biography By: Anne-Marie Cowsill
http://www.alternet.org/story/13796/
Excerpt:
AlterNet / By J.A. Savage COMMENT NOW! The Original Mean CEO?
Long before Kenneth Lay and Bernie Ebbers, Charles Hurwitz and his company Maxxam were raising the hackles of environmentalists and workers in the redwood forests of California.
August 8, 2002
Long before Ken Lay was squandering his employees' 401(k) plans, Charles Hurwitz was pioneering the pension fund raid of about $55 million, money that had been set aside for lumber workers in the economically challenged rural north coast of California.
http://en.wikipedia.org/wiki/Greenmail
Excerpt:
Greenmail
From Wikipedia, the free encyclopedia
Greenmail or greenmailing is the practice of purchasing enough shares in a firm to threaten a takeover and thereby forcing the target firm to buy those shares back at a premium in order to suspend the takeover.The term is a neologism derived from blackmail and greenback as commentators and journalists saw the practice of said corporate raiders as attempts by well-financed individuals to blackmail a company into handing over money by using the threat of a takeover.
[edit] Tactic
Corporate raids aim to generate large amounts of money by hostile takeovers of large, often undervalued or inefficient (i.e. non-profit-maximizing) companies, by either asset stripping and/or replacing management and employees. However, once having secured a large share of a target company, instead of completing the hostile takeover, the greenmailer offers to end the threat to the victim company by selling his share back to it, but at a substantial premium to the fair market stock price.From the viewpoint of the target, the ransom payment may be referred to as a goodbye kiss. The origin of the term as a business metaphor is unclear, although it will certainly be understood in context as kissing the greenmailer and, certainly, millions of dollars goodbye. A company which agrees to buy back the bidder's stockholding in the target avoids being taken over. In return, the bidder agrees to abandon the takeover attempt and may sign a confidential agreement with the greenmailer who will agree not to resume the maneuver for a period of time.
While benefiting the predator, the company and its shareholders lose money. Greenmail also perpetuates the company's existing management and employees, which would have most certainly seen their ranks reduced or eliminated had the hostile takeover successfully gone through.
[edit] Examples
Greenmail proved lucrative for investors such as T. Boone Pickens and Sir James Goldsmith during the 1980s. In the latter example, Goldsmith made $90 million from the Goodyear Tire and Rubber Company in the 1980s in this manner. Occidental Petroleum paid greenmail to David Murdock in 1984.The St. Regis Paper Company provides an example of greenmail. When an investor group led by Sir James Goldsmith acquired 8.6% stake in St. Regis and expressed interest in taking over the paper concern, the company agreed to repurchase the shares at a premium. Goldsmith's group acquired the shares for an average price of $35.50 per share, a total of $109 million. It sold its stake at $52 per share, netting a profit of $51 million. Shortly after the payoff in March 1984, St. Regis became the target of publisher Rupert Murdoch. St Regis turned to Champion International and agreed to a $1.84 billion takeover. Murdoch tendered his 5.6% stake in St. Regis to the Champion offer for a profit. (Source: J. Fred Weston, Mark L.Mitchell J. Harold Mulherin -- Takeovers, Restructuring, and Corporate Governance: page 529)
[edit] Prevention
Changes in the details of corporate ownership structure, in the investment markets generally, and the legal requirement in some jurisdictions for companies to impose limits for launching formal bids, or obligations to seek shareholder approval for the buyback of its own shares, and in Federal tax treatment of greenmail gains (a 50% excise tax)[1] have all made greenmail far less common since the early 1990s.http://www.aoc.state.nc.us/www/public/coa/opinions/1996/951325-1.htm
Excerpt:
Martha A. Cone died 12 April 1993. She was survived by two living children, respondent-appellees Martha Cone Wright and Ceasar Cone, III, and by two grandchildren, the issue of her deceased son, respondent-appellants Kristen Greer Cone and Laurence M. Cone, Jr.
Mrs. Cone was the widow of Ceasar Cone, II who died on 14 November 1986. The bulk of Mr. Cone's forty million dollar estate had passed to Mrs. Cone. After receiving her distribution from her husband's estate, Mrs. Cone revised her estate plan. The last will of Martha A. Cone, dated 29 November 1988, devised the "rest, residue, and remainder" of her estate to "Central Carolina Bank & Trust Company, N.A. as Co-Trustee under that certain trust agreement between me as Settlor and Central Carolina Bank & Trust Company, N.A. as a Co-Trustee executed prior to execution of this Will on August 15, 1986, and as amended to the date of my death." Mrs. Cone's trust agreement, dated 15 August 1986, provided for the distribution of the trust estate at her death under Article V titled "Distribution and Termination." Article V of the 1986 trust agreement made general bequests to individuals and institutions in sections 5.01 through 5.11, then devised the "rest, residue and remainder of the Trust estate" to the "children of the Settlor surviving her in equal shares, provided, however, the issue of a deceased child surviving her shall take per stirpes the share their parent would have taken had he or she survived." Article IV of the 1986 Trust Agreement provided that the Trustees, in their discretion, pay "any estate, inheritance, succession, death or similar taxes payable by reason of the Settlor's death, together with any interest thereon or additions thereto, without reimbursement from the Settlor's executor or administrator, from any beneficiary of insurance upon the Settlor's life, or from any other person."
http://www.finalcall.com/artman/publish/article_1537.shtml
Excerpt:Carolina bank accused of charging Blacks higher rates
By Cash Michaels
The Wilmington Journal
Updated Aug 22, 2004 - 7:53:00 PM
Community Reinvestment Association of North Carolina
WILMINGTON, NC (NNPA)- Central Carolina Bank (CCB), where Wilmington Mayor Spence Broadhurst is a North Carolina CEO, is accused of using a “tiered pricing system,” charging Blacks higher interest rates for mortgage loans.
That’s just one of the reasons why two Durham-based public interest groups—the Community Reinvestment Association of North Carolina (CRANC) and the NC Fair Housing Center (NCFHC)—are actively opposing the merger of CCB with SunTrust Banks Inc. of Atlanta.
Regulators with the Federal Reserve—the federal agency that oversees the U.S. banking industry and considers all merger applications—are considering SunTrust’s $6.98 billion cash-and-stock bid to purchase the National Commerce Financial Corp, CCB’s Memphis, Tenn. parent company. Final approval of the deal is expected by the end of the year.
If the merger is approved, SunTrust—which operates
http://cmsserv.ncat.edu/doclib/FocusSupDocs/%5B18%5D%20Bio.SpenceHBroadhurst.BOT.pdf
Excerpt:
‐638‐8315 (home)‐433‐6011 (office) ‐seven years with SunTrust (legacy Central Carolina Bank/National Commerce
Served as Mayor of Wilmington from 2003 to 2006. Additional interests in Wilmington
included Board positions with the Cape Fear Council of the Boy Scouts of America, the
Greater Wilmington Chamber of Commerce, the Community Boys and Girls Club, New
Hanover County Tourism Development Authority, Lower Cape Fear Water and Sewer
Authority, the Wilmington Industrial Development Corporation and the Wilmington Film
Commission. Member of First Baptist Church of Wilmington.
In the Triad, current interests include Board positions with the Piedmont Triad
Partnership (regional economic development authority) and the Greensboro Partnership
Economic Development Alliance. A member of the North Carolina A&T Board of
Trustees and a member of the Board of Directors for the Welfare Reform Liaison
Project, Inc. Member of First Presbyterian Church of Greensboro.
Education
University of North Carolina at Chapel Hill; BS in Industrial Relations/BA in Economics in
1981
Graduate School of Banking of the South at LSU in 1989
Personal
Born in Wilson, North Carolina and married to the former Kimberly Poole from Salisbury,
North Carolina and three children – Holt (21), Frances (17) and Hudson (9).
Spence H. Broadhurst
3911 Hazel Lane
Greensboro, NC 27408
336
336
Professional
Twenty
Financial).
Started in 1982 as a loan officer in Wake Forest, NC and progressed to Community
Executive in Wake Forest in 1988, Community Executive in Salisbury in 1995, Market
President in Wilmington in 1997 and President of the Triad Region in 2006 prior to being
named to current position of Commercial Line of Business Manager for North and South
Carolina in May 2009.
Community Interests
>>>>>>>>>>>>>>>>>>>>>>>
I think this is an important piece of info to check into. ...cal
http://www.illuminati-news.com/0/History_of_Milken_Hurwitz.txt
Excerpt:
History of Milken/Hurwitz relationship Part 1
Hurwitz - The Early Years
The Applied devices Scandal
The SGI Scandal
The SICONY Scandal
The Early Ties with Milken
REIT's
The SMR-FDC Scandal
PTA and URT
Maxxus
Drexel Utility Shares
The McCulloch Oil Corporation Takeover
Drexel As Hurwitz' Broker
Drexel And MCOE
Security Capital Corp
Zero(2007)
CLARENDON, ATLANTIC CAPITAL, MCOH'S ZERO (2007),
UFG & the SPC-ELIC STOCK REPURCHASE
Drexel And The Simplicity Takeover
Drexel And The UFG-USAT Takeover
Twin Fair
Drexel, Hurwitz And AMSTAR
Castle & Cook
The PL Takeover Era
Formation Of Maxxam As An Investment Company
Triton Group Inc
Republic Corporation
http://www.jailhurwitz.com/textfiles/drexelhurwitzamstar.txt
Excerpt:
Drexel, Hurwitz and AMSTAR
In May 1983, Simplicity put AMSTAR in play. ELIC owned 10% of AMSTAR
common stock. Drexel advised SPC in this acquisition. By August SPC held
12.4%. In September 1983 SPC made a $35 million, long term investment in
AMSTAR valued at $53 million during Mar.-Sept. 1983. Under pressure from
SPC talks began regarding an Leverage Buy Out. By October a group led by
KKR received AMSTAR's board's approval for a tender offer. SPC sold its
shares to AMSTAR in a greenmail prior to the approval of the offer.
Jefferies was also involved in AMSTAR. Maxxam's 10Q ending September 30
reports a net gain of $12 million in sale of a Pf stk investment thought
to have been AMSTAR.
In July, 1983 Drexel financed MCI communications for $1 billion and the
WSJ reported the successful Jefferies stock trading -in the third market
- through telephone deals.
By August the market had risen 50%, over the prior 12 months. In
September HITS, a junk bond mutual fund, was formed by Milken.
Milken engineered securities swaps so First Executive, COL S&L, Drexel
unload Pf in Integrated Resources, Inc. at $37 when market at $32.
Integrated, a client of Drexel, does private real estate deals with
Milken.
This was also the time of the worst economic decline since Great
Depression. Interest rates were in double figures, Mexico was ready to
default on its loans, and stocks were cheap.
***
Castle & Cook
On October 14, 1983 Hurwitz attacked Castle & Cooke (C&C) through United
Financial Corp & MCO Holdings. UFC was a subsidiary of USAT. Hurwitz is
chairman of UFC Board. C&C owned 150,000 acres in Hawaii; the entire
island of Lanai and the 5,700 acre Sea Ranch in California.
In December 1983, MCO Holdings, which had begun buying Castle & Cook
stock in October, halted its purchases short of HSR limit. MCOH-UFG file
13D claiming C&C stock for investment purposes only.
On March 9, 1984, Hurwitz threatened a takeover if not "greenmailed"
by C&C. This attempt at a takeover using insured deposits was halted by a
Federal court when on March 12, Hurwitz was restrained by thecourt, C&C
sued H for false 13D filing, using USAT deposits for takeover bid &
failing to disclose "excessive unsecured loans".
On March 15 Hurwitz filed a 13D on C&C at 11.8%. In April, Hurwitz
"greenmailed" C&C. USAT's share of the $13 million total is said to be $7
million.
***
October 15, 1982, Reagan signed the Garn-St. Germain Act, "I think
we've hit the jack pot," he said. On October 25, Boesky filed a 13(D) on
Financial Corp. of Santa Barbara. On November 9, Boesky made a tender
offer for Financial Corp. of Santa Barbara with Drexel as banker. FHLBB
sandbagged the offer. Deal withdrawn.
In late 1982, the NYT quoted Jill Delaney, saleswoman with
Jefferies & Co., when she described a deal with Caesar Cone,II,
where he agreed to sell his shares in Cone Mills (takeover target of Western Pacific Ind.)
NYT also reported Gulf & Western'ssale of its 25% stake in Amfac to
Jefferies & Co.
http://www.insidethegames.biz/commonwealth-games/new-delhi-2010/10289-indian-government-puts-in-official-to-supervise-kalmadi-as-scandal-widens
http://clubcalapropertyowners.com/news.htm
Excerpt:
CLUB CALA PROPERTY OWNERS
DO NOT GIVE UP. DO NOT FALL INTO THEIR TRAP. WE MUST RETAIN CONTROL OF AS MANY WEEKS AS POSSIBLE. IF YOU ARE FRUSTRATED AND WANT OUT, EMAIL ME AND WE WILL TRY AND FIND SOMEONE TO TAKE YOUR WEEKS.
CLUB CALA PROPERTY OWNERS ASSOCIATION
P. O. BOX 278
SOMERSET CENTER, MI 49282
517-688-9668
http://www.clubcalapropertyowners.com/
is a recent response to an email that I sent our attorneys some time ago. The delay in posting it is mine, their response was quite timely, but I am in a quandary. With all of the goings on within the court system, I am beginning to feel the frustrations that most of you have expressed to me. And now, with what has gone on with the Country Club (another example of the under handed activites of Charles Hurwitz) and whether or not they will survive, I wonder if it is all worth the effort. P. O. BOX 278
SOMERSET CENTER, MI 49282
517-688-9668
http://www.clubcalapropertyowners.com/
FundingUniverse; Drexel, Hurwitz and AMSTAR. Jefferies Is Named a Primary Dealer. New York Times, June 17, 2009; Drexel and Jefferies Deals Are Studied by ...
| www.thefullwiki.org/Jefferies_Group_Inc. |
http://www.thefullwiki.org/Jefferies_Group_Inc. (doesn't seem to be working now, altho it did just 2 mins. ago.) ...cal
http://www.jefferies.com/
THE OPTIONS SCANDAL: SEC AND PRIVATE, ENFORCEMENT TRENDS (slideshow)
http://www.slideshare.net/reed.kathrein/the-options-scandal-sec-and-private-enforcement-trendsExcerpt:
Here
We all knew going into this that the battle would not be an easy one, but I think most of felt that we would be dealing with a "level" playing field. This was/is not the case.
http://www.jailhurwitz.com/
Excerpt:
Jail Hurwitz Web Site
(These pages are under construction and are being updated as you read!)
- Texas corporate raider Charles Hurwitz, with the help of junk-bond broker and convicted felon Michael Milken, looted and crashed a Savings and Loan, United Savings Association of Texas (USAT), costing U.S. taxpayers a staggering $1.6 billion!
- With looted money funneled from the S & L, Hurwitz engaged in a hostile takeover of the Pacific Lumber Company, commenced rabid clearcutting, and tripled the rate of logging of the world's largest stands of privately held ancient redwood forests, including Headwaters Forest, a precious, sacred and irreplaceable international treasure of the ages.
- Hurwitz simultaneously raided Pacific Lumber's worker pension fund, removing $55 million from the retired loggers and millworkers' nest egg, and began raping the company, selling off much of it's other liquitable assets for the quick cash he needed to make his pressing junk bond payments.
- Hurwitz had previously looted the Simplicity Pattern worker pension fund in 1982, reducing worker benefits by nearly $4000 per year.
- Hurwitz has entered into out-of-court settlements for insurance fraud, securities violations and a land swindleof his own company's shareholders! Hurwitz has lost seven environmental lawsuits over his incessant, illegal logging in these ancient redwood forests of Northern California.
Excerpt:
Money: the Charles Hurwitz story
published originally in Coast Magazine
by Bill Meyers
Charles E. Hurwitz was born 1940 in Kilgore, Texas to Hyman and Eva Hurwitz. His father owned two clothing stores and built the small town's first shopping center. Charles graduated in 1962, with a degree in marketing, from Oklahoma University. He served in the U.S. Army from 1962 to 1964. Then he became a stockbroker for Bache in San Antonio.
In 1988 the company led by Charles Hurwitz, Maxxam, bought controlling interest in Kaiser Aluminum, one of the world's largest companies. This brought Maxxam into the top 200 largest American corporations, according to Fortune's listings. Yet few people know that Charles Hurwitz controls Kaiser. Instead it is his ownership of Pacific Lumber, a northern California timber producer captured by Maxxam in 1986, that has most consistently put Mr. Hurwitz in the newspaper headlines.
To understand how a member of a small-time business family could, in 24 years, become one of America's most prominent industrialists, you need to understand three business techniques not well understood by the public. One is what I call the bankruptcy shuffle, in which funds are transferred out of a corporation, leaving it bankrupt. That technique is also referred to as the OPM, or "other people's money" method of gaining wealth. The second is the minority shareholder squeeze, in which the value of the investments by minority shareholders are captured by the party controlling the corporation. The third is Greenmail.
Using the bankruptcy laws to transfer (the victims would call it "steal") wealth is an American shady business tradition. Under the law one of the most basic features of corporations in the U.S. is that neither management nor shareholders are responsible for the corporation's debts if it becomes bankrupt. There are many variations on this technique. I will use a very simple, straightforward example. You have three corporations, A, B, and C. Corporation A is legitimate, let's say it makes dresses. Corporations B and C are controlled by the same person, whose sole desire is to rip-off Corporation A. Corporation B is set up as a retail clothing store. Corporation C consults for retail clothing stores. Corporation B buys $1,000,000 of dresses from Corporation A on credit. It then sells the dresses for $1,000,000 and has one expense itself, a $1,000,000 consulting fee to Corporation C. Corporation B then has a debt and no assets, so it declares bankruptcy. Corporation B's stockholders and management say they aren't responsible, they are protected by lawyers and the bankruptcy laws. Usually Corporation C pays out the $1,000,000 to its shareholders, who put the money in secret offshore accounts, and declares bankruptcy itself.
Want to do a shareholder squeeze? Suppose you own some stock in a small corporation that is making $5,000,000 a year in profits and is paying a dividend of $1 per share out of it. You could by enough stock to control the corporation and appoint yourself CEO and pay yourself $5,000,000 per year, leaving no profits and dropping the dividend. The stock of the other shareholders, for practical purposes, now has a value of 0. There are many other ways to "milk"a corporation besides excessive executive compensation, most notably transfer of funds to a holding company; both these techniques were used by Charles Hurwitz during his long career.
Greenmail involves targeting a (usually) legitimate business and buying a portion of its stock. You then declare (because the SEC requires you to) that you are going to buy more stock and take it over. The current management and stockholders know that if you gain control they will suffer from the Minority Squeeze, or maybe they just don't like you, or like being in control themselves. So they make a deal to buy your stock from you at a higher price than your original purchase price. You've turned a form of blackmail into green money.
To successful carry off these kinds of business dealings it helps to have a variety of corporate shells. These corporations allow an individual or group of businesspeople to move money around in ways that make it difficult for those who feel victimized to successful sue and recover their money. They may also have legitimate business purposes; shell corporations are not in themselves illegal. It should be noted that the following account, while following the essence of Charles Hurwitz's business dealings, has vastly oversimplified the tangled web of corporations (many with similar names) that he controlled, invested in, or managed.
Hootie and Blowfish (lyrics Woody written about or for Woody Harrellson)
Can you see me there when I'm standing alone?
How did you know I needed you here?
Can you feel the screams from the depths of my soul?
Is that what makes you appear?
See I often wonder
In the presence of this all
What we did to become this way
And I'll never forget
When you whispered to me
Said don't worry, it'll be okay
Sometimes the sun calls our names
And sometimes we'll listen
And sometimes the Devil's there
But we just can't go with him
Can you hear me now when I'm standing this close?
Can I tell you one of my fears?
See I hope you live to sing when I die
'Cause if you're gone I don't think I wanna be here no more
'Cause sometimes the sun calls our names
And sometimes we listen
And sometimes the Devil's there
But we just can't go with him
Sometimes the sun calls our names
Sometimes we listen
Sometimes the Devil's there
But we just can't go with him
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