Show Standard-Examine- BUSINESS r Greed out cover-u- p in crimes in the 1980s were motivated by Trie most notorious white-colla- r personal greed But in the 1990s the biggest fraud scandals have centered on powerful individuals whose main goal was to cover up their failings through cheating forgery and other acts of desperation Ivan Boesky: stock " NEW YORK Dennis Levine: Robert Citron: Orange County Calif treasurer whose nsky trades in speculative Charles Keating: Headed Lincoln Savings & loan which collapsed in 1989 and came to symbolize the national thrift crisis as the most expensive taxpayer bailout in history at $26 billion Sentenced to 12 12 years in prison for tooting the thrift and : yswindling investors Martin Siege!: Boesky-Levin- e conspiracy Hi biggest municipal bankruptcy in history last December Has pleaded guilty to six counts of fraud Nicholas Leeson: Former Singapore trader for Barings PLC Britain's oldest bank Speculative trading masked S1 89 V billion in losses and caused bank's collapse in February Faces a possible Joseph Jett: ' I pnson term in Singapore for fraud and forgery V Former mergers executive at Kidder Peabody implicated in Former billion debt and led to the tSLljH Bond trader once voted Kidder Peabody's most valuable ' employee fired in April 1994 for masking losses with S350 million in fictitious profits Under federal criminal investigation has yet to be charged y exchanged takeover tips for suitcases full of cash Associated Presl Today's rogue traders differ from '80s' thieves By KAREN GULLO The Associated Press NEW YORK - The loners implicated in the scandals that stung Daiwa bankrupted Barings and unraveled Kidder Peabody are a different breed than the scamsters who masterminded the 1980s insider trading and thrift debacles Today's alleged crooks such as the former Daiwa Bank manager accused on Tuesday of forging documents that led to a $11 billion loss were motivated by a desire to save face and shield themselves from the embarrassment of admitting past ethics experts said mistakes Wednesday of the Unlike the who cheated to make 1980s millions for themselves Toshihide Iguchi isn't believed to have fattened his bank account through the alleged forgeries Instead he allegedly broke the law to keep his job and maintain his reputation as a winner on Wall Street 4 "At Daiwa there was no person al profit" said lawyer Ira Lee Sor-ki- n a former Securities and Exchange Commission administrator who now represents white collar defendants in fraud cases "The motivation was fear of being perceived as a loser" arena of secuIn the high-stakrities trading "you want to be perceived as a Master of the Universe" said Sorkin using a phrase coined by author Tom Wolfe in his "Bonfire of the Vanities" 1980s parody "Being a winner is everything" Iguchi 44 was charged with doctoring Daiwa's books over a period of 1 years to hide losses from trading US government securities He was arrested over the weekend Daiwa said Iguchi sold stock owned by the bank to cover up his losses in trading US government bonds then hid account statements and altered documents to fool his greed-monge- rs 1 - Shirley Paslay walked three children It could have been incredibly expensive but Paslay found help through a legal services plan offered in her AT&T employee benefits package At no cost to her Paslay had access to full range of legal options including a lawyer to handle her case felt more confident and secure that I had a lawyer in this situation and the fact that I did gave me some leverage with my ex" the AT&T sales representative said Just as health maintenance organizations or HMOs became a part of corporate America over the past decade company-offere- d legal plans are gaining popularity as employee benefits Eighty-fiv- e million people including covered spouses and dependents are eligible for such legal services up from 15 million in 1985 according to the National Resource Center for Consumers of Legal Services in Gloucester Va Some companies automatically cover their entire work force at no charge often as part of a union bargaining agreement While each group i jg-- j ll am Tn nflf I Paperback superiors Iguchi was in charge both of trading and of the back room meaning he was policing himself In a similar case Nicholas Leeson a rising star at Barings Bank in Singapore exploited his managerial responsibilities over the back room to hide escalating losses on trades he made on sophisticated future contracts Leeson lost $189 billion which caused Barings to collapse Leeson says he gambled on the stock market to reverse his mistakes and save the bank "I was trying to correct a situation" Leeson said in an interview from a German jail broadcasted on British television last month "I didn't steal any money" To be sure Iguchi Leeson and Joseph Jett a former bond trader at Kidder Peabody the accused of concocting $350 million in phony profits to hide losses all benefited financially from performances that were enhanced by their cheating But ethics experts said their alleged misdeeds were designed to protect themselves from disciplinary action and conceal their failings from bosses who themselves may have been willing to close an eye to shenanigans as long as profit margins are surging Of course the consequences of the traders' attempts to hide their mistakes were no less devastating than if they stole money directly "Being so concerned about covering up mistakes is a form of and morally it's not any less serious than theft if it leads you to engage in a coverup" said Allen E Buchanan professor of 4 - All pension funds and government agencies such as Social Security prefer direct deposit Direct Deposit offers a number of advantages for both parties involved It significantly reduces the payroll costs for an employer For the recipient there is no danger of a lost check And you don't have to get in your car drive to the credit union and stind in line to deposit your check A lost check can take a while to replace I have a friend whose Still there is a long way to go before most of the country has access to such legal services through their jobs According to a 1994 survey of 489 companies nationwide by Hewitt Associates a benefits consulting firm based in Lincolnshire 111 only 4 percent of employers offered employee legal care last year That number is expected to reach 10 percent within three years Prepaid Legal Services Inc has capitalized on the slow corporate growth by marketing its legal plan to individual clients s of all of our enrollees are individuals" said Harland Stonecipher chairman and d chief executive officer of the Ada company "We are finding a lot of success in that "Two-third- Okla-base- because people like the security of knowing they have a lawyer" JMM-liim- - I yip Hardback! music video astiiies books t a—w tu Jeff Foxworthy Redneck Classic business ethics at University of Wisconsin in Madison By i:Mim Jeff Foxworthy Jy Redneck SAVE 3f0 v ttttt Colin Powell My American My Point Journey CHICK Vfr YOUR And ELLEN $ I Do Have RL Stine One Superstitious $1995 Ust $2195 Ust $1317 Sale you SAVE $1 COLIN ii boy The life story of a young from the Bronx who i'c£NFRI:S Random House Ellen's unique and hilarious insights into why humans do what they do will have you laughing tor hours RLS6nes first adult novel is a dark and terrifying talc of black cats broken mirrors hats on beds passionate love and brutal murder Bantam For The Boys you SAVE $41 7 Sale you SAVE grew up to live the in If' $695 Ust $1197 Sale American Dream It is history with a vision the third book the 7ou Might Be This is series A Redneck Find out where you fall on the Redneck scale m :m NECK YOU SAVE $895 Ust you SAVE young Guns 2 FOXWORTHY Fonworrhv $1557 Sale Girl tttr Foxworthy Ellen Deseneres $2595 Ust POWELL Check Your Neck AjlaVvL Jeff Share a beily laugh with g America's comic Features orisinal drawings by Jeff Foxworthy and selections from his classic Redneck books Longstreet Jeff Foxworthy If 29 hilarious postcards to send to friends and family from America's hottest comic Jeff You Mioht List $597 Sale you Redneck You Might Be A The Best Of $995 self-intere- st Notebook -- tive legal marketplace Attorney Martin Cowen who is part of Prudential's legal network believes that such programs also alleviate the fears many people have about using a lawyer "Eighty percent of the population has had no dealings w ith a lawyer" said Cowen a partner at Slavitt Fish & Cowen in Newark NJ These plans "look to involve people with lawyers" and give them access to an attorney at a nominal cost And as more people become comfortable with lawyers the legal profession will see some much needed income growth he said toll-fre- 24-ho- BlT now-defun- ct Credit Union - nr e hotlines that plan vanes many include access to legal advice as give employees well as a specified number of v isits to a lawyer free of charge They might also get discounts on fees Other employers offer legal care as an option on their "cafeteria plans" a list of benefits which workers choose from depending on their personal needs The company or the individual usually pays a monthly fee of about $8 to $20 for this service better known as prepaid legal care Procter & Gamble Co Pepsico Inc The Washington Post Co and Microsoft Corp are among the big companies that offer prepaid legal care as an employee option About 10 companies provide the legal care for the nation's corporations In many cases these providers developed as outgrowths of insurance companies or law firms While each provider has its own method of administering its services most generally mimic the way HMOs are run Participants have access to the legal services provided by a network of lawyers Real estate closings divorces custody battles wills and estates are all covered while legal action against the employer and criminal defense are not As the market widens more lawyers are being recruited to join legal services networks An estimated 20000 to 22000 attorneys currently participate in some type of program Schwartz said Unlike doctors who balked at the transition to managed health care lawyers generally have been open to group legal plans Such services guarantee a steady income in the highly competi B ld Gold enw est teB 1- 1995 7F operations that monitor trades Working There are a number of ways to repay any of the loans available to Goldenwest Credit Union members These include: The use of payroll deduction where you work 2- - The Goldenwest Member Services staff will make the payment by debiting your account 3- You can do it yourself by writing checks and mailing them First you have to buy envelopes and stamps and find a mailbox However the most convient and economical involves the use of Goldenwest's Direct Deposit and Electronic Funds Transfer programs Most employers in this area especially the larger ones will deposit their employees' pay directly into their Goldenwest checking or savings accounts out on 1 Former Drexe! investment banker caught using Boesky tips to make more than $12 million in insider trades fSSfii Some benefit packages include full set of options her husband in 987 and thought she would never look back But years later after finding happiness in a new marriage she was still battling her former mate in court over the custody of their i:J 1 Employers often offer legal help By RACHEL BECK The Associated Press Toshihide Iguchi: speculator at the center of ' Former Daiwa Bank m Wall Street's biggest insider ' executive vice president in iraasng scanoai ma maoe i New York office fired for t tfiQOt CCA million IrAm allegedly amassing S11 stolen tips about impending I billion in losses over 11 HI takeovers In 1986 he UL and hiding them years "i m for federal settled charges exchange forgery and cheating through squealing about Charged with falsifying documents Sunday October Warner Books TaPs A Little Princess Cinderella Cliff Thompson toe m Social Security check would turn up missing for some reason every once in a while It often took up to three weeks to get a That can be replacement bothersome especially if you need the money Getting your income deposited directly into your Goldenwest account is a simple thing Just stop at the member services desk in one of the eight Goldewest Credit Union offices They'll do all the work for you and it only takes a few minutes And while you're there have the new accounts person arrange for your Goldenwest loan payments to be automatically deducted from your account when the payment is due I have all of my utility bills insurance premiums rent and even my doctor bills automatically deducted when they come due I have three checks that come to me each month I total them and deduct automatically is Disneys most cele- brated classsic is now on video magicl Stirmungly beautiful" JodSiegel Good Morning futty restored! Available tor a limited time only- America Twentieth Century Fox Selection Prelude To A Kiss rp9 U Dutch 9 To 5 A Goofy Movie fffiiy bAc mm 1- - WPl t l-- vVf 3 V" i' ft r Goldenwest member services person to set it up for you IUtecyji!r-- J 10493 £tofy1 smash-h- it mcOon picture on video! j to'Hwmchit N Rhrerdalc - The Family Center Uyton - 41 1 W 1500 North Ogden - The Family Center MatchesYour Available Bachelor Party Iss IrrrnTT! W EACH m the payments made by VVhat's left is mine to play with With Direct Deposit and automatic bill paying I can be someplace else having fun rather than standing in line to deposit a check or pay a bill So can you Just ask a Goldenwest This movie agar and egan Sale Price GoodThnj Oct 7th |