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(Studio) Fort Lauderdale, Florida, arrests of ESM Group, Incorporated, officers Ronnie River Ewton and Nicholas D. Wallace for forging company founder Alan Novick's signature on phony will reported; details given, films shown. Jose Gomez, independent auditor for Alexander Grant and Company, said also arrested for forgery. ESM's collapse recalled catalyst to failure of Ohio's Home State Savings Bank and savings and loan crisis in that state last month.
REPORTER: Dan Rather
(Beaumont, Texas) Impact of ESM's collapse on cities that had invested in it, such as Beaumont, Texas, examined. [Former Beaumont mayor Maury MEYERS - encourages donations to compensate for losses to ESM.] Community-wide fund-raising efforts described. [PEOPLE - resent losses, anticipated cuts in services.] [City manager Karl NOLLENBERGER - expects economy stability within six months.] City's economy problems related to oil slump mentioned.
REPORTER: Martha Teichner
- Rather, Dan;
- Teichner, Martha
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