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Wall Street / Boesky Scandal #547440

NBC Evening News for Tuesday, Nov 18, 1986
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(Studio: Tom Brokaw) Report introduced.

(DC: Irving R. Levine) Widening repercussions from Securities and Exchange Commission investigation of Ivan Boesky for insider trading violations examined; details given, scenes shown. Revelation today that Boesky secretly taped his conversations with associates in effort to win Justice Department leniency noted. Congress said suspecting Boesky's involvement in Sir James Goldsmith's effort to take over Goodyear Tire and Rubber Company [Representative John SEIBERLING - notes amount of Goodyear stk. purchased recently by Boesky.] [GOLDSMITH - denies communicating with Boesky about takeover effort.] Fall of stock of target companies (listed on screen) and Dow Jones average in general noted. [INVESTORS - resent Boesky's actions.] ["Financial Times" spokesperson Terry BYLAND - notes London market's concern.] [IRS commissioner Lawrence GIBBS - acknowledges cooperating with agencies investigating Boesky.]

(Studio: Tom Brokaw) Report introduced.

(NYC: Doug Ramsey) Role of Drexel Burnham Lambert, Incorporated, brokerage firm in Boesky scandal explained; Drexel Burnham broker Dennis Levine recalled convicted of insider trading violations. [June 17, 1986, Drexel Burnham pres. Frederick JOSEPH - claims company is tightening its operation.] Drexel Burnham and execs. Michael Milken, Martin A. Siegel and Leon Black said all subpoenaed in Boesky investigation. Milken's success in junk bond market reviewed; Carl Icahn's takeover of TWA, Ronald Perlman's acquisition of Revlon and Ted Turner's takeover of Metro-Goldwyn-Mayer, Inc. cited as exs. [Fin. professor Jim ROGERS - notes Drexel Burnham's power.]

(Studio: Tom Brokaw) Princeton Univ. reported confirming Boesky has withdrawn his pledge.

Brokaw, Tom;
Levine, Irving R.;
Ramsey, Doug

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