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View Sample Pages : Annapolis Capital, November 18, 1986

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Capital, The (Newspaper) - November 18, 1986, Annapolis, Maryland THE CAPITAL Nov. 3 Congress may join insider-trading probe WASHINGTON Huge stock mar- ket profits rolled up by Ivan Boesky through inside tips are likely to generate enough political pressure for congressional investi- industry experts say. The inquiry could expand into a look at new freewheeling financial such as the use of junk to The Capitalize on the merger mania that swept Wall Street in the early 1980s and now simmers at a reduced level. Wall Street's master arbitrageur who parlayed advance knowledge of merg- ers into a could be a witness as congressional committees early next year open hearings into the growing scandal. Just how far any resulting legislation gets could depend on what else surfaces as the Securities and Exchange Commission pushes forward with an investigation into Wall Street tipsters and their networks. Boesky agreed Friday to pay a million penalty for illegal stock trading based on tips from Dennis B. a former officer at Drexel Burnham Lambert Inc. Legislation proposed last year by Sen. William the incoming chairman of the Senate Banking could get a new airing when the panel takes up insider trading. The measure would bar speculators who buy up sizeable blocs of shares in a company that is a takeover candidate from voting to approve a take- over. Only those who held stock 30 to 60 days before the takeover bid would be allowed to vote on whether to accept it under the plan. In the both the Banking and Energy and Commerce committees were reported to be considering hearings into the subject. jurisdictional question is kind of up in the said Julius an aide to Rep. Charles D-N.Y. wants to hold Banking Committee hearings and other people he has talked to on the committee want to hold Congressional panels already have been under pressure to rein in freewheeling financial tactics and techniques that have helped to fuel the spate of mergers that swept U.S. industry in the early 1980s but which has subsided in recent months. The Business a group of leading has set up a task force to push for legislation to bring a measure of stability. While the focus of the organization's efforts has been on mergers rather than insider the Boesky case could provide momentum. don't think that insider trading is really the said John a Washington securities lawyer. ap- pear to be problems in the merger process The Boesky case open the entire merger process for public As for the Boesky he said it must be determined Boesky is the only one who had inside information. I doubt Boesky tape recorded his conversations with employees and business associates for the last six weeks to three months to provide evidence for federal The Washington Post and New York Times reported today. The made by devices Boesky had on him and on his were part of his effort to gain more lenient treatment from sources said. Both sides claim victory in court's holidays ruling WASHINGTON A Su- preme Court ruling limiting the rights of workers to demand paid leave for religious holidays is being hailed as a victory by both sides in the dispute. delighted with what the court has said Thomas N. lawyer for school officials in Conn. employer's position is But Marc Stern of the American Jewish Congress said workers did not fare badly under the ruling. know of no religious group that argues an employee can dictate the terms of for reli- gious Stern are quite pleased with the The high court's 8-1 decision said employers may deny paid leave for special religious holidays without proving that granting paid time off would cause them undue hardship. The ruling appeared to support efforts by Ansonia school officials to deny paid leave to Ronald who has been teaching high school typing and business courses there since 1962. But the court ordered further low- er court hearings to assure Phil- brook was not singled out unfairly. Philbrook's attorney interpreted that part of the ruling as a victory. The David said the decision the simple truth that is the heart of our case. Giving paid leave for personal reasons but prohibiting it for religion is discrimi- nation against religious Chief Justice William H. Rehnqu- writing for the the employer has already reasonably accommodated the em- ployee's religious the inqui- ry is at an end. The employer need not further show that each of the employee's alternative accommoda- tions would result in undue hard- who belongs to the Worldwide Church of proposed two alternatives to unpaid leave. He suggested he receive three addition- al religious holidays with pay each year or that school officials pay him the about a between his salary and a substitute teacher's earnings. But Rehnquist said Philbrook is not entitled to extra paid days off for religious observances unless extra leave is provided for all pur- poses except religious People IN THE NEWS Close to the edge WHITE N.Y. Singer Billy Joel has given roy- alties from his single Only to the National Committee on Youth Suicide Prevention. come very close to the edge myself at that I understand the turmoil experi- enced in he said yester- day. Joel's Patricia refused to disclose the amount of the check Joel gave committee chairman Alfred DelBello representing royalties from the record and an addi- tional contribution from CBS Inc. don't think the amount is she said. Flying blind RANCHO Cal- if. A legally blind passenger who took the controls of a light plane after the 80-year-old pilot suffered a fatal heart attack said yesterday he thought he made a very good even though it was little crook- Pilot Harry W. Stiteler was on final approach at Cable Airport in Upland when he fell uncon- scious at the controls Friday afternoon. BILLY JOEL he's been there Blind passenger Charles Law took the stick guided the plane bounced a little hard and it was a little and I guess I was a little crooked. But I thought it was a very good The stricken pilot of the plane was later pronounced dead. knew what to Law noting that he owns an identical plane that he flew for four years before he lost much of his sight. Law said he's legally blind with 20-200 vision in his left eye and 20-400 in his right. Normal vision is 20-20. Heart group says fitness regimen applies to kids DALLAS The American Heart Association says that what's good for adults is good for and for the first time has broadened its exercise and anti-smok- ing guidelines to include youngsters. In three position papers published in the current issue of the medical journal Circulation and released to- the heart association recom- mended that children should avoid excess fat and cholesterol in their should exercise moderately and above stay away from cigarettes. are advising all children to begin now creating the habit of healthy said Dr. William former chairman of the heart association's Council on Heart Disease in the Young. one of the people most directly responsible for the chil- dren's said yesterday at a news conference during the annual meeting of the American Heart As- sociation that they are virtually identical to the guidelines for adults. would have been a disaster if there had been one set of recommen- dations for people over 18 and one for people under said professor of pediatrics at the Mayo Medical School in Minn. He said he advises parents to eliminate excess fat and salt from their children's to get them into the habit of aerobic to be sure the children maintain a normal really lean on them about cigarette one of the leading causes of coronary heart disease. has to be a family he said. Dr. Frank Franklin of the Louis- iana State University School of Med- who helped draft the stress how positive these changes how en- joyable they how easy to achieve and how safe they Franklin said that most cardiolo- gists are now convinced that the development of or hardening of the begins in childhood. Preventing early damage to the arteries can slow down that he said. 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