100%

Scanned image of the page. Keyboard directions: use + to zoom in, - to zoom out, arrow keys to pan inside the viewer.

Page Options

Download this Issue

Share

Something wrong?

Something wrong with this page? Report problem.

Rights / Permissions

This collection, digitized in collaboration with the Michigan Daily and the Board for Student Publications, contains materials that are protected by copyright law. Access to these materials is provided for non-profit educational and research purposes. If you use an item from this collection, it is your responsibility to consider the work's copyright status and obtain any required permission.

November 02, 1973 - Image 10

Resource type:
Text
Publication:
Michigan Daily, 1973-11-02

Disclaimer: Computer generated plain text may have errors. Read more about this.

Rage Teri

THE MICHIGAN DAILY

"N''~'.'~ ~~fl4'~N ..rN ~ N' ~ ~.' Fridoy, ~~ No em e N' 'r 1973V 9N "'

Poge Ten THE MiCHIGAN DAILY Friday, November Zr 1973

EQUITY CO. FRAUD

In su rance

execs

indicted

LOS ANGELES UP) - The three vestigators as the biggest in in-'
former top executives of Equity surance industry history.
Funding Corp. of America and 19 Equity Funding, a giant financial
others were indicted by a federal conglomerate, tumbled into bank-
grand jury yesterday on charges ruptcy last April. It was charged
of carrying out a computerized in- that executives and employes were
surance fraud. mass - producing phony insurance
The fraud was described by in- policies and selling them to other
Oct. food prices
show slight decline

insurance companies.
THIS WAS DONE to make earn-
ings appear higher and inflate the
price of stock of a subsidiary,
Equity Funding Life Insurance Co.,
officials said.
Topping the list of those charged
were Stanley Goldblum, 46, Bever-
ly Hills, former chairman and
president of Equity Funding; Fred
Levin, 40, Malibu, and Samuel Lo-
well, 34, Pacific Palisades, both
former executive vice presidents.
Also named in the indictment
were 17 former Equity Funding em-
ployes and two former employes
of the company's itependent au-
diting firm.
ALL WERE CHARGED with con-
spiring between January 1965 and
April 1973 to commit securities
fraud, mail fraud, filing of false
documents with the Securities and
Exchange Commission, bank fraud,
interstate transportation of counter-
feit securities and electronic eaves-
dropping.
In addition, the U. S. attorney's
office said the defendants are
charged with having committed the
offenses which were the objects of

(P) The grocery bills of Ameri-
can families dropped a bit in Oc-
tober, an Associated Press market-
basket survey shows. But food was
still more expensive than it was
last spring.
The decline might accelerate.
The Department of Agriculture
says the prices of raw farm pro-
ducts - especially cattle, hogs,
wheat, broiler chickens and eggs
-dropped 4 percent in October, andE
this will be reflected in supermar-
ket prices later.
The AP survey showed that be-
tween Oct. 1 and Nov. 1,grocery
costs declined in nine of 13 cities
checked and rose in four. The drop
rangedfrom 5.7 per cent in Chicago
and Salt Lake City to .3 percent in
Atlanta and Seattle, Wash. The av-
erage drop was 2 per cent.
Twelve items checked in Chi-
cago cost $9.60 on Oct. 1 compar-
ed with $9.05 Nov. 1. In Atlanta, a
similar shopping list, but with 13
items, was $10.95 on Nov. 1 com-
pared with $10.68 Oct. 1.
The AP each month since March
1 has checked the price of 15 food
and nonfood items in 13 cities
around the country. The latest sur-
vey showed that groceries are 8
per cent higher than they were
eight months ago. At the end of
September they were 9 per cent
higher than March 1.
Livestock prices have declined
since the beef freeze ended in
September, and this brought down
the cost of chopped chuck in Oc-

tober. On the other hand, prices
rose for peanut butter and other
foods using oils, which are in short
supply throughout the world.
The price declines generally
were too slight to bolster the spirits
of consumers.
In all, 195 items were price
checked on Nov. 1, as they were
Oct. 1. Twenty-nine per cent went
up in price; 25 per cent went down;
37 per cent were unchanged, and 9
per cent were unavailable on one
of the survey dates.

the conspiracy, with the exception
of the interstate transportation of
counterfeit securities.
The charges are felonies carry-
ing penalties ranging from two toj
MO years imprisonment and fines
of $1,000 to $10,000 on each count.
IN CHICAGO, Illinois Atty. Gen.
William Scott announced indict-
ments naming the same 22 persons
on charges of conspiracy and fal-
sifying records filed with the Illi-
nois Department of Insurance.
Equity Funding Life's home of-
fice was in Illinois while its par-
ent company, Equity Funding, had
headquarters in Beverly Hills.
The 105-count Los Angeles indict-
ment charged that Goldblum would
set periodic goals for Equity Fund-
ing's earnings and growth, know-',
ing they would not be achieved
through legitimate business opera-
tions.
- \
WILL YOU HELP
THIS BOY GO
TO MICHIGAN?

Michigan
Michigan'

M Go Blue!
FOR
Michigan Blankets
Michigan Ponchos
Michigan Pennants
Michigan Banners
Michigan Glassware
Michigan Beer Mugs
Michigan Ash Trays

Rugs
T-Shirts

Michigan Sweatshirts
Michigan Plaques

WHAT IS
1 THE MAYNARD-WILLIAM
SUNDAY AFTERNOON MARCHING BAND
&CHOWDER SOCIETY???
Find out by reading our ad in Saturday's Daily
( Ladies & Gents: On SUNDAY, NOV. 4, you will find on sale just about
( everything you'll want to buy between now and Christmas for you
r AND YOUR LOVED ONES
ry a ? ppEXHIBIT & SALE
Batik Pai*nti'ngs,
from India
ALSO SOME HAND-EMBROIDERED
WOOLEN TOPS
On Saturday, Nov. 3
S11 a.m.-8 p.m.
At Bell Tower Hotel
(CONFERENCE ROOM)
300 S. Thayer, Ann Arbor
(OPPOSITE HILL AUD.
Sponsored by
Vipen Gems & Handicrafts
Box 483
Ann Arbor 48107
This ad is the work of Orrie Frutkin and Gavino Sanna.

Michigan
Ca rds

Playing-

DAILY OFFICIAL BULLETIN
Friday, November 2 SUMMER PLACEMENT
DAY CALENDAR 3200 SAB, 763-4117
Attention Students: Summer Federal
Neuroscience Seminar: P. Livesly, Agency Job Announcements have ar-
"Study of Caudate Nucleus by Brain rived. This exam DOES NOT COVER
Stimulation," 103 Neurosci. Lab. Bldg., post office jobs this year. Application
noon. deadline November 23 for January Ex-
Fluid Mechanics Films: "Character- am.
istics of Laminar & Turbulent Flow," TheNewspaper Gund, N. J. Journal-
229 W. Engin., noon. ism Students - Juniors Only. Deadline
Physics: L. Radicati, "Modern Version for applications Dec. 1. Applications
of Fermi's B-Decay Theory," 205 P-A available.
Bldg., 2 pm.
LSA Faculty: Aud. A, Angell Hall, 4:10
pm.SHBTSAO
Hockey: U-M vs. waterloo, home
game, Yost Field House, 7:30 pm. Strawberry Service
Astronomy: F. -Miller, "Giant Comets-
Present & Past," Apollo II, observe Mars (Liberal) 8:00 P.M.
& Moon, Aud. B, Angell Hall, 8 pm.
Music School: Contemporary Music Communal Sabbath
Festival, Alfio Pignotti, Dady Mehta,
U-M woodwind Quintet, Rackham Aud., Dinner 6:30 P.M.
8 pm.
Professional Theatre Program : The H~
Open Theatre, "The Mutation Show," HI LLEL- I 429 Hill
Trueblood, 8 pm.

Michigan Umbrellas
Michigan
Windbreakers
Michigan Tiffany
Shades
MICHIGAN ...
You Name It.
... We've Got It!
AT
Fol lett's
State street at North U.

A Public Service of This Newspaper & The Advertising Counc#l
Alo

. .: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......
. . . . . . . . . . . . . . . . . . . . . . . . . . ....... . . .
".o.::i.................. ................................................................ . .. . . . . . . . . . ...

.iy
.
3 {
t.a
THE GENTLEMANWANTS CUFFS a
hetertneslisrWa'snw sth e
yr,
loak with soyledknithcomfst.ae hitofses
n Machine washable. $20

1~ "". \
1

:x" i
i
: :
: : I
'
r I
:'
: ti
a{:j
: F:
: {
> I
: : ,
::: ;
:::
.::
r

Would you be willing to tell the world, "I did this?"
After all, you're pretty good at what you do. Probably
proud of it, too.
Well, most of us will never get to sign our work. And
maybe that's a shame. Because as good as we are, it might
make us better. And we can afford to be. Whether we're
teachers or short-order cooks, farmers or
steamfitters, sales managers or city
managers.
We'll all have more to show for it.
More money, for one thing.
Because we'll be giving
564k meach other our

I

money's worth
for the products, the services and
even the government we pay for.
For another thing, we'll be giving Amer-
ica a better chance to take on our foreign
business competitors. Not just here. All around
the world. That would help bring the lopsided
balance of payments back onto our side. And
make your dollar worth more.
Best of all, as we hit our stride, we'll be protecting
here at horme For ourselves -

jib c

,d he desires the flannel
s Haggar doubleknits of
in
ntle-
are. efqk :
laks

and the future. And we'll have a
deeper sense of satisfaction in the
jobs we've got.
You don't have to sign your work to
see all these things happen. And more.
int in the kind of workvou'd he.

i

4 1

Back to Top

© 2021 Regents of the University of Michigan