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