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Time - Man of the Year
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Time_Man_of_the_Year_Compact_Publishing_3YX-Disc-1_Compact_Publishing_1993.iso
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1993-04-08
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THE WEEK, Page 25BUSINESSEt Cetera
JUDGMENT TO THE MAX
Kevin and Ian Maxwell, sons and business associates of the
late publishing czar Robert Maxwell, had trouble enough already.
Kevin was indicted for conspiracy to defraud banks and for
stealing from the pension funds of his father's employees, while
Ian was hit for bank fraud. Now a British court has assessed
Kevin $778 million in damages for his actions as a director of
the firm that managed the funds. Ian's penalty is pending.
WHAT'S A TYPEWRITER, MOMMY?
They won't do your taxes, and you can't play bridge with
them. Replaced by personal computers, typewriters are going the
way of vinyl records. In a move that signaled the end may be near
for a dying industry, Smith Corona announced it would shut down
its last U.S. factory, in Cortland, N.Y., costing 875 jobs. The
factory's operations are moving to Mexico, where they still make
Volkswagen Beetles.
BACKFIRE
Attempts to defraud the U.S. government in a sale of military
jet engines to Israel wound up costing General Electric $69
million. In a Cincinnati federal court, GE's aircraft-engine
division settled civil and criminal charges of conspiring with
an Israeli air force general to bill the Pentagon for
fictitious parts and testing equipment. A GE manager stationed
in Israel between 1984 and 1989 blew the whistle on his employer
two years ago.