Prudential executive resignsThe fraud scandal at...

BUSINESS DIGEST

December 31, 1993

Prudential executive resigns

The fraud scandal at Prudential Securities claimed the career of one of the brokerage firm's most senior executives yesterday.

Loren Schechter, Prudential's chief legal strategist, resigned as general counsel and a director of the firm, according to an internal memo. Mr. Schechter, who will continue to work for the firm as an executive vice president, will no longer supervise Prudential's legal and compliance efforts.

Pentagon to reopen bids

The Pentagon has decided to reopen bidding for a $3.5 billion military medical contract awarded to Aetna Life & Casualty, a deal that other bidders had protested as unfair.

In a letter to Aetna, the Department of Defense said the General Accounting Office had agreed with a protest from one of the bidders, Foundation Health Corp., which currently holds the contract.

Swiss earn top incomes

The average Swiss makes more money than people in any other country -- $36,230 in 1992 -- and people live longest in Japan and Hong Kong, the World Bank said.

In the United States, the average 1992 income was the world's eighth-highest, at $23,120. U.S. life expectancy, at 76, lags behind 18 other countries. A Japanese or Hong Kong baby can expect to live until 79.

Crude oil prices end year down

A year of falling oil prices ended with a consistent theme

yesterday, as crude dropped in the final day of 1993 futures trading.

February-delivery of light sweet crude oil settled at $14.17 per barrel, down 27 cents, at the New York Mercantile Exchange. Crude oil finished 1992 at $19.50 per barrel.

Russia pays agricultural loans

The Agriculture Department said yesterday it received a final payment from Russia to cover its defaults on U.S. agricultural loans.

The $147.4 million payment means Russia, after being in default more than a year, is current in the U.S.-backed credit program.

'Worst' U.S. corporations named

A magazine founded by consumer advocate Ralph Nader named the "ten worst U.S. corporations of 1993" yesterday, saying they polluted, ripped off investors, served tainted food and tried to "bust" unions.

The Multinational Monitor magazine named, in alphabetical order: Diamond Walnut Growers Inc.; Dow Corning Corp.; Du Pont Co.; Jack in the Box hamburgers, owned by Foodmaker Inc.; Prudential Securities Inc.; RJR Nabisco; Tele-Communications Inc.; Tate & Lyle PLC; Texaco Inc.; and Waste Technology Industries.

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