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Slush Fund

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December 20, 1999 | From Staff and Wire Reports
The Salt Lake City Olympic scandal might stem from a foreign exchange program established by the U.S. Olympic Committee in the 1980s, the Salt Lake Tribune reported Sunday. The programs bought sports equipment and helped train athletes in developing nations. USOC officials, the newspaper said, took financial liberties with the program by wiring funds to foreign accounts, shopping with international guests on per-diem expenses, reimbursing travel costs with cash and keeping sloppy records.
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BUSINESS
April 20, 2014 | By Donie Vanitzian
Question: Our homeowner association's president explained to our board how the budget process actually works. She said: "You start by working out how much you can get out of the homeowners, then you go to the Budget and Reserve Study to figure out how to get that result. The reserve study company will work with us by doing a couple of go-arounds to get us to the result we want. " Am I being naive to think the job of a reserve study company is to come up with realistic numbers, instead of numbers that fit the board's agenda?
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NEWS
November 10, 1995 | From Times Wire Services
Prosecutors on Thursday grilled South Korea's best-known tycoon, Chung Ju Yung, founder of the Hyundai Group, as they worked through the nation's top boardrooms to discover the source of former President Roh Tae Woo's slush fund. The 80-year-old honorary chairman of the Hyundai empire, who is in fragile health, was supported by an aide as he walked into the prosecutor general's office. Chung ignored questions shouted at him by reporters as he stumbled through the building's revolving doors.
WORLD
July 15, 2013 | By Lauren Frayer
MADRID -- Spanish Prime Minister Mariano Rajoy on Monday refused to bow  to opposition demands that he resign, even as his party's former treasurer testified in court that Rajoy had accepted bribes for years. Luis Barcenas, the disgraced former money man for Spain's ruling conservatives, told a Madrid judge that he personally gave illegal cash payments to Rajoy and the Popular Party's secretary-general, Maria Dolores de Cospedal, according to Spanish news reports.  He said the money came from a slush fund the party secretly maintained for more than two decades, funneling bribes from construction companies and other donors to top politicians.
NEWS
November 4, 1995 | SAM JAMESON, TIMES STAFF WRITER
Confessing that they regularly made under-the-table payments to a series of presidents in the past, South Korea's largest conglomerates apologized Friday and pledged to never again provide illicit political funds. They also declared that President Kim Young Sam, who is known as a reformer, has halted the practice of businessmen contributing to slush funds that "became a custom . . .
NEWS
January 4, 2000 | CAROL J. WILLIAMS, TIMES STAFF WRITER
For the first time since allegations surfaced three months ago that the party of former Chancellor Helmut Kohl kept secret slush funds, a cloud of suspicion spread Monday over Kohl's successor as leader of the Christian Democratic Union, Wolfgang Schaeuble. Politicians from the governing coalition of Chancellor Gerhard Schroeder demanded in newspaper interviews to know what happened to about $600,000 in cash withdrawn in 1997 from a party bank account under Schaeuble's control.
NEWS
November 3, 1995 | SAM JAMESON, TIMES STAFF WRITER
Prosecutors were poised Thursday to launch investigations of South Korean business people who contributed to a $653-million presidential slush fund, as civic groups and one opposition party demanded the arrest of former President Roh Tae Woo. Ahn Kang Min, chief of the central investigation department of the Supreme Prosecutor's Office, said some of the more than 100 business people suspected of giving money to Roh while he was in office would be summoned.
CALIFORNIA | LOCAL
July 12, 1995
What goes around comes around, and in Sacramento the evil era of governance by slush fund seems about to reappear in all its foul odor. Senators, having been told by their Rules Committee that they will receive neither salary nor per diem expenses until a state budget is adopted, have innovatively won from the legislative counsel's office an opinion that frees them from the temporary burden of financial worry.
CALIFORNIA | LOCAL
December 20, 1991 | NANCY RAY, TIMES STAFF WRITER
A Superior Court judge Thursday ordered the city of Poway to stop spending money set aside for low-income housing on other public projects. Judge Judith L. Haller also ordered the city to pay back $235,000 spent on road improvements and other public works, which, she said, "did not increase or improve the city's stock of affordable housing."
NEWS
December 31, 1995 | DAVID HOLLEY, TIMES STAFF WRITER
Key evidence has been discovered indicating that former President Chun Doo Hwan acquired a huge slush fund while in office and kept much of the money after his 1980-88 term ended, authorities said Saturday. The newly discovered funds were kept in an account at Korea Investment Trust Co., prosecutors said.
NEWS
April 26, 2012 | By Lisa Mascaro
WASHINGTON -- As the battle intensifies over keeping student loan interest rates low, House Minority Leader Nancy Pelosi called the Republican plan to gut a public health fund to pay for it “another assault on women's health.” Republicans want to eliminate what they call a “slush fund” established under the nation's new healthcare law to pay for keeping student loan rates low, and House Speaker John A. Boehner (R-Ohio) has proposed taking $6 billion from the fund to pay for the costs of avoiding a loan rate hike this summer.
CALIFORNIA | LOCAL
January 16, 2009 | Patrick McGreevy
The state's ethics watchdog agency enacted new rules Thursday to prohibit politicians, including Gov. Arnold Schwarzenegger, from using certain political accounts as "slush funds" to promote themselves. Funds raised by politicians for ballot-measure campaigns must be spent on specific propositions, the Fair Political Practices Commission ruled. There are no limits on how much money can be raised for such accounts.
WORLD
January 15, 2008 | From Times Wire Reports
Special prosecutors raided the Samsung Group headquarters in a widening investigation into allegations that the massive conglomerate set up a slush fund to bribe influential figures. Yim Jun-seok, a Samsung spokesman, confirmed that investigators entered the strategic planning office at the conglomerate's headquarters in Seoul. He provided no details. The inquiry came after Kim Yong-chul, a former top legal affairs official at Samsung, alleged that the conglomerate set up a $215-million slush fund for paying bribes.
BUSINESS
February 5, 2007 | From the Associated Press
Hyundai Motor Co. Chairman Chung Mong-koo was convicted today of embezzlement and other charges and sentenced to three years in prison in a slush fund scandal that has weighed on South Korea's largest automaker. Prosecutors, who have been taking a hard line on corruption in South Korea, last month sought a six-year jail term, calling Chung's crimes "grave."
BUSINESS
August 13, 2006 | Tom Petruno, Times Staff Writer
The stock option backdating scandal hadn't been reading like great fodder for Hollywood. Then the government laid out its case against former Comverse Technology Inc. executives. The court papers released last week are rich with material -- imaginary employees, a slush fund named for "The Phantom of the Opera" and a botched coverup. Now we're getting the kinds of details that can overcome the eye-glazing effect that the term "option backdating" induces.
BUSINESS
April 8, 2006 | From the Associated Press
The head of Hyundai Motor Co. returned to South Korea today amid an investigation of allegations that the country's dominant automaker created slush funds to bribe government officials. Hyundai Chairman Chung Mong Koo arrived at the main international airport serving Seoul in this port city west of the capital just before dawn on a flight from Los Angeles. He was greeted by dozens of Hyundai employees who escorted him to a waiting vehicle.
NEWS
October 28, 1995 | SAM JAMESON, TIMES STAFF WRITER
Roh Tae Woo, who once won South Korea's presidency by promising to take the country from authoritarian rule to democracy, confessed in tears Friday that he amassed a slush fund of $653 million while in office and still has $222 million in bank accounts bearing false names. "I will accept any kind of punishment wholeheartedly and present myself to the authorities for questioning, if necessary," Roh said on television, wiping away tears.
NEWS
October 31, 1995 | SAM JAMESON, TIMES STAFF WRITER
South Korean President Kim Young Sam on Monday denied involvement in a slush-fund scandal that threatens to plunge South Korea's political world and its economy into deep crisis. Kim's immediate predecessor, Roh Tae Woo, admitted last week to amassing a $653-million presidential slush fund, but Roh "never told me about party funds and I myself did not take part in operating the funds," Kim told a meeting of political leaders.
OPINION
March 19, 2006
Re "Panel Paid Wesson's Son $30,000," March 10 That the Committee for a Better California had only two donors who contributed a total of $45,000; and the committee paid Los Angeles City Councilman Herb Wesson's son $30,000 and another political campaign committee paid $10,000 to another son; and the fact that Michael Henry, director of personnel for Los Angeles County, is listed as the top committee official but Henry knows nothing about the payment...
WORLD
July 26, 2005 | Don Lee, Times Staff Writer
South Korea's ambassador to the United States, embroiled in a widening scandal over an alleged political slush fund involving conglomerate Samsung Group, has offered his resignation, the South Korean presidential office confirmed today.
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