European Stars and Stripes (Newspaper) - February 18, 1990, Darmstadt, Hesse                                Sunday february 18, 1990 the stars and stripes Page 5 fired Drexel workers get slim final checks new York a Drexel Burnham Lambert inc. Fired thousands of workers Friday and doled out slim Severance packages As the Wall Street wonder of the 1980s headed into oblivion. The bulk of or excl s 5.300 employees were turned Loose into a slumping securities Industry that already has witnessed Lens of thousands of layoffs since the 1987 Stock Market crash. Or excl workers some tearful carried boxes and wheeled shopping carts filled with computer equip ment bought at a discount from the firm As they left the Headquarters in lower Manhattan. Drexel s Parent company filed for Protection from creditors under chapter 11 of Federal bankruptcy Law tuesday when it defaulted on some debts and Banks refused to lend it Money. The company then began liquidating its businesses including the once powerful securities firm. It s a Beautiful Day. In t it one Drexel executive said pointing to a drizzly Gray sky. It s like the Day King Kong invaded  Drexel spokesman Steven and Cdr said an unspecified number of employees from investment ban Kersto secretaries would remain temporarily As or excl transfers some business to other firms and liquidates its portfolio of junk Bonds and other securities. Under the firm s hastily prepared Severance plan salaried workers arc to get a week and a half s pay for each ear of completed service plus two weeks pay. A salaried workers arc to get just one week s pay per ear. Plus one week employees said. The maximum is 24 weeks pay for 15 or More years at the firm. The payments arc coming out of the firm s remain ing assets which arc not covered by the Parent s Bank fired Drexel workers Kellie Fisher left and Deborah Star Berk carry1 belongings from their office on Friday. Rust by filing. We deeply regret this Short notice of termination to you but we made herculean efforts to obtain additional capital which we believed would be available and anticipated a refinancing of our debt obligations As has been done in the past the letter said. Unfortunately this did not occur. With the filing of the petition in bankruptcy by our Parent company a loss of Confidence by the Public our investors and customers has resulted in our inability to conduct our business and compelled us to close Down our Ope  most staff members at Drexel s High yield Bond division in Beverly Mills calif., were fired. The opera Tion Long headed by Michael Milken was largely responsible for talk firm s Rise to prominence. Drexel s demise was due in part to the collapse of the junk Bond Market last fall and to the firm agreement to plead guilty to securities crimes and pay $650 million to the government. Milken left Drexel after he was indicted on related charges. Outside the firm s new York Headquarters sex re search analyst Debbie finn wore a Button saying. Junk Bonds keep America  in other developments officials confirmed that Shearson Lehman Mut ton inc. Was expected to acquire about 28,000 Drexel brokerage accounts with assets of As much As $5 Bil lion. The accounts Are held by current and sex Dreel employees their relatives and Small institutions. A Drexel junk Bond Holder filed a class action lawsuit charging a Drexel controlling Compaq. Milken chief executive Frederick h. Joseph and others with fraud deceit misrepresentation and securities Law violations in junk Bond deals. Witness says Hazelwood smelled of alcohol Anchorage. Alaska a the first coast guard investigator to Board the Exxon Valdez after its grounding testified Friday that skipper Joseph Hazel Wood s breath had a very intense and very obvious smell of alcohol. Witness Mark Clozier also said that Hazelwood. Who is on trial for felony criminal mischief and other crimes inthe nation s worst Oil spill appeared to be trying to hide the alcohol smell by covering his Mouth and drinking Coffee. Delozior. Who boarded the ship about3 / hours after it ran aground on Bligh reef testified that he took another coast guard officer aside and asked him if he smelled the same thing i  he was barred from giving the other officer s response because it was considered hearsay. Before Clozier look the stand a Foren sic Lexicology is testified that blood and urine samples taken from Hazelwood to hours after the Accident showed the alcohol level was 0.061 percent in his blood and 0.094 percent in his urine. The blood alcohol level was under the Alaska stale limit of 0.10 for driving a vehicle but above the Federal limit of0.04 for operating a commercial vessel. The toxicologist. Michael a. Peat of Sac Ramento Calif said the blood and urine were tested in his Laboratory four Days after he Accident but had been kept carefully scaled and refrigerated until then. The analysis was performed under our Normal operating procedure and the results were satisfactory he said. He said the blood and urine tests Al most never result in the same figures and did t explain the significance of the amounts found. Hazelwood. 43. Of Huntington . Is charged with one felony count of Sec Ond degree criminal mischief and Mise Meanor charges of reckless endanger ment. Negligent discharge of Oil an operating a vessel while intoxicated. If convicted the former Tanker skipper could be sentenced to up to 7 years in prison and fined up to $61,000. Nearly 11 million Gallons of crude Oil spilled from the Exxon Valdez into Prince William sound on March 24, killing count less Birds fish and wildlife. Clozier who since has retired from the coast guard said he and two other officers confronted Hazelwood in his quarters about 3 30 . The ship had been reported grounded shortly after Midnight. As the coast guard boat approached the ship. Clozier said he could Sec the Oil was coming out of the vessel at a very intense rate. The Oil was bubbling up into the air sometimes 18, 19, 20 inches tall. Right up against the Hull it was. 1 would estimate a foot and a half  when he met Hazelwood he said the Captain was standing next to a window Sill with his Elbow on the Sill and his hand Over his Mouth. Did you notice any signs of intoxication asked assistant District attorney Brent Cole. Yes. I smelled alcohol on Captain Hazelwood said the witness. Was this smell slight or obvious asked Cole. It was very intense and very obvious he said adding. It was my impression he was attempting to cover it up by putting his hand Over his Mouth and also by drinking Coffee. Hazelwood also was smoking he said. On Cross examination defense attorney Michael Chalos elicited a Clozier s admission that he himself had been drinking the night before at the same Valdez bar where Hazelwood is alleged to have gotten drunk earlier in the Day. Delozier said he had Only two Ligon Bee Sand did t consider himself intoxicated but conceded that someone talking to him might have smelled Beer on his breath. Or. Clozier. Are you sure you weren t smelling your own breath Chalos asked of the confrontation with Hazelwood. Absolutely responded the witness. The attorney then noted that Hazel sex presidents discuss Panama role Washington a former president Nixon says he understands Why president Bush ordered the invasion of Panama bul believes that generally the United Stales should not act directly to depose foreign leaders of whom it disapproves. Nixon and former presidents Reagan. Carter and Ford were asked by the Sun Day newspaper supplement Usa week end for their views on the invasion of Panama. I support the Bush administration said Reagan a Republican As is Bush. The Despo cd panamanian Leader. Gen. Manuel Antonio Noriega now facing drug charges in the United slates is where he belongs and the people of Panama arc beginning to put the pieces Back together he said. Ford also a Republican said i applaud the president s Strong  Carter a Democrat said i deplore the invasion and feel a great responsibility now for our nation to help repair the damage caused by . Economic Embar go and our military  however he added perhaps the in Vasion can bring about real Freedom democracy and economic Prosperity for  Republican Nixon said when the United states decides by itself who is going to run a country it runs the risk of ending up running the country  Nixon. Carter and Reagan replied in writing to questions submitted by the publication. Ford was interviewed by Telephone. All four indicated they had no interest in returning to the presidency and All said they believed there should not be a formal role in government for former presidents such As a seat As Sckalor at Large As has been suggested occasionally. Our Constitution is Clear on who is and who is not an official part of the government said Reagan. Carter agreed that former presidents should have no formal role but said they should be willing to serve in special eases when requested by the incumbent  similarly Ford said. My experience has been that a sitting president does Call upon a former president informally. And i have worked with president Carter. President Reagan and now president Bush when i be been asked  said Nixon there is a great Deal for Mer presidents can contribute to Thier country bul another bureaucracy should not be one of  Wood was t Given a Field sobriety lest which would have involved his walking straight line and performing other feats of  there anything in Captain Hazelwood s behaviour that would Lead you to believe he would not be Able to pass that test the Al Lorincy  said Delozior. Who acknowledged that Hazelwood seemed coordinated and showed no sign of being intoxicated other than the smell of his breath. Cole asked if Delozior was standing close enough to Tell really what he was smelling. He said he was about four feel away from the  was a Little bit amazed to Start  said Clozier. I stepped closer about two feet to make sure Thal s what i  thai Point he testified he confided his suspicions to the other officer took out his radio and called for the com manding officer of the  said he later ordered blood and urine tests aboard the ship. Sands of time in the stars and stripes 40 years ago today. Feb. 18, 1950 the stale depart ment accused the hungarian government of prejudging the Case of Robert a. To go scr an american businessman on trial in Budapest on spy charges. 30 years ago foday. Feb. 18, i960 Secretary of Stal Christian a. Honer denied thai the administration had proposed sharing America s nuclear weapons with its Al lies. 20 years ago foday. Feb. 18. 1970 Midnight Cowboy and its two stars Dustin Hoffman and Jon Voight were among nominees announced Lor Academy awards. The most nominated movie was Anne of the thousand  with 16 nominations. J 0 years ago foday. Feb. 18. 1980 the . Olympic committee resisted pressure from presi Dent Carter to make a Quick decision on boycotting the Moscow olympic games unless the soviet Union withdrew its troops from Afghanistan