European Stars and Stripes (Newspaper) - November 17, 1991, Darmstadt, Hesse                                Sunday november 17, 1991 the stars and stripes Page 15 Money matters Dollar watch shown below Are the highest Dollar Exchange rates for the week of nov. 11-17 compared with Dollar rates for the same period one year and five years  Pound one Pound would Cost you. 177 $1-96 1 77. I $ 1.4499j _,222ljgerman Mark one Dollar would buy you 1.61 2. 03 1.46 1991 i 1990 a military Exchange rate French franc one Dollar would buy you 5.63 6.68  501 1991 1990 i 19861industry output fell last month report shows Washington a american Industry stumbled further in october As factories mines and utilities operated at less than 80 percent of capacity Down to  lowest level in four months the Federal Reserve reported Friday. The weak news suggests More factory layoffs could be coming in the midst of a faltering economic recovery analysts said. Through Midsummer the nations Industrial sector had been seen As leading the Economy out of the recession. Now a a it a hard to find any real pocket of strength in the sector said economist Gilbert Benz of the investment company Swiss Bank corp. In new York. The numbers offer a further evidence that the recovery is in tatters a agreed John m. Albertine who Heads an economic forecasting firm in Washington. President Bush acknowledged that a a we be got some Short term problems Here. And they re  but he added in a teleconference Call to Fortune 500 executives meeting in Charleston s.c., a a we la be coming out of  in  report on capacity utilization the Federal Reserve said the operating rate of the nations factories mines and utilities slipped two tenths of a percentage Point Down to 79.6 percent. It was the lowest level since last june a similar 79.6 percent. The labor department had suggested the decline earlier when it reported the loss of 32,000 factory jobs in october on top of a 31,000 loss a month earlier. Earlier reports also showed that factory orders a barometer of future activity fell sharply in August and september. Fridays report from the fed showed that Industrial production remained Flat in october after inching up 0.2 percent in september and falling 0.1 percent in August the first decline since last March. Bocci founder saudi indicted on . Racketeering counts Washington a the founder of the Bank of credit and Commerce International and a saudi businessman accused of being by cos . Front Man were indicted Friday on Federal racketeering charges. By Cir a founder Agha Hasan Abedi was accused of arranging by cos secret takeover of a California Bank by putting up Money so saudi businessman Ghaith Pharaon could pose As the institutions sole purchaser. The indictment also named Bocci groups acting president Swaleh Naqvi 57. Assistant . Attorney general Robert Mueller said arrest warrants were being issued for All three defendants. Abedi 68, lives in Karachi Pakistan and Naqvi 57, is believed to be living in Abu Dahabi where he also faces charges. Mueller said Justice department officials were searching for Pharaon 50, who has owned houses in Atlanta California London and saudi Arabia. The indictment charged the defendants with fraudulent dealings in $25 million Worth of Stock in a Miami savings Bank that failed last year. The indictment accuses Pharaon 50, a Bocci shareholder of posing As sole purchaser of Independence Bank of Encino calif., when in fact Bocci held a secret 85 percent interest. The defendants purposely deceived Federal regulators about by cos financial backing of the Purchase the indictment said. A had regulators actually known who the True purchasers were they would not have approved the Transfer to by Cir of Independence Bank . Attorney Jay b. Stephens said. I he secret takeover in 1985 was part of what Stephens called Quot an overarching racketeering pattern of financial transactions Quot that Bocci used to Quot obtain an interest in . Financial institutions and to maintain that interest by a number of fraudulent and false  the other alleged scheme involved by cos temporary Purchase in 1988 of $25 million Worth of subordinated debentures issued by entrust savings Bank of Miami As part of a $ 150 million offering to raise capital. By arranging for Bocci to hold the Stock for six weeks Pharaon was Able to persuade investors there was a heavier demand for the debentures. The transaction was also intended the indictment charged to make regulators believe that entrust had raised More capital from the Stock Sale than it actually had. 1 regulators blamed a entrust a $1.7 billion failure in february 1990 on the thrifts junk Bond portfolio and the free spending ways of  chairman David Paul. He has t been charged with any crimes but Paul does face a slew of lawsuits arising from the failure. In july the Federal Reserve Board charged that Pharaon and eight others helped Bocci obtain secret shares in first american ban shares inc. Of Washington the National Bank of Georgia in Atlanta and can Trust. The fed seeks to bar Pharaon from the . Banking Industry. In september it sought a $37 million civil Fine from Pharaon and obtained a court order restricting the Sale of his . Businesses. Pharaon a attorney. Richard f. , called Friday s indictment Quot a precipitous step motivated by the political Freny surrounding Bocci rather than any action by Ghaith  in july Abedi and Naqvi were also charged by new York c Ity prosecutors w Ith Money laundering and fraud in a scheme to steal $30 million from depositors. The Justice departments handling of the Bocci scandal has been criticized by Congress for moving too slowly. But Mueller said the Independence Bank takeover Case was referred to the Justice department by the Federal Reserve Board Only last May and that the Speed with which criminal charges were developed should answer critics. Mueller also said criminal charges require More proof than the civil ease brought by the fed. A Bocci subsidiary and five executives were convicted of Money laundering last year in Tampa Fla. The Bocci unit forfeited nearly $15 million in proceeds from the illegal scheme. Memories of Friday the 13th spook Market As Dow plunges new York up it was like Friday the 13th part 2 for the Stock Market this week. Just when things were looking up a the Broad based gauges set record highs two Days in a Row and the Over the counter Market notched All time highs for live straight sessions a the ceiling collapsed. The Market caved in after being hit by widespread profit taking and computer driven program Selling triggered by weakness in the biotech sector and expiration of november options and Stock Index futures. The Broad based sell off drove Down the Dow by 120 Points a the biggest one Day loss in More than two years. Ron Doran director of institutional trading at . King amp associates in Albany n.y., said the huge decline a certainly brought Back memories of Friday the 13th�?� in 1989. On that Day the $6.75 billion $300-a-share employee led buyout of Ual corp., Parent corporation of United airlines collapsed forcing a halt in trading of Ual Stock on the nose and sending the Market into a Friday the 13th tailspin. Analysts blamed the Ual developments for a general Market nosedive that saw the Dow Industrial average shed 190.58 Points to 2,569.26. For the week the Dow Jones Industrial average plunged 3.36 percent or 102.42 Points to close at 2,943.20, the biggest weekly loss since oct. 12, 1990, when it lost 112.62. Among broader Market indexes the new York Stock Exchange composite Index fell 4.90, to end the week at 211.92, and Standard amp poor a 5 h Index dropped 14.53, to 382.62.Market update activity for the week of november 11-15,1991daily Dow closes 3100 3050 3000 2950 2900 2850 2800 my the highest close 3,065.30 wed. Week s High 3,084.97-thur. Lowest close 2,943.20 Fri. Weeks Low 2,936.05 Fri. Week s change Down 102.42 aps amps declining issues overwhelmed advances by 1,256-731 among the 2,286 issues traded during the week. Weekly big Board volume totalled 949,025,582 shares up from 876,781,840 traded a week earlier and 817,725,530 in the same week a year ago. Stocks closed narrowly mixed in trend less trading monday As a Lutious investors took to the sidelines awaiting government economic reports later in the week. The Dow fell 3.36, to 3,042.26, in a subdued session with Many investors taking off for the veterans Day Holiday. Stocks closed broadly higher in Active trading tuesday buoyed by selective buying a Bond Market rally and Strong overseas markets. The Dow rebounded 11.85 Points to 3,054.11. The Broad based gauges set record highs with the new York Stock Exchange composite Index rising 1.93, to 219.00, and Standard amp poor a 500-Stock Index climbing 3.62, to 396.74. Stocks ended narrowly mixed in Active trading wednesday recovering from an initial weakness triggered by a surprising Rise in october producer prices that sent the Bond Market plunging. The Dow added 11.19 Points to 3,065.30. The Broad based gauges set record highs for the second straight Day with the nose composite Index edging up 0.37, to 219.37, and Standard amp poor a 500-Stock Index inching up 0.67, to 397.41. Stocks closed with slim losses in Active trading thursday rebounding from a sell off triggered by the markets failure to rally along with Bonds following a bet Ter than expected october consumer prices report. The Dow shed 1.79 Points to 3,063.51. Stocks plummeted in heavy trading Friday As bouts of profit taking and Waves of computer driven program Selling combined to drive Down the Dow by 3.93 percent or 130.31 Points to 2,943.20. It was the key barometers biggest one Day drop since oct. 13. 1980, when it Sank 190.58, to 2,569.26