European Stars and Stripes (Newspaper) - January 17, 1994, Darmstadt, Hesse                                Page 18 the stars ar4d stripes Money matters monday january 17,1994 today s rates following Are fixed rates at which Community banking and credit Union facilities will sell for eign currencies to . Personnel for personal use German Mark. 1.71 British Pound 1.53 dutch Guilder 1.90 greek drachma. 242.8774 now the rates above apply within the Host country figures Are expressed in dollars to the British Pound other currencies to the Dollar following Are Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign Curren cies ,.".italian lira. 1,706.00 turkish lira 14,865.10 Spanish peseta. 144.23 portuguese escudo. 176.30 austrian Schilling. 12.293 saudi Royal. 3.7497 Bahrain Dinar 0.37675 kuwaiti Dinar 0.2979 norwegian Krone 7.544 danish Krone 6.775 British Pound. 1.4915 German Mark. 1.7495 Swiss franc 1.4802french franc. 5.936 dutch Guilder 1.958 belgian franc 36.53 Canadian Dollar. 1.318 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $389.50 an ounce Silver quote $5.20 an ounce irs takes Pirn at filing fraud Washington a government lawyers expect to prosecute an increasing number of tax fraud cases involving elec tronic filing the Justice department s top tax attorney said Friday. We must be sure the general Public does t see this As an easy Way to get Money said Loretta c. Magrett who was sworn in two weeks ago As assistant attorney general in charge of the department s tax division. According to a recent report from the general accounting office fewer than 1e recent of electronic returns involve Raud but the number has increased every year since electronic filing became available nationwide in 1990. Electronic filing fraud is a particular problem for  because the Speed with which refunds Are processed leaves Little time for irs to Stop fraudulent re funds before they Are issued the Gao said in a report to rep. Ujj. Pickle d Texas chairman of the House ways and Means oversight subcommittee. Magrett whose division prosecutes cases on behalf of the internal Revenue serv ice said that electronic filing will continue to grow and that the government must make sure the program does not open an Avenue for cheating. We do expect to see an increasing number of these cases Magrett told a news briefing. According to the Gao the irs identified 24,413 electronic returns involving $48.9 million in refunds As fraudulent in 1993. That was up from 11,724 returns involving $31.4 million in refunds in 1992. Last year the irs managed to Stop 58 percent of those refunds before they were issued Down from 70 percent in 1992. The irs plans a number of changes this year to combat electronic filing fraud. It will Check its records to Verity that w-2 forms contain a valid employer identification number. It also will Check the taxpayer s dependents social Security numbers and years of birth and reject refund claims that do not match previous records. Buyers of securities at Banks unaware of risk study finds Washington a More than four of five Consumers incorrectly believe that Mutual funds and other securities they buy at Banks Are insured by the fed eral government according to a Survey. The poll illustrates the need for legis lation to protect investors in the uninsured products that have become increasingly available from Banks and other financial institutions according to three major consumer groups that released the Survey late last week. What we see in these numbers is a distressing pattern of confusion and false Comfort on the part of Bank customers a very substantial portion of whom do not seem to grasp that Banks Are no longer just in the business of Selling Odic insured products said Craig Goettsch president of the North american Securi ties administrators association. When the next Market correction takes place millions of . Consumers could learn the hard Way that there is no safety Riet for Mutual funds and stocks sold at Banks added Goettsch who also is the Iowa superintendent of securities. The Odic or Federal Deposit insurance corp., insures Bank deposits and certificates of deposits up to $100,000.but Many Banks have begun to offer other products that Are not insured. All sorts of uninsured products including annuities Mutual funds life insurance and brokerage services Are now being sold at Banks said Lena Archuleta Board member of the Ameri can association of retired persons. The Harp and the consumer federation of America joined the securities administrators in urging Congress to address consumer problems associated with uninsured investment products through Banks. But major banking Trade groups said legislation is not needed since they Are pre paring voluntary guidelines to be unveiled . Our guidelines go much further than simply addressing the fact that Mutual funds Are not insured said Donald g. Ogilvie executive vice president of the american Bankers association. They will define among other things the appropriate setting and circumstances for Bank sales of uninsured products the need to guarantee the suitability of any such sales the extent to which cer Tain employees May become involved in these transactions and acceptable employee qualifications and training he added. Gary Gilbert of the savings & Community Bankers of America said that the Trade associations developed their guide lines in consultation with Federal Regula tors and that they complement govern ment guidelines already issued. Some of the consumer groups proposals also Are similar to those offered by the government As guidance last year. But the groups believe the guidelines should be required not voluntary. Among other things Congress must move quickly to see that insured and uninsured activities of Banks and thrifts Are kept separate both in practice and perception said Chris Lewis director of banking policy for the consumer federation. The groups want Congress to prohibit Banks from Selling insured and uninsured products from the same desk window or lobby area. And they want a ban on naming or advertising uninsured products in ways that would confuse them with insured products or the institution itself such As use of the same name and logo. Dod company to Lay off 200 by the los Angeles times underscoring the continuing Impact of Federal defense retrenchment in South Ern California aerospace corp., a re search and development Center for the defense department will Lay off about 200 employees at the end of january the company announced Friday. The cuts resulting from defense Bud get cuts amount to about 5.5 percent of the Torrance  company s work Force of 3,600 and will affect Engi neers As Well As clerical and other administrative employees. Employees losing their jobs Are set to be notified Friday with the cuts becoming effective Jan. 28. The cuts at aerospace corp., which provides sophisticated engineering and design services to the air Force Are believed to be the first at that company in More than a decade. A nonprofit company funded entirely by the Federal government aerospace t corp. Said it was forced to reduce spend Eberhard Wilhelm Hess an Engineer from Coburg Germany displays a replica saturday ing following a nearly 12 percent Cut in its of an environmentally Safe solar Airship he proposes As an alternative to Normal air planes budget. According to a company repro Hess Blimp has a pair of helium filled balloons powered by solar Energy. He says it can Fly tentative aerospace s budget for the cur up to 1,240 Miles at 111 to 136 Man at an Altitude of 13,200 feet rent fiscal year is about $363 million. Blockbuster s chief stand double dirigible grand rapids Mich. A h. Wayne Huizenga on Friday defended the merger of his blockbuster entertainment corp. With Viacom inc., saying share holders would come out ahead even if that company does not win the bidding War for Paramount communications inc. Huizenga who agreed to the $8.4 Bil lion merger with Viacom on Jan. 7, would not say if Viacom would increase its lat est bid for Paramount estimated to be Worth about $9.6 billion. The rival offer from ivc network inc., the Home shop Ping company was valued at about $10 billion. In the Short term our shareholders would Benefit much More if we did not do the Paramount acquisition the chair Man of the world s largest video rental Chain told a crowd Friday at Calvin col lege his Alma mater. He predicted that if ivc acquires Paramount Viacom s Stock which has been depressed during the four month bidding War would return to previous Levels. As a result blockbuster share holders who will own 62 percent of Viacom blockbuster inc., will profit in the Short run. But Huizenga who would be vice chair Man of the combined firms said a merger with Paramount would give blockbuster shareholders 53 percent of one of the world s leading entertainment companies. Do you go for the Short term or for the Long term he said it s a  Viacom owns mtg Showtime and other Cable channels As Well As to and radio stations. Paramount owns the major Hollywood studio the Simon � schuster Book publishing operation the new York rangers hockey team the new York kicks basketball team an Madison Square Garden. On wednesday Paramount s Board of directors recommended ivc s bid and gave the two sides until feb. 1 to make their final offers. Huizenga said he has no problem playing second fiddle to Viacom chair Man Sumner m. Redstone despite some analysts Surprise that the entrepreneur would accept a secondary role. I be never been a control Freak Hui Zenga said. It May turn out to be that we have the greatest love affair Ever or it May turn out to be that we just Don t see Eye to  some analysts said Huizenga agreed to the merger because video stores May be obsolete soon with new technology Al lowing viewers to order up videos from their televisions Huizenga disputed the idea. Although video on demand May be available by the year 2000, it s Likely that fewer than 20 percent of the population will have a Cess to it he predicted