-national
Battalion/Page 12
December 8,1®
High interest accounts more War P ed
accessible with regulation
by Scott McCullar
THE E.MOTION " PART ? OF 8
United Press International
WASHINGTON — After
Jan. 5, almost anyone with
$2,500 will be able to get the
high interest rates of money
market funds and be assured of
federal insurance of up to
$100,000 on regular checking
and savings accounts.
Federal regulators Monday
swept aside almost every restric
tion to give savers and investors
money market rates on their
federally insured checking and
savings accounts.
Some of the new rules take
effect next Tuesday and the rest
Jan. 5.
The committee of federal
regulators decided Monday to
go beyond what was authorized
for Tuesday and allowed Finan
cial institutions to offer unre
stricted withdrawals and trans
fers on the accounts.
It will be the First time banks
and savings institutions have
been permitted to compete dire
ctly with Wall Street’s popular
money funds, which have used
high rates and convenience to
build their assets to $231.5 bil
lion this month, an all-time high.
Now the banking and thrift
industries are waiting to see how
the mountain of $300 billion in
their low-interest passbook
accounts, earning as little as 5.25
percent interest, moves in reac
tion to the attractive new in
sured rates.
The low interest that banks
and savings and loans have been
paying on their passbooks have
allowed the industries to rein
vest savers’ money and add to
the institutions’ earnings. If the
banks and thrifts attract most of
the deposits in the new accounts
only from their own less-costly
accounts, the total effect could
be lower earnings.
But the federally
institutions hope to get
much of the money that was
drawn to the uninsured money
market funds.
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FBI charged with scheme
United Press International
ROME, Ga. — Seven men
arrested when cocaine worth
$300 million was seized in a gun
battle at the LaFayette city air-
ort were lured into the scheme
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by an FBI informant, defense
lawyers have charged.
In a motion alleging govern
ment misconduct, the lawyers
sought dismissal of cocaine traf-
ficking charges against the men
Monday, the First day of the fed
eral trial.
U.S. District Judge Harold
Murphy said he will rule on de
fense motions after a jury is
picked. Lawyers questioned
prospective jurors from a panel
of 120 but none were selected.
The motion charged that the
informant. Charles Scott, work
ed as an investigator for Richard
Moore, a Marietta attorney who
represented one of four men
convicted last month in Chatta
nooga, Tenn., in the nation’s
second largest seizure of
cocaine.
Defense lawyers said in the
motion that Scott obtained in
formation to help arrange the
LaFayette cocaine run by talking
to defendants in the Chatta
nooga trial and by reading con
fidential records in that case.
FBI agent A1 Millard said ab
out 25 law enforcement officers
armed with rifles and shotguns
caught the men unloading 640
pounds of cocaine from a twin-
engine plane into four cars on
Oct. 25.”
Three suspects roared down
the runway in one of the cars,
spraying about 15 bullets at the
officers, who Fired back and
blew out the car’s tires, Millard
said.
The men then fled into
swamps where they were track
ed down by bloodhounds within
45 minutes, he said. Four other
suspects surrendered peaceful
ly. No one was injured.
Defense lawyers also
tended the arrests were
because the FBI did notol*
search and arrest warrants.
Charged with cocaine
licking are John Ray Moore,
of Houston; John Oscar Lis
52, Lewis Franklin Crump,
and Larry Ralph Pace, 21,
Georgia; William Page Via
48, and Charles Donald Boli
43. of Michigan; and Gt ijTHE CA
Claude Easterling, 50, ofS«
Carolina.
Crump and Luck were
without bond. The other
pects are in jail under $5mil
bond each.
Prosecutors in the Glial
nooga cocaine case said Bol
bought the fuel booster attar
to tne plane that carried
drug from Colombia to
mote, mountain airstrip net
Rockwood, Tenn. The W
was designed to let the
make quick take-offs despilt
heavy load.
Authorities acted on a
from a convicted drug smug
when they confiscated
pounds of cocaine worth 51
million at an interstateexitnti
Cleveland, Tenn., on July
The cocaine was sent in a van®i •
Florida for distribution, f h j C
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