[net.invest] E F Hutton and check kiting

grl@charm.UUCP (George Lake) (06/03/85)

I think that I first learned about check kiting when I was
roughly 12 years old.  To think that EF Hutton managers needed
to be told about it is ludicrous.  When you move a lot of
money around and are unhappy about the float, banks will 
renegotiate.  When you start kiting checks in places where
you know that snowstorms will cause delay, THAT'S FRAUD.
However you feel about banks and their interest rates, let's
not put EF Hutton into the role of David taking swings at 
Goliath.  Don't forget that these are the guys who responded
to inquiries about their mafia money laundering role with
"Gee, these guys came in with suitcases full of cash and they
didn't seem to mind losing some of it-- how we to know they
were doing something illegal"