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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: porcupine --''''> who wrote (177)	5/1/1998 3:49:00 PM
From: porcupine --''''>	Read Replies (1) of 1722

<< All but MO, which eventually will be sued by everyone in the world. >> (Cont'd) Friday May 1 6:31 AM EDT Tobacco research arms targeted for shutdown NEW YORK (Reuters) - New York Attorney General Dennis Vacco has filed a petition seeking to shut down the Tobacco Institute and the Council for Tobacco Research USA, two tobacco-funded research entities. Vacco, who filed the petition in state court in Manhattan on Thursday, said the two tax-exempt entities were created ostensibly to provide the public with honest research and information but instead served as propaganda arms for the industry. "CTR, disguised as a legitimate research organization, and the Tobacco Institute together fed the public a pack of lies in an underhanded effort to promote smoking and addict our kids," Vacco said. "By allowing tobacco industry lawyers to determine, or at least participate in, supposedly independent research, and influence public disclosure of its findings, CTR acted with total disregard for the law that entitled them to form as a not-for-profit," Vacco said. Vacco's petition argued that the two entities acted in a "persistently fraudulent and illegal manner by using their tax-exempt status to advance the efforts of the for-profit tobacco companies." Vacco said he filed his petitions to dissolve the research entities after major tobacco companies said they would not participate in proposed federal legislation to deal with tobacco litigation and reduce underage smoking. The attorney general was criticized this week by health groups and in a New York Times editorial for allegedly using publicly funded anti-smoking television commercials as free election-year advertising. The criticism focused on a $150,000 spot paid for by the state Department of Health in which Vacco is seen lecturing about the risks of teen-age smoking as he stands beside a photograph of a young child. Both Vacco and the Department of Health have denied the allegations.

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