Business expert Shuchi Satwah, vice-president of Washington
D.C.-based Nera Economic Consulting, testified Monday in Bob Waxman's fraud and theft trial. The expert said the
77 deals she studied had no
commercial value for Philip Services Corp but generated handsome profits for Waxman's copper trading company. In total she found Philip lost $8.6 million on copper trading while Waxman's companies profited $5.5 million.
The deals "looked like financing for PSC at very high interest rates," she testified. "PSC was getting cash in the door right away and agreeing to pay for it in two or three months."
Excerpted from thespec.com.
