Management: Guilty

After Edward M. Gilbert's daring 1958 takeover of the E.L. Bruce Co., a leading manufacturer of hardwood products, Wall Street figured it would be hearing a lot more from the 34-year-old financial whizbang. What it heard was not exactly what had been expected. One day in 1962 Gilbert in formed Bruce directors that he had used $1,953,000 in company funds in a futile effort to cover heavy stock losses. Then he boarded a plane for Brazil. Returning voluntarily four months later, Gilbert has since lived a life that belies his onetime jet-set...

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