LABOR: Writing Wrongs

FAS International is a company dedicated to making a fortune out of fame. It runs a mail-order education empire, including the Famous Writers, Artists and Photographers schools, that sells about $90 million yearly in programmed instruction to would-be Hemingways, Picassos and Carder-Bressons around the world.

Lately, however, FAS has become famous for its misfortune. The firm lost $2,200,000 in the quarter that ended last December, mostly because of the recession and a few improvident acquisitions. Then FAS executives asked that the company's stock be suspended from trading on the New York Stock...

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