After weeks of rumor mongering, the $3 billion-a-year record industry last week was spinning toward what could become its biggest crisis since the payola scandals of the late 1950s. Though industry involvement so far has been limited to relatively minor charges against four former employees of CBS'S Columbia Records, the entire record business was rocked with sensational rumors of extortion, drug deals and million-dollar embezzlements (TIME, June 11). "Everybody in the business is shaking," said one rock-'n'-roll publicist. "And let's face it. The record industry is very vulnerable."
Federal authorities would seem to agree. They have been told by CBS that Clive...
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