ENFORCEMENT: A Billion Here, A Billion There

A Billion Here, A Billion There

Texaco knows what it means to pay for past sins. Just two months after the company agreed to pay Pennzoil $3 billion to end their epic legal battle, Texaco last week consented to shell out $1.25 billion to settle another dispute -- this time with the U.S. Government. Texaco is one of seven major oil companies accused by the Department of Energy of overcharging customers between 1973 and 1981, when federal oil-price controls were in effect. The $1.25 billion penalty is the largest imposed so far against a single company.

Texaco's slate is still not clean. The Internal Revenue Service says...

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