WALL STREET: Woe for Wolfson

From the day Raider Louis Wolfson became chief stockholder of American Motors, Wall Streeters wondered what he planned to do with the 420,000 shares (7%) owned by him and his family. Last week the SEC enlightened them. It discovered that Wolfson had sold all his A.M.C. stock while publicly proclaiming his great faith in the company. Then he and associates had sold short at least 150,000 shares, i.e., sold borrowed stock in the expectation of buying it back at lower prices. After that, charged the SEC, they had made "false and misleading statements," and put out "bogus information" to...