Word: accruals
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Merrill Lynch offered the first couponless notes under the name Treasury Investment Growth Receipts (TIGRs) in August 1982. The copycats quickly followed. The same week Lehman Bros, marketed Lehman Investment Opportunity Notes (LIONS), and the next month Salomon Bros, offered its Certificate of Accrual on Treasury Securities (CATS...
...Highbrow gobbledygook of the week (from Hemingway: The Writer as Artist, by Professor Carlos Baker of Princeton University): "Despite the insistent, denotative matter-of-factness at the surface of the presentation, the subsurface activity of A Farewell to Arms is organized connotatively around two poles. By a process of accrual and coagulation, the images tend to build round the opposed concepts of Home and Not-Home. Neither, of course, is truly conceptualistic; each is a kind of poetic intuition, charged with emotional values and woven, like a cable, of many strands...
...Club and the A. Scott-T. Powell Club. It will be that of Peter Sturges vs. the Commissioner of Internal Revenue. It also is based on a number of real-life cases. It will deal with the consequences to a taxpayer of a shift from the cash to the accrual basis of accounting...
...about 15 years Mr. Widener has been administrator of Philadelphia's Wil-stach Fund, income from which must be used to buy paintings for the city's Pennsylvania Museum of Art. With the seven-year accrual of $160,000 in his drawing account and his usual pearl-grey fedora on his head, Turfman Widener set out for Europe last year to scout for bargains. "I am not sympathetic with modern art," said Mr. Widener blandly. "What I think we should do is acquire the classics-those paintings which have lived through the centuries." Uppermost in Mr. Widener...