Word: badness
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Dates: during 1980-1989
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Nonetheless, the episode on Thursday showed how vulnerable the financial system has become to runaway rumors. Banking woes ranging from huge portfolios of bad foreign loans, to rising interest rates, to the near collapse of Chicago's Continental have made investors nervously look around at the whole banking system. Only a $7.5 billion Government-led rescue kept Continental (1983 assets: = $42 billion) from becoming the largest U.S. banking casualty in history. Said James Hanbury, a banking analyst for the Manhattan securities firm Wertheim & Co.: "After Continental, investors are acting first and asking questions later...
Despite the merger activity, Taylor insists that Continental still hopes to remain independent. "That is our top priority," he said, "and we are aggressively pursuing that option." A bank task force nicknamed Operation Bootstrap has been devising strategies. One possibility: sell Continental's $2.3 billion in bad loans to investor groups and pump the cash back into the bank...
Greenmailers like Icahn contend that acquisitions serve a useful purpose by ousting incompetent managers who fail to make the most of a company's assets. He argues that if antigreenmail laws are enacted, they should be accompanied by measures to ensure that bad bosses cannot entrench themselves at the expense of shareholders. Actually, it is usually the stockholders, who do not have the same opportunity to sell their stock at a premium price, who are hurt by greenmail...
...seen both their membership and their bargaining clout dwindle. Now, in What Do Unions Do? (Basic Books; 293 pages; $22.95) Harvard Economists Richard Freeman and James Medoff have come not to bury unions but to praise them. Their key finding: unions are good for society as a whole but bad for individual companies...
SEEKING DIVORCE. Margaret Eastwood, 50, from Clint Eastwood, 52, cinematic nemesis of punks, Mafiosi and other assorted bad guys, who is one of Hollywood's richest men; after 31 years of marriage, two children; in Monterey, Calif. Separated since 1979, the couple reached a property settlement four years...