Word: bankrupting
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...year, Milken promised to post $700 million to keep prosecutors from seizing his assets. So far he has handed over $300 million in cash plus an IOU for another $300 million. The remaining $100 million was in the form of Drexel stock, which became worthless when the firm went bankrupt last February. Result: Milken has in effect put up half of his $600 million fine...
Since coming to power in 1985, Gorbachev has repeatedly underestimated the depth of his country's economic troubles and the harshness of the measures required to alleviate them. He finally seems to understand how bankrupt the system is, but his dithering frittered away much of the political capital needed to impose the painful, unavoidable solutions. How did he get into this predicament, and what can he do to climb out of it? While the delay in reform is disappointing, it need not be fatal, provided Gorbachev moves swiftly...
...there any way out? The U.S. is not the only government going bankrupt from interest payments. Much of the Third World also owes billions to rich Americans, among others. Many Third World governments have defaulted on their debts in one way or another. Outright renunciation is uncommon, but forced renegotiation and freezes on interest payments are not. Perhaps we should try something similar...
...million that Wall Street speculator Ivan Boesky paid upon pleading guilty to a single count of insider trading in 1986. With cooperation from Boesky, prosecutors built their case against Drexel and Milken. After paying a record $650 million penalty for securities violations a year ago, Drexel declared itself bankrupt last February...
...foreigners" even though American companies have turned the deserts of Saudi Arabia into gleaming futuristic cities. While Japanese banks widely expand in the U.S., foreign banks control less than 2 percent of the banking business in Japan, and Citicorp was reportedly blocked in its quest to acquire the bankrupt Heiwa Sogo Bank owing to inside influence. Sumitomo Bank, one of Japan's largest banks, acquired...