Word: bankrupting
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After Chamorro's decisive showing, winning 55% of the vote to Ortega's 41%, claiming victory was the easy part. A harder question is whether the politically unseasoned Chamorro, 60, is prepared to guide bankrupt Nicaragua through the difficult transition from a revolutionary state to a functioning multiparty democracy. The answer will hinge largely on whether the Sandinistas live up to their promises to relinquish power peacefully after ten years of rule largely by proclamation, military muscle and caprice. Given Nicaragua's history of never managing a change of government without bloodshed, the odds seem stacked against Chamorro. Adding...
...Wall Street bashers and cynics, the episode seemed a fitting epilogue. Bankrupt Drexel Burnham Lambert acknowledged last week that less than two months before its demise the company began doling out $260 million in 1989 bonuses to employees. The size of the booty was more than twice the amount of debt on which Drexel defaulted before it collapsed on Feb. 13. Even more startling, a few still unnamed Drexel hotshots got bonuses of more than $10 million each in a year when Drexel lost $40 million...
...category for many students is "turnaround consulting," which develops the skills to rescue troubled companies -- including overleveraged firms that have been through the takeover wars. The new heroes are turnaround specialists like Sanford Sigoloff. Long known as Ming the Merciless for his fierce cost cutting, Sigoloff now runs the bankrupt U.S. operations of Australia-based Hooker Corp., which loaded up on debt to acquire the B. Altman and Bonwit Teller department-store chains...
...that greed is good, that one can never be too rich or too thin, and that abstinence and exercise will lead to eternal life -- the new decade spells trying times. Mike Tyson's crown has toppled, and the Trumps have split. Oat bran is no panacea; Drexel is bankrupt. "I suspect," says editor E. Graydon Carter, 40, co-founder of Spy magazine, "that when they find red suspenders cause back problems, that will be the final nail in the yuppie coffin...
...average Soviet citizen, one of the most galling aspects of the current political order is not that it is predicated on a bankrupt ideology but that it is so manifestly inegalitarian. In what is supposedly a classless society, life for the masses is a ceaseless hustle to acquire the most basic goods while for party bigwigs, the nomenklatura, it is relatively sweet, thanks to their access to all manner of worldly offerings. With resentments over these inequities rapidly growing as the economy deteriorates, Central Committee members last week reportedly did something that privileged elites rarely do: they voted to give...