Word: blame
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Dates: during 1980-1989
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That is what happened on Oct. 19, contend many Wall Streeters, who blame in particular an instrument called the stock-index future. Traded largely in Chicago, such futures enable investors to place bets on the performance of New York stock indexes like the Standard & Poor's 500. The futures, first introduced in 1982, gave portfolio managers a chance to hedge their cash investments in the stocks that make up a particular index. But the futures also gave investors the opportunity to engage in index arbitrage, a practice in which they can reap quick profits from temporary, often minor discrepancies between...
Among the six major investigations of the crash, three concluded that computer-driven index arbitrage and a related strategy known as portfolio insurance were at least partly to blame for the speed and severity of the 508- point drop in the Dow Jones industrial average. The Brady commission, which the Reagan Administration appointed, contended in its report last January that Chicago's futures markets have gained inordinate leverage over New York because the two marketplaces play by such vastly different rules and fail to monitor their complex interactions...
...Line Pilots Association argued that the board gave insufficient weight to the fact that the alarm system on the McDonnell Douglas MD-80 failed to warn the crew that the flaps were not in position. Said Allison Maus, the captain's widow: "It's easy to blame it on the dead guys...
...cameras. No company's inside gossip has been the subject of more outside scrutiny than that of CBS, and the result has been a small library of books on the network's inner workings. Few, however, have offered harsher indictments than two new releases that try to affix blame for the turmoil and shifting priorities at TV's most prestigious news division in the 1980s...
Those who perceive a drop-off in maintenance tend to blame deregulation and the pressure it has placed on airline profits. Maintenance is expensive: when United performs a major overhaul on a 747, the job consumes almost 15,000 worker-hours and $2.5 million. During the first eight years after deregulation, from 1979 through 1986, the industry suffered gross operating losses of $7.1 billion, as opposed to $2.2 billion in profits in the previous eight years. Many airlines have bounced back, so that the industry as a whole should post operating profits of more than $2 billion in 1988, predicts...