Word: bond
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Dates: during 1970-1979
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Meanwhile, Byrne, the Chicago school board and state officials were scrambling to put together an emergency loan package to keep the schools from collapsing. Shut out of the bond market in November because of a poor rating, the educational system faces a shortfall of $459 million by the end of the fiscal year on Aug. 31, 1980. It needs $190 million just to keep going through January...
...along with Reagan and Brown, calls for a North American common market. To spur savings Connally would create a "taxpayer's nest egg," in which people could invest up to $10,000 of income, taxfree, so long as they put it in a bank account, stock or bond and reinvested the interest, dividend or capital gain...
...this point, the principal bond that unites the different factions
Four New York bond trading houses have failed. One of the victims is Frederick Gorsetman, 34, who, riding along with rising bond business in August 1978, opened his own firm. But when the Federal Reserve drove up short-term interest rates, his firm had to absorb devastating losses on bonds that no one would buy. After three weeks of harried days on Wall Street and sleepless nights in his Riverside Drive apartment, Gorsetman closed his ofiice's front door. Although he is now looking for another job on Wall Street, he says bitterly, "The market stinks...
Such tales have not been limited to small firms. Chemical Bank, which lost $6 million in post-Volckerism bond dealing, abruptly fired its trading manager. A billion-dollar sure thing- the issuing of IBM bonds last month- turned into a pumpkin for such blue-ribbon investment bankers as Salomon Bros., which had underwritten the deal. Because of difficulties selling the IBM securities, Salomon and other traders had to swallow losses of $10 million. For the once staid bond market, it has been a fitting 50th anniversary of the Great Crash...