Word: bond
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Dates: during 1980-1989
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...Impose a security-transactions tax on each sale of a stock or bond to further encourage longer-term investment over churning. At the 0.5% rate charged by Britain and Japan, such a tax would raise $10 billion a year for the Treasury...
...felony counts stemming from illegal stock-trading schemes. They were fined a total of $3.8 million. The case marked the first time the Racketeer Influenced and Corrupt Organizations Act has been used against Wall Street executives, and thus lays the groundwork for the Government's prosecution of junk-bond king Michael Milken, formerly of Drexel. Since Drexel was Princeton/Newport's main partner in the illegal trades, evidence from the trial is likely to be used again, against Milken...
Even as natural a procedure as giving birth has been greatly distorted by the epidemic of lawsuits. "Mothers believe that all babies should be born perfect," observes Massachusetts General's Stoeckle, and here the bond of doctor and patient may be most fragile. Doctors order expensive tests and uncomfortable procedures as protection against future suits. The costs to expectant parents are exorbitant, and discomfort during delivery is heightened: nearly one-quarter of all U.S. births are currently by caesarean section, which can be less risky to the baby than vaginal delivery and makes the doctor less vulnerable in court...
...tremendous buildup of business debt during the long expansion leaves the economy even more exposed to the effects of a recession. Since late 1982, corporate debt has more than doubled, from $1.1 trillion to $2.2 trillion. Investors in junk bonds, the high-yield securities that account for $225 billion in debt, could be among the first to feel the pinch. According to a study conducted for a group of junk-bond issuers by the economic consulting firm Data Resources, 1 out of every 8 will default if the economy falls into a soft landing. A major recession could produce...
Licence's only innovation comes in the closing credits. To atone for Bond's use of cigarettes, the producers print the Surgeon General's caveat on the evils of tobacco. Another warning would have been welcome: CAUTION: EXPOSURE TO HEROIDS MAY CAUSE SUMMER-MOVIE BURNOUT...