Word: bond
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Dates: during 1980-1989
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However, time ran out on the 1987 legislative session before the Senate could pass a $3.1 billion transportation bond issue, which could have included funds for the Old Colony project...
...problem started when the Government announced that the U.S. unemployment rate had fallen from 5.9% in November to 5.8% in December, its lowest level since 1979. To most people, that sounds like good news, but nobody has ever accused Wall Streeters of thinking like most people. To a bond trader, lower unemployment means faster growth, more inflation and higher interest rates. So bond prices slumped, and that triggered a drop in stocks. Investors were also concerned because the dollar started dipping again on Friday and because they feared that Government figures on the mammoth U.S. trade deficit due for release...
Despite strong incentives to settle the dispute at times seemed irresolvable. The bitterness peaked last April, when Texaco filed for Chapter 11 protection to avoid posting a bond to cover the jury award. Charged Texaco Chief Executive James Kinnear: "Pennzoil has placed its own greed above any consideration of fundamental fairness or the public welfare." Said Pennzoil Chairman J. Hugh Liedtke: "Maybe now we should sit back a while and see how they like bankruptcy...
Still at the center of the investigation, by all accounts, are Drexel Burnham Lambert and Michael Milken, head of the investment firm's junk-bond operation. Since junk bonds, which are high-yield, high-risk securities, are often used to finance takeovers, Milken and other Drexel Burnham employees have had advance knowledge of many big deals and could have passed information to speculators like Boesky. Drexel Burnham admits that in 1986 it received a $5.3 million payment from Boesky for "advisory services." After news of the payment broke, the firm's chief executive, Frederick Joseph, steadfastly ! maintained that internal company...
Zweber is not alone in his search for the elusive common bond. Peter H. Gray '91 also says that his roommates had trouble finding features that they shared. "At first we couldn't find the common bond. Then we realized what it must be. We're all very skinny. We must have the lowest body-fat ratio in the entire building," he says...