Word: bonde
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Dates: during 1980-1989
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...booming. Thirty- one states, mostly in the heartland of the nation, are in recession. Mothers and fathers know that the industries in which they have worked all their lives will not provide middle-income jobs to their daughters and sons, who may of course make their fortunes as junk-bond traders or software geniuses, but are far more likely to find "hamburger jobs" and drop into the minimum-wage sector of an increasingly bottom-heavy economy...
...beleaguered firm appears to be Drexel Burnham, the investment house with close ties to Boesky. Wall Street is restlessly waiting for the results of an SEC probe and a reported grand jury investigation into Drexel's activities, among them the highly profitable operation run by Michael Milken, the junk-bond guru. Even though no charges have been filed against Drexel, rumors have proliferated among competing firms that Drexel could conceivably face fines running into the hundreds of millions of dollars if its staff is found to have committed widespread insider trading...
...investigation surrounding Drexel is already driving away business, its competitors claim. The firm's headaches grew even more severe last week, when Staley Continental, an Illinois-based food company, sued the investment house for more than $200 million in damages in a case centering on Drexel's junk- bond operation. Staley claims that last November Drexel tried to push the food company's management into a deal to buy up the corporation's stock, which would have been financed by the investment firm. Drexel called the lawsuit an "ill-conceived attempt to capitalize on the current climate" of the insider...
...connection with the Boesky case, at least six Drexel Burnham employees, including Siegel and Junk Bond Guru Michael Milken, have been subpoenaed by the SEC, an action that does not imply guilt of any kind. Even so, Milken has reportedly hired three of the country's top criminal lawyers, Edward Bennet Williams, Arthur Liman and Martin Flumenbaum, to represent him before the SEC and in a parallel federal grand jury investigation. In December, Drexel Burnham Chief Executive Frederick Joseph publicly admitted that for a time, when Milken lined up potential buyers for takeover junk bonds, the investment bank would supply...
...totally at odds with both the law and the facts." The company vowed to fight all the way to the U.S. Supreme Court. In the meantime, a U.S. court of appeals in New York City has ruled that while the case is on appeal, Texaco has to post a bond of only $1 billion. Pennzoil argues that Texaco must put up the full amount of the judgment, and the Supreme Court is expected to rule on this issue by midsummer...