Word: bonde
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Dates: during 1980-1989
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...term junk bonds conjures up an image of useless certificates sitting in a pile in someone's garage. Nonetheless, junk bonds, which originally were issued mostly by companies in financial trouble, have taken on a slick new role as a money-raising device for corporate-takeover artists and entrepreneurial companies. The amount of junk-bond issues has grown from $3 billion in 1982 to $14.3 billion last year...
...deal maker behind Pickens and most other corporate sharks is the investment firm Drexel Burnham Lambert, which controls nearly 75% of the junk- bond market. Drexel's Michael Milken, 39, developed today's market in junk bonds almost single-handed after researching them in 1969 as an M.B.A. student at Wharton School. Milken showed that junk bonds defaulted only slightly more often than prestige certificates, yet paid interest rates 3% to 4% higher. During the late 1970s, he patiently persuaded such big investors as pension funds and banks that the bonds were safe, and Drexel began issuing mounds of them...
Critics charge that today's euphoria in the junk-bond market could be shattered by even one major default. Says Preston Martin, vice chairman of the Federal Reserve Board: "The market has not been tested by some significant negative surprises, which inevitably will come at some point." A default would probably cause no substantial damage to pension funds and other large, sophisticated investors, which generally keep only a small part of their portfolio in such certificates. But federal regulators are concerned about the increasing amount of junk-bond investing by banks and by savings and loans. Says Norman Raiden, chief...
...which "they made us piss into beer-mugs" and "strip to the buff," to nothing that "the method of Heidegger and such as may come after him is basically the same as that of Descartes." But for all his occasional snobisme, he returns to a realization of the common bond of humanity:" ...humanity must perforce be the historical totality of the men who have lived, are living and will live...
...specifically exactly what he did and to whom. The kind of detail in this book makes it unbelievable. Anyone could track down and kill the author if the details were anywhere near true. The author is probably a part-time librarian who reads newspaper clippings and James Bond novels and lets his imagination do all the rest...