Word: bonde
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Dates: during 1980-1989
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...budget's a mess; his bond rating...
...example is classic. Feldstein's point was not that he likes unemployment but that it was neccessary to throw a few hundred thousand more economically marginal Americans into the face of poverty in order to provide for the financial security of tenured professors and the rest of the bond-holding class...
...raiders' troubles have hit Wall Street like a line of falling dominoes. Defaults by overburdened borrowers have crippled the junk-bond market, which finances many takeover deals. Only $11 billion of junk bonds were issued for mergers and acquisitions in the first nine months of 1989, in contrast to $26 billion during the same period a year ago. "Investors are becoming more sophisticated and cynical," says Kingman Penniman, a Vermont-based investment adviser. "They are no longer willing to finance every buyer's fantasy of using somebody else's money to leverage and strip a company and get rich...
...Antipodal Acquisitor. In 1983, in the midst of his glory days, Alan Bond's sloop Australia II captured the America's Cup. In the same determined manner, Bond, 51, has run up more than $3 billion of debt in recent years while capturing a global empire of properties ranging from half of Chile's telephone system to Wisconsin-based G. Heileman Brewing. To lighten his crushing debt load, Bond is now shedding properties almost as fast as he acquired them...
...skeptical eyes are turned on William Farley, the physical-fitness buff who acquired Northwest Industries, the maker of Fruit of the Loom products, for $1 billion in 1985. Last February Farley took over textile giant West Point-Pepperell in a $3 billion raid that included $1.6 billion of junk-bond financing. A fellow raider calls Farley's debt a "time bomb." While Farley once joked that "we're doing fine, except that the banks expect us to pay them back," he now refuses to discuss his finances or the subject of raiding. Says he: "I'm staying 180 degrees away...