Word: bonding
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Dates: during 1980-1989
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...short term, at least, increasing the size of the federal deficit in order to stimulate growth. Last week those Wall Street financiers put their money where their minds were. Fearing that Reagan's program would mean even higher interest rates, they heavily sold stocks and drove down bond prices. Said David Jones, chief economist for the New York-based Government securities firm of Aubrey G. Lanston & Co.: "The market is saying, 'Don't give me a lot of supply-side economic theory about what happens when you cut taxes. Don't tell me that in theory...
Meanwhile, the bond market was also hit hard. Bonds have been slumping in value since last summer because of the expectation of ever higher interest rates, and last week they took another big dive. IBM triple-A bonds maturing in the year 2004 slumped 3.7%, to 68½, thereby currently yielding 14.2% to any investor interested in buying them. Bonds of Mountain States Telephone, a Bell System subsidiary, dropped 3.1%, pushing the yield on long-term securities maturing in the year...
...possible for GMAC to lend money at 13.8% when the prime rate is 20.5%? The answer is that GMAC borrows the funds it puts out as loans in the long-term bond market, where interest rates are lower. The company still has $300 million worth of old borrowing on its books at 4⅜%, and even the interest charges on new GMAC bonds are still much less than the prime. So far in 1981, GMAC has issued bonds worth $1.75 billion at an average rate of 14.1%. Given the overall size and maturity of its bond portfolio, GMAC is roughly...
...computer-plotted plan, originally drawn up by former Federal Aviation Administrator Langhorne Bond when he learned more than a year ago that PATCO seemed determined to strike in 1981, requires each airline operating at a major airport to reduce its flights by a specified percentage that varies with every hour of the day. At New York's La Guardia, for example, the cutback jumps from 27% between 7 a.m. and 8 a.m. to 49% in the following hour. At Chicago's O'Hare, the heaviest reduction, 60%, is between 7 p.m. and 8 p.m. Each airline...
...well-known chief economist, would become millionaires several times over. Gutfreund stands to reap $25 million to $30 million as the biggest winner of the deal. But the Salomon partners would be losing the autonomy and privacy that comes from being controlling owners in the fast-moving world of bond trading and investment banking. "What we were giving up was sentimental and wonderful," said Gutfreund. "But looking at the '80s and '90s, this merger would pitch us way beyond what we could do alone...