Word: bonding
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Underwriting: banks determine and guarantee the issue price of a new corporate security. This might be a stock or bond issue. An investment house advises the client, determines a price, announces the issue and sells it. In the U.S. commercial banks are barred from underwriting functions due to a 1933 Banking Act known as Glass-Steagall...
...million through the simple expedient of buying and selling stock with the help of inside tips. Arrested in 1986 and jailed for 17 months in a minimum-security prison, he led prosecutors to arbitrager Ivan Boesky, who, in turn, helped them reel in the biggest fish of all -- junk-bond king Michael Milken. Now permanently barred from the securities industry, Levine, 39, makes his living as a consultant to companies engaged in mergers and other deals...
...response, Fannie Mae last week launched a program to audit bond sales and expel cheaters from the group of 56 firms that sell the securities to the public. "We realized there was no integrity in the system," an agency spokesman said...
...some degree, these scenarios prove that political aides are paid to worry; most Bush advisers are confident about the outcome of next year's election. "Even with bumps in the road," says Rich Bond, the Republican consultant who engineered Bush's startling upset of Ronald Reagan in the 1980 Iowa caucuses, "at some point the President will stare straight into the camera and remind people that the world is still a very messy place and that he, rather than the other guy, has proved he can manage America's role in it. When all is said and done, that should...
...obvious lack of interest in domestic affairs by claiming he does indeed have a domestic policy -- while at the same time saying that those who think otherwise should blame obstructionist congressional Democrats, not him. "If you run against the 'Do Nothing' Congress, as Truman did in 1948," says Bond, "you can both lower expectations of your own plurality so you're not called a loser even if you win, and you can put the Democrats on the defensive. A non-coattail campaign becomes a referendum on the President's first four years. It's hard to derive a working mandate...