Word: bonding
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Harvard's portfolio now holds more bonds than in the past and is taking "a historically low equity position" said Cabot, who would not specify the exact bond to stock ratio. The endowment has fluctuated since the market plunge, but currently remains at about the $3.85 billion level, he added...
Koch reacted instantly to the crash by freezing the planned hiring of 5,200 new workers and postponing raises for 4,000 management jobs. As a result of his reassuring actions, the city's bond rating was upgraded last week to its highest level since the 1975 financial crisis. Investment Banker Felix Rohatyn, head of the Municipal Assistance Corporation, which oversees the city's finances, praised the belt tightening as a "good first step," but warned that "New York faces the potential of a very difficult period...
...with empty gab, insecurity with a not entirely trustworthy savvy, he is the most dangerous kind of pest, the type who worms rather than blusters his way into your life. The movie works the same way. For all its broadly farcical air, Planes, Trains and Automobiles finally seals its bond with the audience in the same way that Martin and Candy seal theirs, with a sly, shy resort to sentiment. Maybe that's just the spirit of the season, but one does not mind indulging...
Texaco has sought relief in the courts ever since a Texas jury ordered the company to pay the fine to Pennzoil in 1985. The jury held that Texaco had illegally enticed Getty Oil to break a merger agreement with Pennzoil. Last April, facing a deadline to post bond for the judgment, Texaco became the largest firm in U.S. history to file for bankruptcy protection. Texaco had offered Pennzoil some $2 billion as a settlement; Pennzoil demanded more than $4 billion. Pennzoil's price reportedly has now risen to $6 billion...
Over the long term, however, such switching could hurt the profitability of the fund companies, since money-market and bond funds bring in lower sales commissions and management fees than stock funds do. Most fund managers hope that investors, after a period of cooling their nerves, will venture back into the stock funds. Says Edward McVey, senior vice president at Franklin Resources: "As soon as people got over the initial trauma of Black Monday, they were calling up to reverse their redemptions." Michael Lipper, president of Lipper Analytical Securities, is not quite so confident. "The panic is over," he says...