Word: bonding
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...proceed to write my Gov paper," I said to myself. I reached into my desk to take out a few sheets of typing paper. But scattered across the top of the ream of Berkshire Bond was an unshuffled, disordered deck of cards...
...After the 1980 election, Meese became Counsellor to the President, a job that carries Cabinet rank. But he shared the inner circle with two other aides, Michael Deaver and James Baker, who ended up wielding more power. Nonetheless, Meese had a special bond with the President. Partly it was based on his keen affinity for Reagan's philosophy and outlook. In addition, his every instinct was to play the role of protector. Unlike Donald Regan, who seems infected with the arrogance of his own power, Meese infuses almost every public utterance with a sense that he is acting only...
...Michael Milken, 40, senior executive vice president of New York City's Drexel Burnham Lambert investment firm. Milken, who works out of branch offices at the tony corner of Beverly Hills' Wilshire Boulevard and Rodeo Drive, is the guru of the so-called junk bond, the high-interest but risky investment vehicle that has provided much of the financing for the stock market's takeover frenzy (see box). At least five other Drexel Burnham employees, including Milken's younger brother Lowell, have also been subpoenaed...
Meantime, the raider would make plans with an investment banker to raise the cash or credit needed for the takeover, often by launching a junk-bond issue. With such financial backing lined up, the raider could then announce a bid for the controlling interest in the target company's stock. By then, the necessary holdings might be in the hands of arbitragers, who would be waiting to sell at a still higher price than their own efforts had created...
...those operations are completely legal. But the close proximity of a small core of professional takeover specialists, and their towering importance in the market of the '80s, makes the prospects for collusion virtually endless. Since brokers and junk-bond dealers often know about a raider's plans well in advance of the general public, those professionals have the opportunity to tip off other investors or to make their own profits by trading in the target stock...