Word: bondingly
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Dates: during 1980-1989
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...graduate business student at Pennsylvania's Wharton School, Milken made junk bonds a focus of his scholarship. Despite their reputation for high risk, he found that the securities showed a history of few defaults. Milken believed the securities' relatively high yields, typically 3% to 5% more than an investment-grade corporate bond, were more than enough compensation for that slightly increased risk...
Milken's junk bonds remained innocuous until the mid-'80s, when he began using the securities to raise mountains of money for hostile takeovers. In fact, the preferred opening salvo of corporate raiders became the dreaded letter from Drexel in which the firm stated it was "highly confident" of coming up with the necessary cash. In some cases, like T. Boone Pickens' failed bid in 1984 for Gulf Oil, Drexel charged a hefty fee for lining up money that it never had to deliver. But in many other raids, including Ronald Perelman's 1985 takeover of Revlon, Milken raised billions...
Milken's junk-bond department, which he moved from Manhattan to Beverly Hills not long after he formed it a decade ago, quickly became the engine of the Wall Street firm's furious growth. One reason is that junk bonds earn hefty fees: Drexel charges 3% to 4% of an offering's total value, compared with a fee of less than 1% for a higher-grade issue. Milken's web of buyers and sellers for the bonds has given him a virtual lock on the market, though the entry of such competitors as Morgan Stanley and First Boston has whittled...
...Metropolitan Opera Cookbook (Stewart, Tabori & Chang; $30), edited by Jules Bond, features recipes from the stars of the great opera house. At first glance, it would seem a gimmicky celebrity come-on, short on substance. Not so. Opera folk tend to love food, and since they hail from so many countries, the collection is rich and varied. Like many Met productions, the book is visually gorgeous; in fact, it is too pretty to cook by. It would be nice to have a recipes-only version for the kitchen. With luck it would still include Sherill Milne's Hungarian goulash soup...
With a wave, he dismisses Jay and greets two Israelis who have come to enlist his aid in a bond drive. Seated at the table, they wait. And wait. First Maxwell wraps a deal for a Moroccan satellite channel. Next his personal secretary, Andrea Martin, 25, a pale blond, appears with a message. Maxwell reads it and thunders, "He is as keen on this idea as if he was bitten by a rattler on the anus." Accustomed to such eruptions, Martin slips away as another button lights. "Latrine rumors!" he shouts into the speaker. "We are going to sue." Suddenly...