Word: bondses
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Like Jim Lebenthal and Charles Schwab, Randy Smith owns a successful securities firm. But unlike those two familiar financial pitchmen, the head of Manhattan's R.D. Smith & Co. would never think of hawking his services on TV. Reason: R.D. Smith deals in stocks and bonds that would seem far too...
The two-year-old company is the undisputed leader in a peculiar new segment of the brokerage business that finds profits in the casualties of the American economy. Known in some corporate boardrooms as "vultures," the traders at R.D. Smith specialize in buying and selling low-priced stocks and bonds...
Smith and his growing legion of clients realize that investments in troubled ! companies may turn out to be worthless. But the prices of such cheap stocks and bonds can surge if the firms get out of difficulty. Only ten years ago, for example, Toys "R" Us, then called Interstate Stores...
Smith, a graduate of Cornell and the Wharton School, started dabbling in distressed securities in the late 1960s while a trader at Manhattan's Bear Stearns. He made clients and himself a tidy profit on bonds issued by the bankrupt Penn Central railroad. In 1985 Smith left Bear Stearns to...
The most troublesome borrower is the Federal Government. During the past seven years, the U.S. has posted deficits totaling $1.1 trillion; in fiscal 1986 the red ink reached a record $221 billion. Though the deficit is expected to fall significantly this year, to some $160 billion, many economists fear it...