Word: bondses
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The obligations have been piling up for years in almost every cranny of the U.S. economy: Treasury bonds, corporate securities, household mortgages, consumer credit-card slips. Taken together, all the promissory pieces of paper have had a magical ability to help sustain one of the longest periods of economic growth...
Nonetheless Drexel Burnham, which earned a record $800 million in profits last year, most of it connected with its ability to sell takeover-related junk bonds, is now limping badly. The firm claims that it is raising more new money than ever before, but it appears that precious few new...
In connection with the Boesky case, at least six Drexel Burnham employees, including Siegel and Junk Bond Guru Michael Milken, have been subpoenaed by the SEC, an action that does not imply guilt of any kind. Even so, Milken has reportedly hired three of the country's top criminal lawyers...
Today you can't even buy drive-thru liquor anymore. The same people who used to drop acid brewed in rat-infested basements are now concerned that their coffee isn't decaffinated properly. The closest they come to cheap thrills is buying junk bonds.
Although securities trading has become an increasingly global activity in recent years, overseas time differences have helped prevent U.S. financial exchanges from capturing the volume of business from abroad that they would like. When the Chicago Board of Trade closes at 3:15 p.m., for example, it is 6:15...