Word: borrowers
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...more rapacious than anything served up during the Internet bubble. But change is in the air, and the wolves have their noses up. Last week Federal Reserve Chairman Alan Greenspan cut interest rates for the second time in less than a month. The rate cuts make it cheaper to borrow, a must in almost all buyouts that aren't stock swaps...
...mathematics of obtaining capital has been the single biggest obstacle to the raiders' staging a full-fledged return, says Howard Marks, chairman of Oaktree Capital Management. "Buyout firms were able to purchase venerable U.S. icons in the '80s because they could borrow 20 times their money," he notes. (Remember those "highly confident" letters, as in, "I'm highly confident I can borrow the money to take over your company, bub," that Milken and pals used so effectively to terrorize CEOs?) "If you wanted to buy a company for $10 billion, you could probably do it on $400 million in equity...
...Board of Trustees at Princeton have voted to replace all loan offerings to undergraduates with grants. Apart from the service academies, Princeton is possibly the first American university to guarantee that undergraduate financial aid recipients will not be required to borrow to help pay for college. Princeton took a proactive step against a national trend in which loans make up an increasing proportion of financial aid packages. Loans account for 60 percent of all student aid, and those forced to take out loans throughout their four years of college will graduate this year with average debt between...
...changes she has made in her diet. It is a measure of the loyalty of her readers that when she once wrote that she was looking for a good recipe for Brussels sprouts, she received more than 40 different recipes. (Oddly enough, none of her colleagues asked to borrow any.) Her greatest reward is learning how her columns have alerted people to check out symptoms they had been ignoring. One woman wrote that her mother was saved from a massive stroke as a result...
...perhaps the first woman "who really fired him up" sexually. What Ullmann does believe is that when his lover confessed her enforced unfaithfulness, "he lost control, and I think that's the only time in life that he lost control, and he abandoned her--I mean completely." To borrow a phrase, "After such knowledge, what forgiveness...