Word: borrowing
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Dates: during 1990-1999
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Milken had profitably discovered that S&Ls could use junk bonds in two ways: to borrow money for expansion and to invest money for a high rate of return. M.D.C.'s Mizel, hard pressed by the economic downturn in Denver and kept afloat by insider swaps with Silverado, met the junk-bond king in Manhattan and became Milken's enthusiastic client. So too did the influential Norman Brownstein, an M.D.C. board member and Mizel's attorney, who lobbied in Washington in favor of the use of junk bonds...
...stave off short-term banking crises, but over the long haul, more dramatic changes are needed. During the past 20 years, commercial banks have been muscled out of many of their traditional lines of business by other segments of the financial industry. Most important, few major corporations still borrow from banks; they float their own commercial IOUs. When banks looked for borrowers elsewhere, they ran into one bad risk after another, most notably the Third World countries. Says Katherine Hensel, a banking analyst for Shearson Lehman Hutton: "Just look at the legacy here. On the heels of the ((Third World...
...inspiring even in his black moods ("If there is a worse place than hell, I am in it," he said at one low point) and his caustic ones. "If General McClellan does not want to use the Army," he complained of his dithering military chief, "I would like to borrow it for a time." William Tecumseh Sherman, preparing to march on Atlanta, exhorted, "War is the remedy our enemies have chosen, and I say let us give them all they want...
...conference dispersed. The plane climbed up from Norway and made its way into the thinnest, coldest air. The planet became a fluffy abstraction beneath the wings. Time warped. A man who was in Auschwitz as a boy walked down the aisle to borrow the Wall Street Journal. Someone told a joke about Eleanor Roosevelt. Survivors and ghosts at 35,000 feet -- moral afterlives...
...Souter is another matter. Some Senators believe he could deny a constitutional right to privacy and still prevail, provided his reported respect for precedent convinces the Senate he might leave Roe alone anyway. If that is indeed the message Souter wishes to convey, he could do worse than borrow from Robert Bork. "Many court results decided incorrectly have been left in place because tearing them up would create chaos," says Bork...