Word: broker
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Dates: during 1990-1999
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...trustee, Dennis Shedd, preferred to unload all the PTL remains as a unit. Roberts wanted only the TV network, while Cerullo was willing to offer a total of $52 million for all of Bakker's former empire. There were five other eleventh-hour bidders, including a secular TV-ad broker who offered $8.35 million for the cable operation. But Cerullo is the rightful heir, his lawyer pleaded, because "the men and women who created that partnership were Christians." A court hearing on the non-TV transaction will be held next month...
...Your broker will love you for it. He'll get to charge a commission when you initiate the short (selling shares of a stock you don't yet own) and another when you "cover" (buying them back), just as he would if you bought and sold a stock normally. But your broker's real thrill will be the interest he earns on the proceeds of your sale. Because even though you didn't own the shares you sold (your broker borrowed them for you from another customer), you really did sell them, and your broker really did receive cash...
...find a stock you're certain is overpriced -- like the Germany Fund not long ago, selling for twice the value of its assets -- often you won't be able to short it after all, because your broker can't find anyone to lend the shares. Or if he can, you get caught in a "short squeeze," in which the stock gets bid up to even more absurd levels by short sellers forced to buy back and return borrowed shares...
Part tough New Yorker, part sunny Texan, Mary Elizabeth Smith is the daughter of a Fort Worth cotton broker. She is up-front about the face-lifting ("Only one, really") and the hair ("Ever notice how women on TV get blonder as they get older?"). A University of Texas graduate who married and divorced twice, she admits to being a "glitter kid" from way back. "Walter Winchell was my idol," she says. "I wanted to go to the Stork Club." Arriving in New York City in 1949, she learned her trade at Modern Screen, Newsweek and SPORTS ILLUSTRATED...
...firm's lobby at 60 Broad Street in New York City, security guards searched bags to prevent workers from carting away computers and company records. "People are in a state of shock. They're laughing and crying," said bond salesman Taylor Greene. Retorted a young broker as he stepped into a limousine with one last show of '80s bravado: "I'll enjoy reading about all this from Hawaii...