Word: cash
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Dates: during 1980-1989
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...certificate of deposit featuring an interest rate tied to an annual index of higher-education costs. Says Bank Chairman Peter Roberts: "With us, families have shifted the risk ((of rising tuition and inflation)) from the household to the bank." Even if a child skips college, the parents can still cash in the CollegeSure CD for the full amount of savings and interest payments. The new certificate serves a purpose similar to the tuition-prepayment plans that some colleges offer, but unlike those arrangements, it can be used at any school...
...value since the run- up began in August 1982. During the rally's first phase, investors put their money in stocks based on their intrinsic value, which was backed by corporate profits and dividends. But in the later stages, the betting has become almost purely speculative, as investors pour cash into the market in fear of missing the free ride. At this point, many stock prices have risen beyond any connection with the real performance of their underlying companies, many experts believe. "There are more extreme valuations now than there were in 1929," says Louis Holland, a partner in Hahn...
Another dramatic parallel is the emergence of a new financial center where cash-laden investors are bidding wildly. In the 1920s that place was Manhattan; today it is Tokyo. In the overheated Tokyo exchange, shares are trading at about triple the level of Wall Street stocks in terms of the ratio of prices to corporate earnings. Says Eric Shubert, an international economist for Manhattan's Bankers Trust: "Lots of inexperienced people in Tokyo are playing the market; they have switched from comic books to the stock pages, just as in America in the 1920s millions of people switched from baseball...
...hand. Colino thereupon devised still another ruse, say investigators, whereby Intelsat was charged $1.2 million by Lipscomb to enable the firm to order construction materials far in advance of use. The money was paid out in January 1985, but no materials were ever ordered or delivered. Part of the cash went to a Swiss bank account controlled by Colino...
...Communist chiefs have over regional banks. According to Yugoslav press accounts, Abdic pressured the local branch of Privredna Banka, the Bosnian central bank, into providing guarantees for a steady flow of unsecured promissory notes issued by Agrokomerc. The guarantees made it possible for Agrokomerc to sell the notes for cash to other banks. Abdic plowed the proceeds into his ambitious development plans for the company and lavish community projects for Velika Kladusa, including an Olympic-size swimming pool...