Word: chain
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Dates: during 1980-1989
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Under the guidance of Kravis and Roberts, KKR has become a Wall Street steamroller. Its biggest buyouts include the Beatrice food conglomerate for $6.2 billion and the Safeway grocery chain for $4.5 billion. But while KKR is well known as an investment adviser, few people realize that it has become one of the largest industrial holding companies in America. Though KKR readily sells off pieces of the firms it buys, it usually retains some core businesses. Of the 35 companies it has acquired, KKR still has control of 23. As a result, KKR has become a huge conglomerate. The companies...
...step aside. Cohen brushed off the idea as "personally insulting." Once serious talks began, the participants saw they had different strategies in mind. KKR preferred to sell the tobacco business to pay back the buyout loans and retain the food businesses, a good fit with the Safeway chain. Johnson's team wanted to keep the tobacco company and sell off Nabisco, Del Monte and the other non-tobacco parts of the business. Positions hardened shortly after , midnight Tuesday, when KKR partner Roberts made what may prove to be the most expensive personal gaffe in the annals of corporate negotiations...
...more immediate danger is the debt being loaded on corporate America. This summer Revco, a chain of 2,000 drugstores based in Twinsburg, Ohio, defaulted on $700 million worth of bonds and went into bankruptcy proceedings just 19 months after going private in a leveraged buyout. Some experts fear that Revco will be one of many major failures resulting from the buyout binge. In the first half of this year, Standard & Poor's lowered the investment ratings for $216 billion worth of corporate securities, while raising the standing of only $130 billion in such debt. Warns economist Henry Kaufman...
...years, the pool of eligible Ph.D. candidates has not expanded enough for Harvard's liking--at least not enough to noticeably raise the number of its minority and female faculty. It's obvious the answer lies elsewhere--in direct and immediate hiring. This produces a beneficial chain reaction: if Harvard hires more minority and women in tenured posts, Harvard will be seen as a comfortable environment for such candidates, making recruitment of more minorities and women easier. These minority and female faculty will then act as role models for undergraduates choosing academia as a profession...
SHOPPING period is over, and you're settled into your classes. There are probably three courses you really want to take and then that omnipresent ball and chain around the leg of the Harvard student, the Core you know you need...