Word: chairman
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Dates: during 1990-1999
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...fund was founded in 1994 by John Meriwether, a former vice chairman of Salomon Brothers, and its partners included Nobel laureate economists Myron Scholes and Robert Merton, whose market models helped give Long Term Capital an aura of near infallibility. Until September, that is, when word leaked that the firm was in danger of suffering losses so catastrophic they could send the already troubled world financial system into a tailspin. A $3.6 billion rescue package was cobbled together by the Federal Reserve Bank of New York and a consortium of 14 U.S. and foreign lenders...
...bailout seems to have worked, thanks in large part to autumn's upturn in the global markets. But the real hero of the story is probably Federal Reserve Chairman Alan Greenspan, who lowered interest rates three times since September, prompting overseas banks to do the same. Long Term Capital's assets rose more than 20% in November alone, giving it a profit for the first time in at least seven months, though that gain may be partly wiped out now that markets have turned softer...
...that had never seen combat despite its $280 million-per-plane price tag, got in on the action. The first night of bombs, Pentagon officials said, disarmed Iraq's air-defense network, flattened its intelligence headquarters and destroyed barracks housing Saddam Hussein's special security forces. General Hugh Shelton, Chairman of the Joint Chiefs of Staff, showed reporters photographs of several smashed targets and proclaimed success. "There's nothing left but rubble," he said...
...then, one of the recipients of their letter-writing campaign responded. Sumner Redstone, chairman of Viacom, put the kids and their message on his Nickelodeon Channel. News of the crusade spread everywhere--and outside contributions began streaming in. A Texas company kicked in $5,000; a homeless Alaskan scraped together $100; a destitute elderly woman mailed in a dollar, calling it "all I can afford." When Casey Reed, a Wisconsin trucker, heard about the kids on his radio, he sent $200 and spread the message on his travels...
Your series on what corporate welfare costs Americans [SPECIAL REPORT: CORPORATE WELFARE, Nov. 9-Nov. 30] comes at an opportune time for those of us who have been challenging these wasteful taxpayer giveaways for decades. House Budget Committee chairman John Kasich has told me he will hold comprehensive hearings on this issue early next year. These will be the first such hearings to cover the broad spectrum of government subsidies, bailouts, giveaways and other assorted upward distributions of income from working families to corporations. Your series has provided a greater public understanding of this neglected dimension of Big Government...