Word: chips
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...heyday of takeover lending and junk-bond financing, the patrician investment firm Morgan Stanley was often the butt of ridicule. While more aggressive firms plunged into risky new techniques, Morgan, despite a leading role in corporate takeovers, seemed stuck in its stodgy habit of underwriting stock for blue-chip companies and selling investment-grade bonds. The new breed was playing high-stakes Monopoly, the joke went, while the stuffed shirts at Morgan were playing Trivial Pursuit. But no one is laughing at Morgan's expense anymore. The firm, founded in 1935, is the most profitable on Wall Street, posting record...
...draft the city's congressional delegate, Walter Fauntroy, as a candidate for mayor. Barry, who is undergoing treatment for alcoholism in Florida, blasted the indictment as a "political lynching." Some of his advisers suggest that his motive for staying in office is to offer to resign as a bargaining chip in negotiations for a lighter sentence. If convicted, he could be fined $1.25 million and sentenced to 20 years in prison...
...companies whose weak credit ratings kept them from issuing bonds that paid lower interest rates. When investors snapped up the junk, Milken expanded the market for his new securities. The tireless promoter argued that the risk of a junk-bond default was scarcely greater than the risk for blue-chip corporate bonds. Since junk securities paid interest rates about six percentage points higher than conventional bonds, Milken found many high rollers willing to buy them...
Despite their name, junk bonds -- more politely known as high-yield, high- risk bonds -- often serve a useful financial purpose. Companies that are too small to issue blue-chip bonds can use high-yield securities to raise money for expansion. Because their debt is considered riskier than the bonds of their larger brethren, the junk issuers must pay five percentage points or more above the prime rate...
News Editor for this Issue: Melissa R. Hart '91 Night Editors: Andrew D. Cohen '92 Chip Cummins '92 Melissa R. Hart '91 Matthew M. Hoffman '91 Joseph R. Palmore '91 Editorial Editor: Joshua M. Sharfstein '91 Feature Editor: Jonathan S. Cohn '91 Sports Editors: Andrew M. Fine '91 Michael D. Stankiewicz '90-'91 Photo Editors: William H. Bachman '92 Michael F. Koehler '92 Business Editor: Raymond Nomizu '91 Copy Editor: Lori E. Smith...