Word: contract
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Dates: during 1980-1989
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Despite what the election indicated, there is significant resistance to Gorbachev's reforms. While managers and workers realize that the present system has its flaws, they are not eager to take a leap into the unknown. Many are satisfied with a social contract in which, as Soviets cynically joke, "they pretend to pay us, and we pretend to work." The probability, nevertheless, is that Gorbachev will become more, not less, impatient. "Shortages exist because we are moving too slowly, halting and stepping off the road too often," says Abel Aganbegyan, an economist who helped shape Gorbachev's ideas...
...BEEN MEANING TO GET TO THAT. After Combustion Engineering signed a contract in 1987 to provide machinery and software for oil refineries, Soviet bureaucrats helped the company locate a Moscow building for its headquarters. Only problem: there were holes in the floors, and the structure was badly in need of renovation. Until they can find suitable quarters, 22 of the firm's workers are crammed into three tiny hotel rooms...
HAVE YOU GOT A WORD MEANING LEVERAGED BUYOUT? Drawing up a contract that is precisely equivalent in two languages, English and Russian, can be a mind- bending exercise. One problem: there are no words in the Russian language for many Western business terms. Michael Bonsignore, president of Honeywell International, took special care in preparing contracts for the equipment that his company is providing for four Soviet fertilizer plants. Says he: "We translated our English documents into Russian, then had someone else translate them back into English to make sure that we were really saying to them exactly what we wanted...
Milken's unprecedented income was the result of his employment contract with Drexel, where he has been the firm's biggest source of profits as head of its Beverly Hills-based junk-bond department. Milken almost single-handedly created the junk-bond market, which has grown from $1 billion in 1981 to $180 billion last year. His downfall began three years ago, when arbitrager Ivan Boesky, collared on insider-trading charges, began singing to prosecutors about alleged stock-fraud schemes he carried out with Milken and Drexel. Last December Drexel struck a deal with prosecutors that called for the firm...
...club's ability to maintain its contract came into question last fall when a student found the fence surrounding the garden locked during daylight hours...