Word: crash
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Dates: during 1980-1989
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...federal grand jury in Atlanta has been looking into suspicious accounting practices in the spare-parts department at Southern Co., but the inquiry has grown into a broad investigation of alleged tax fraud and graft at the utility and its subsidiaries, including Gulf Power. On the day of the crash, Horton was told by Gulf Power officials that an internal auditing group had recommended his dismissal after 33 years with the company because of possible violations of company policies. On the same morning, Horton informed his lawyer, Fredric Levin, that he believed he had become the focus of the grand...
...Control will remain in the hands of the Basel-based Sachers. The family, one of Switzerland's leading cultural benefactors, is headed by Maja Sacher, 93, and her second husband Paul, 83. Maja Sacher's first husband, Emanuel Hoffmann, son of the company's founder, died in a car crash in 1932. A prominent patron of modern art, Maja Sacher has endowed Basel's museums with works by 20th century masters. Paul Sacher, an energetic conductor, has sponsored scores by many of the century's great composers. His musical foundation holds the world's most important % collection of Igor Stravinsky...
...Vegas if, as appears to be the case, they are also too conservative for the risk-to-reward ratio of the $25-a-pop blackjack table? They have come at the invitation of their favorite financial- newsletter editors, who are still trying to come back from the 1987 crash and have offered this investment seminar as a subscription-renewal bonus ("A $500 retail value! Act now! Air fare and hotel not included"). They are here because they are eager students of the market, even if temporarily absent from it, and they are determined to figure the whole thing...
...firms. "What the industry needs is a good housecleaning," says Lipper Analytical's Long, who argues that brokerages would need to dismiss 12,000 to 17,000 more employees to keep profits from sinking further. Other analysts expect a steady decline in the number of investment firms. Since the crash, membership on the New York Stock Exchange has fallen from 392 companies to 365, a decline of nearly 7%. The dropouts have either closed their doors or merged with stronger firms...
Most of the property being acquired in the S & L bailout is concentrated in the Southwest, where the bulk of insolvent thrifts overextended themselves during the oil-boom days of the late 1970s and came to grief in the oil crash of the mid-1980s. The thrifts began repossessing property when borrowers could no longer meet payments, often because homeowners lost their jobs or business owners suffered from plunging sales as the energy-based economy declined. In many cases the loans should never have been made. Observes James Noteware, national director of real estate for the accounting firm of Laventhol...