Word: crash
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Dates: during 1980-1989
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...healthy rivalry between America's two financial-trading capitals, New York and Chicago, helped make the U.S. an innovative leader in the world marketplace. But suddenly the character of that sporting competition has turned warlike. Set off by recriminations over which side was responsible for the Oct. 19 crash, the trading centers have become locked in a multibillion-dollar struggle for turf and influence that is frightening away investors and harming business for both. "I have nothing nice to say about Chicago. They've ruined everything," declares Dudley Eppel, 57, a stock trader for Wall Street's Donaldson Lufkin & Jenrette...
That made investors recall the last time the banks raised their prime: Oct. 7, only twelve days before the crash. This time the reaction on Wall Street to rising interest rates was not nearly so violent. On the day the prime went up, the Dow Jones industrial average dropped 37.8 points, to 1965.85, but then it recovered a bit to finish the week...
Already facing lawsuits from the crash, Northwest has other worries as well. The carrier is one of 15 airlines facing possible Federal Aviation Administration fines totaling nearly $6.5 million for alleged breaches of safety and security rules. The roster includes United ($1.26 million), Hawaiian ($1.17 million), Continental ($982,130), Eastern ($893,500), Braniff ($518,000), American ($421,250) and Northwest ($371,000). The bulk of United's penalty is for temporarily removing so-called vapor-seal covers from the wings of its Boeing 767s, allegedly increasing the chances of fire. United says it was trying to solve a vibration problem...
...things turned out, the Crash of '87 did little to scuttle the best- laid plans of the class of '88. As expected, fewer Wall Street firms turned up on campuses for job interviews, and those that did hired fewer people. But many college placement officers actively solicited the personnel directors of old-line manufacturing companies, which had generated relatively little interest from students in the days when red-suspendered Wall Streeters reigned as the big men on campus. General Motors is hiring 1,064 college graduates this year, twice the number it recruited in 1987. The University of Texas...
...market crash forced many business majors to reassess their goals and % tactics. Careers in sales, marketing and product development with large U.S. corporations suddenly seemed more satisfying than the stress and insecurity now promised by a career in investment banking. Typical of this year's class is John Christ, 21, an economics major at Harvard. Having decided against a career on Wall Street, Christ is planning to be a management consultant. He wants, he says, "to get broader exposure to what is going on in the business world, meet a lot more people, and work with a team...