Word: crashing
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Dates: during 1980-1989
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...market. Nearly 16,000 securities-industry workers have lost their jobs, while profits have plunged at such firms as Merrill Lynch and Paine Webber. The largest investment houses have survived the down cycle, with one exception: E.F. Hutton, already suffering from a check-kiting scandal before the crash, nearly collapsed afterward and was absorbed last December by Shearson Lehman...
Suburban Chicago's Oberweis Securities, a fast-growing small firm before the crash, abruptly halted its expansion plans this year. James Oberweis, the company chairman, decided to diversify by selling 50.1% of his brokerage to another firm and expanding his family's dairy company by buying a chain of ice-cream shops. Says Oberweis: "The ice-cream business is a lot better than the brokerage business these days...
...IMAGINING THINGS, OR IS HE SERVING CHEAPER CHAMPAGNE? Many losers of the last year have escaped embarrassment by refusing to admit their setbacks. Robert Fomon, 62, who resigned as chairman of E.F. Hutton in May 1987, claims that "it is very fashionable to lie about ((the crash)). Now everyone says that he wasn't in the market." Several snipers contend that Donald Trump, the developer and casino kingpin, was bitten hard by the bear, even though he bragged late last October that he was smart enough to get out just in time...
OOPS! BAD TIME TO GO OUT ON A LIMB. Robert Holmes a Court, 51, Australia's first billionaire, was heading for a fall last year when he bought huge blocks of stock, including a 10% stake in Texaco. The crash cut his personal fortune from an estimated $1.1 billion in mid-1987 to $400 million now. Lately, instead of stalking giant corporations on several continents, the Perth-based investor has been making far more modest acquisitions, such as sheep ranches, land for an industrial park and paintings for his private collection...
...banking firm and one of the most respected members of the financial community. The securities markets and the tax system must undergo fundamental reforms, he maintains. Otherwise, inadequate regulation, excessive speculation and overuse of credit could bring on a banking crisis and a stock collapse more damaging than the Crash...