Word: default
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...touch such securities until the 1970s, when a young Drexel investment banker named Michael Milken began touting them as a good deal. He contended that their high yields, typically 3% to 5% above those of U.S. Treasury bonds, were extremely attractive, since junk bonds had historically gone into default only slightly oftener than more reputable securities...
...after allegations emerged of fraud on his election papers and bizarre personal conduct. Switzler bowed out soon after, when he was found to have falsified his Vietnam War record. Both appeared on the ballot in the primary, while Kariotis waged an unsuccessful write-in campaign, gaining the nomination by default...
...considering a proposal that would establish an overflow reserve of more than 100 rooms. Harvard would rent any unused space to graduate students and other affiliates. The plan is sound, as long as new housing remains as a buffer. If the reserve space should become another Claverly Hall by default, another nook and cranny for cramming in extra students, it would defeat the purpose of the plan...
...Best by default are Thomas E. G. Hale as Ronald and Jacqueline H. Sloane as Elaine May Alcott, who play God's practical jokesters on earth. Sloan must create a huge variety of characters who torment Mrs. Mann, and though she doesn't quite get them all, it's great seeing how much she does pull off. I mention Hale because, while his role is admittedly unstraining, he, at least, doesn't stumble over...
...Citizens for Tax Justice, a labor-backed group, had just released a list of 128 major corporations that had recently paid no taxes at all, fanning public indignation. The White House was searching for a bold domestic initiative to begin Reagan's second term. Tax reform won partly by default. The President's political advisers thought it might become the "realigning issue" that would give the Republicans a permanent majority in the country by proving to voters that the G.O.P. was for the common man. (So many Democrats eventually shaped the bill that this idea has disappeared...