Word: discounted
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Dates: during 1980-1989
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...Tobacco Institute attacked the report, saying it was "purely political." But Continental Airlines used the federal report to launch its own no-smoking program, announcing that smokers who agree to keep their pack in their pocket would qualify for a 10% discount on their next flight. The 30- day experimental program was to begin...
...announcement was bland enough: Charles Schwab, probably the country's best-known discount broker, resigned last week from the 15-member BankAmerica board "to devote undivided time and attention" to the brokerage firm bearing his name, which he sold to the same bank in 1983. But in fact the move had more subterranean implications for the No. 2 banking company in the U.S., which shocked the investment world last month with a second-quarter loss of $640 million. Schwab's sudden departure seemed to be another sign of a muted power struggle at the huge (assets: $117 billion) San Francisco...
Schwab's board seat had been part of the price for his widely advertised firm, Charles Schwab & Co., which BankAmerica bought with $55 million worth of its own shares. The handsome, articulate Schwab, 49, also stayed on as chairman of the discount brokerage, and has turned it into one of BankAmerica's minor gems (1985 profits: $11.4 million), with himself starring in the brokerage's television commercials. But the marriage soured as BankAmerica's fortunes plummeted, and the entrepreneurial Schwab earned a reputation as something of an impatient boardroom maverick. Indeed, he was known to have sold off most...
Some of the credit for braking the dramatic slump probably goes to the Federal Reserve Board. On Thursday, it announced a cut in the discount rate that it charges on loans to member banks, from 6.5% to 6%. Several major U.S. banks then lowered the prime rate that they charge preferred corporate customers, from 8.5% to 8%. The Fed's action was the third such cut this year, evidently designed to pump more oomph back into the sagging U.S. economy. Word that the rate cut was coming may have curbed investor nervousness. On the other hand, if the announcement...
...buyers were taking to the sidelines, trying to figure out whether the assault on 1900 was for real. On Monday, everybody jumped in to cash in their profits." Another reason for the big drop was the fact that early last week stock index futures were selling at a significant discount to current stock prices. For Wall Street institutions using computer-trading programs to conduct business, that meant an opportunity to make a fast profit by simply buying the futures and selling the current stocks...