Word: dismalness
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Regan had long ignored allies' complaints about the U.S. budget deficit and concerns at home about an overvalued U.S. dollar that had led to a dismal American trade deficit. Baker reversed that stance with the September 1985 Plaza accord, a five-nation cooperative attempt to hasten the dollar's decline. Baker tried to use the dollar's continuing fall as a diplomatic tool. His aim: to chivy West Germany and Japan into expanding their domestic economies, while counting on the U.S. currency's drop in value to start reversing the ugly trade figures...
...lawman who hauled in Boesky has his way, future insider traders could face even more dismal prospects. The day before the arbitrager's plea, U.S. Attorney Rudolph Guiliani of New York's southern district urged the Senate Banking Committee to stiffen the penalties for those who buy or sell securities based on confidential company information. He also called for mandatory prison terms for brokers who lie to investigators...
Leery of the backlash against Nakasone's tax proposal, provincial L.D.P. politicians had gone so far as to ask the Prime Minister to stay away from the campaign hustings. Indeed, Nakasone has done little to help his dismal approval rating, which has plummeted from 39% to 24% in the past four months. Last week he rammed his new budget, overdue by two months, through a parliamentary committee. In a three-minute session marred by shoving and shouting, L.D.P. Budget Chairman Shigetani Sunada declared the measure passed and adjourned the committee. The national daily Asahi Shimbun called the incident a "rash...
Texaco made that dismal choice only after frantic, repeated efforts to reach a settlement with Pennzoil produced no results. Within hours following the Supreme Court's ruling, Texaco Chairman Alfred DeCrane, 55, and Chief Executive James Kinnear, 59, flew with a battery of lawyers from White Plains to Pennzoil's home city of Houston. But Pennzoil's combative chairman, J. Hugh Liedtke, 65, who has stayed on past retirement age to fight the case, steadfastly refused at least ten settlement offers from Texaco. At the start of the talks, Texaco apparently had a figure of $500 million in mind...
...Mellon Bank, Latin debt is contributing to a dismal financial situation. Last week the Pittsburgh-based institution announced it would post a first-quarter deficit of between $55 million and $65 million, the first in its 118-year history. Mellon will also cut its quarterly stock dividend in half, to 35 cents a share. Besides the $10 million worth of losses on Brazilian credit, the bank is reeling from bad industrial, energy and real estate loans...