Word: dollarization
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Dates: during 1980-1989
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...nation's oldest university took time out at the beginning of the month to celebrate its 350-year history. The four-day, multi-million dollar extravaganza lit up the campus, and 40,000 alumni revelers painted the town crimson...
Meanwhile, Wyman was creating trouble for himself on the home front. To pay for the billion-dollar stock buyback, he decreed a company-wide austerity program that had led in September to the firing of 74 of some 1,400 CBS News employees. (In all, about 600 of the 24,000 jobs at CBS were eliminated in 1985.) The move infuriated CBS News journalists, whose independence is a cherished tradition stretching back to the days of Edward R. Murrow. Adding to the outcry were complaints about efforts to jazz up -- critics said trivialize -- the division's approach to reporting...
...frequently find it hard to turn over the reins of "their" company to a successor. Armand Hammer, chairman and chief executive officer of Occidental Petroleum, still jets around the world at 88, and has outlasted several presumed heirs. After 41 years at the helm of W.R. Grace, the multibillion- dollar chemical producer, J. Peter Grace, 73, has been overseeing a major restructuring of the company and shows no signs of stepping down. Robert W. Woodruff, longtime chairman of Coca-Cola, "retired" in 1955 but remained in control of the company for an additional 25 years, well into...
Crime is directly fueled by drug abuse. "I believe the crime problem in America today is the drug problem," declares New York City Police Commissioner Benjamin Ward. The sheer dollar volume of narcotics traffic is immense, estimated at anywhere from $27 billion to $110 billion a year. In a study released this year of the link between drugs and street crime in New York and Washington, 56% of suspects tested were using drugs at the time of arrest. In Florida, the burglary rate is up 30% so far this year; cocaine arrests...
...contrast to the alumni who broughtmillion-dollar donations to the birthdaycelebration 50 years ago, Bill Saunders '39 says,"I didn't even bring my wallet." Contributions aregiven "more subtly nowadays," he adds. After the350th, Saunders says, he is "confident that we'llbe approached and inspired to give...