Word: drexel
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Dates: during 1980-1989
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...plunge made Wall Street veterans grab for their rip cords. "I've never seen a stock fall that far, that fast," said Barry Bryant, a retail analyst at Drexel Burnham Lambert. "This is a decline that leaves you gasping." Only a month ago Gap Inc., owner of the Gap, GapKids and the Banana Republic clothing chains, had been one of the stock market's highest flyers. But from an August peak of 77 7/8, the stock sank to 37 early last week, down 52%. That included a 10 1/4-point drop last Monday alone...
...transaction was a big-league leveraged buyout, the increasingly popular type of acquisition financed largely through borrowed funds. In this case, Lewis got the money from the high-rolling Drexel Burnham Lambert investment firm. When the takeover is completed, TLC is expected to rake in $2 billion in annual revenues -- far more than the $173.5 million reported last year by Johnson Publishing (Ebony magazine), which topped Black Enterprise magazine's list of the largest black-owned companies. Says Lewis of his new stature: "I like to stretch myself. I like to face challenges...
...FinancialWorld roster were such eminences as George Soros, 56, president of Manhattan's Soros Fund Management ($90 million to $100 million); Richard Dennis, 38, a partner in Chicago- based C&D Commodities ($80 million); and Junk Bond King Michael Milken, 40, senior executive vice president of the Drexel Burnham Lambert investment firm (up to $80 million). Not far behind, at $65 million or so, was J. Morton Davis, 58, chairman and president of D.H. Blair, a Manhattan investment bank that specializes in stock offerings for health-care firms...
...chosen." British Chancellor of the Exchequer Nigel Lawson called Greenspan's appointment an "excellent choice." In the U.S., where Greenspan is much better known, most economic thinkers and money managers hailed the Fed newcomer -- once they had regretted Volcker's departure. Said Frederick Joseph, chief executive officer of the Drexel Burnham Lambert investment firm: "Volcker had credibility. Greenspan will have to grow into it." Agreed Alice Rivlin, director of economic studies at the Brookings Institution and a fellow member of TIME's Board of Economists: "Volcker had the confidence of the world. That will be the hardest thing for Greenspan...
...hands on the greatest food-industry breakthrough since, well, sliced bread. Within two days of the FDA filing, P&G shares jumped 10%, to 93 5/8. P&G (1986 revenues: $15.4 billion) has "hit a grand-slam home run," says Hercules Segalas, an analyst for the Drexel Burnham Lambert investment firm. "This is going to be the single most important development in the history of the food industry...