Word: firmed
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Dates: during 1980-1989
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BREATHING LESSONS by Anne Tyler (Knopf; $18.95). With her customary firm but gentle touch and ear for nuance, the author weaves a tale depicting the quotidian mysteries of marriage and staying together...
...spoke with boyish enthusiasm, fixing his visitor with an unhurried, brown-eyed gaze. His talk was of noble pursuits. He spoke of plans to finance employee takeovers like one last month in which his firm helped a labor union buy a Seattle tugboat-manufacturing company. Such efforts, he said, would foster a more democratic kind of capitalism...
...subject Milken studiously avoided was the intensive 22-month federal probe of the junk-bond department he heads at the Drexel Burnham Lambert investment firm, but the matter soon forced itself on him. Suddenly his lawyer . was summoned from the room. Within minutes he returned and led Milken away. Down the hall the attorney informed Milken that a long-feared moment had arrived: the Securities and Exchange Commission was filing a weighty civil complaint against him, his employer and several colleagues...
...case could be a turning point in the fortunes of Wall Street's most go- getter firm, the financing machine that drove much of the corporate raiding of the roaring 1980s. The complaint charged Milken and Drexel with a whole catalog of offenses, including fraud against the firm's own clients, insider trading, the "parking" of stocks to conceal their true ownership, and the destruction of accounting records to cover up the transgressions...
...They've thrown the book at them, almost every violation of the 1934 Securities and Exchange Act," said Edward Brodsky, a Wall Street lawyer and former U.S. Attorney. Potentially the most devastating charge was the accusation that Drexel, the fifth largest U.S. investment firm (1987 revenues: $3.2 billion), had cheated some of its important customers. Said Brodsky: "That is raw stuff...