Word: firmed
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Dates: during 1980-1989
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...West German company, for $440,000. The well at the time showed some prospect of becoming a commercial producer but has since been plugged. Wright's trustee then sold the Speaker's interest in Mallightco for $350,000, less $80,000 to pay off debts to the firm -- a handsome profit from a hopeless dry hole. Wright insists he knew nothing about the well deal, but the ethics committee wants to probe deeper -- especially because the sale of the well was in part arranged by Morris Jaffe and his son Doug, two Texans who are trying to sell...
This last major threat in the U.S. blood supply may soon be greatly reduced. After six years of research, scientists at Chiron, a genetic-engineering firm in Emeryville, Calif., have developed a test for the presence of a non-A, non- B hepatitis virus in blood samples. According to papers published last week in the journal Science, trials have shown that Chiron's test is highly reliable. It can now help eliminate the virus from the blood supply. The inexpensive test (about $2 per blood sample) is expected to be approved by the Food and Drug Administration this year...
Such problems have plunged most firms into the financial doldrums. Merrill Lynch, the largest U.S. brokerage, reported last week that its first-quarter profits tumbled to $37.2 million, down 46% from a year ago. Paine Webber Group said its earnings dropped 56%, while Dean Witter's income was off nearly 40%. Shearson Lehman Hutton suffered a particularly harsh blow. After writing down its holdings in MCorp, a troubled Texas banking firm, Shearson reported a $15 million loss for the quarter. Overall, the before-tax income of U.S. securities firms slumped to $450 million, down 60% from the first quarter...
...latest moves angered many employees who had stood by Drexel during its two-year legal ordeal, in which the firm was investigated for stock fraud and other allegations. Outraged brokers shouted down Drexel chief executive Frederick Joseph when he fielded questions about the sale over the firm's coast-to-coast intercom. "You show a lot of loyalty," a disgruntled employee said later, "and what you get back is 'Don't let the door...
...telephone pitches to court new clients, and brew their own coffee, after losing the assistants who handled those chores. Even senior partners are being laid off when their sales volume dwindles. "Loyalty and all that kind of stuff go out the window," says an executive of a major Chicago firm that is trimming 10% of its staff. "We're looking at whether we want to carry their health- and life-insurance costs. And when several brokers go, that's one less secretary...