Word: go-go
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Even so, American's Crandall is as tough as barbed wire and likely to unleash a counterattack to protect his company. Crandall has a proprietary attitude, having crafted the airline's go-go expansion since he became company president in 1980. He invented the frequent-flyer program and instituted the first supersaver fares. To cut labor costs, Crandall introduced a two-tier wage system under which younger hires were paid less than veteran workers. "Crandall won't give up easily," says an industry hand. "He sees American as his company. Trump's bid is a slap...
...demise of Fruehauf dramatizes the problems that could befall a growing number of leveraged buyouts as the U.S. economy softens. Touted as one of the hottest financial plays of the go-go 1980s, LBOs zoomed in annual volume from about $250 million in 1980 to nearly $45 billion last year. The buyouts included household names like R.H. Macy, Beatrice, TWA and Safeway Stores. In such deals an investor group, often headed by a company's own executives, uses bank loans and high-interest junk bonds to buy a firm and take it private. Almost without exception, the group...
Poor Wall Street. In a slide that began with the stock-market crash 18 months ago, the get-rich-quick go-go years have faded into memory. No longer do brokerages open branches in every mall or freely lavish six-figure salaries on young talent. Gone are many of the yachts and the black-tie dinners -- along with more than 8% of the 260,000 employees who worked in the U.S. securities industry before the collapse. And despite the cost cutting, a fresh wave of gloom rolled through investment houses last week. Even as the Dow Jones industrial...
...properties are hitting a real estate market that is generally far weaker than during the go-go days of the 1970s and early 1980s. The overbuilding of offices and condos has produced a huge surplus of such structures all across the Sunbelt, and some excess properties even in Northeast states like Massachusetts and Connecticut. "What you're dealing with is the aftermath of , a massive speculative excess. It tends to drive down the value of all real estate," says Austin-based banking analyst Alex Sheshunoff. To make matters worse, mortgage rates have risen a full percentage point...
...with the partisan crowd screaming from allsections of the Civic Center, the Gophers stillhad a little go-go in their skates...