Word: go-go
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Unitedbank's fall resulted from the go-go style of Chairman Vincent Kickerillo, a local land developer. Taking over in 1968, Kickerillo overcommitted the bank to real estate loans and investments in other banks during the oil boom of the late '70s and early '80s. When the economy soured in 1982, so did Unitedbank. By this year it was losing $1 million a month. For a time Kickerillo, a self-made millionaire who commuted to work in a jet helicopter, covered the losses himself. But after an audit three weeks ago showed Unitedbank to be $7 million...
...part of his settlement with the SEC, Boesky reportedly had allowed investigators to tape-record his business conversations, which implied to nervous Wall Streeters that more culprits were likely to be snared in the weeks and months ahead. Most intensely watched was the go-go investment firm Drexel Burnham Lambert, which had close ties to Boesky and ranked as Wall Street's leading financier of corporate raiders through high-yield, high-risk junk bonds...
Boesky's appeal to investigators lies in the central role he has played in so many takeover deals. As practiced in the go-go stock market of the '80s, the corporate- takeover game often resembles a feeding frenzy; even in perfectly legal situations it brings together, in a swift sequence of events, raiders, arbitrage specialists like Boesky, financiers and brokers...
...most investors have had persistent reservations about the safety of the securities. One concern is that too much of the underwriting and trading in junk bonds has been handled by just one firm, Drexel Burnham Lambert (last name pronounced Lamb-bear), which controls 50% of the market. If that go-go firm were to get into trouble, many certificates could become more difficult to sell and would decline substantially in value...
...go-go conglomerate in the 1960s, has been in an agonizing decline since 1981, the last year it made a profit. Now desperately short of cash after losing more than $1.5 billion, the company chose bankruptcy because it saw no prospect for a fast turnaround in the U.S. steel industry's epic slump. The company will operate in Chapter 11 for an estimated 1 1/2 to four years, shielded from creditors to whom it owes more than $4 billion, while it tries to overhaul its steel operations. Declared Chairman Raymond Hay: "We are fully confident that we will...