Word: grading
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Dates: during 1980-1989
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...graduate business student at Pennsylvania's Wharton School, Milken made junk bonds a focus of his scholarship. Despite their reputation for high risk, he found that the securities showed a history of few defaults. Milken believed the securities' relatively high yields, typically 3% to 5% more than an investment-grade corporate bond, were more than enough compensation for that slightly increased risk...
...scorned colleagues who hewed to tradition and "spent from 11 o'clock to 2 o'clock at the racquet club." The dogged Milken soon discovered that junk bonds could provide much needed capital for medium-size companies that were unable, because of their size, to issue investment-grade debt. Other firms, notably Lehman Bros., had already tried minting bonds that were high yield from the outset. But Milken was the first to build a market for the bonds by finding hungry customers among institutional money managers, who must constantly search for higher returns on their investments...
...formed it a decade ago, quickly became the engine of the Wall Street firm's furious growth. One reason is that junk bonds earn hefty fees: Drexel charges 3% to 4% of an offering's total value, compared with a fee of less than 1% for a higher-grade issue. Milken's web of buyers and sellers for the bonds has given him a virtual lock on the market, though the entry of such competitors as Morgan Stanley and First Boston has whittled Drexel's market share from a monopoly in the late 1970s to about 50% today...
School's out, and the first grade exits for the day in double file, with six- year-old Tina somewhere in the middle. Slack-armed, she drifts sideways toward her foster mother across the rushing current of her classmates. Her eyes are scrunched up woefully in the universal expression of a sick child seeking consolation from a parent. Her ear aches, she reports. Also, her feet hurt...
...programs that serve students from preschool through college, to reward schools that raise test scores and to award cash bonuses to outstanding teachers. Now that the White House is his, TIME will take the President-elect at his word. During the next four years, the magazine will occasionally grade Bush on his progress in addressing one of the nation's most urgent problems...