Word: greed
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Dates: during 1990-1999
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...Soviet Union was in the midst of disempowering the Communist Party. Germany was hurtling toward unification. Nelson Mandela was transforming the future of South Africa, and Drexel Burnham Lambert was pronouncing obsequies over the go-go greed of the '80s. But the connubial bust-up of the billionaire New Yorkers was the talk of the town. For that matter, of practically every town. Their story made the network newscasts and countless columns across the U.S., and once the split became a fait accompli, gossipists gleefully predicted that ramifications -- from a rowdy settlement battle to the wooing of new partners -- might...
...last-minute payouts was swift and brutal, especially among Drexel creditors. One large unsecured creditor, First City Bancorp. of Texas, quickly filed a motion in federal bankruptcy court in New York City asking for an investigation. The New York Times lambasted the bonuses as a case of greed worthy of the Guinness Book of World Records and called on Drexel executives to return the dough. In Washington committees in both the House and the Senate are planning hearings this week that will explore the issue. "It may be that the payments themselves rendered Drexel insolvent," says attorney Stuart Hirshfield...
...current Drexel director. "The bonuses were certainly consistent with the firm's culture and tradition, but if you're asking me an ethical question or a common-sense economic question, the answer is no. But that's the nature of the beast. It's a carry-over of the greed of the 1980s...
...those who believed in the verities of the '80s -- that greed is good, that one can never be too rich or too thin, and that abstinence and exercise will lead to eternal life -- the new decade spells trying times. Mike Tyson's crown has toppled, and the Trumps have split. Oat bran is no panacea; Drexel is bankrupt. "I suspect," says editor E. Graydon Carter, 40, co-founder of Spy magazine, "that when they find red suspenders cause back problems, that will be the final nail in the yuppie coffin...
...most powerful firm on Wall Street in the Roaring Eighties was at the center of a gold-rush culture that bankrolled corporate raiders and often seemed consumed by vanity, ego and greed. Drexel vanished almost overnight last week when its parent company, a victim of the very junk-bond market that Drexel had created, filed for bankruptcy. The firm's legacy is a debt-laden corporate America and a backlash against excess...