Word: greed
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...begun to consider sweeping changes in U.S. bankruptcy laws that could make it harder for turnaround artists to profit from troubled companies. One call for reform came from James Queenan Jr., a U.S. bankruptcy judge for Massachusetts, who termed the wave of 1980s buyouts "the greatest demonstration of greed that I have seen in my lifetime." Queenan testified that tougher restrictions on bankrupt companies "would present a major deterrent to abuses" by discouraging firms from irresponsibly loading up on debt and then enjoying court protection...
...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...
...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...