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Joseph served as CEO of Drexel Burnham Lambert Inc. from 1985 until the firm’s collapse in 1990. Before scandal struck, Drexel profited in the 1980s from selling junk bonds, but then Michael R. Milken, a trader under Joseph’s supervision, was imprisoned for 22 months and fined $600 million for violating U.S. securities law, according to Bloomberg News. While Joseph faced no criminal charges, he was banned for a time from assuming another position as a Wall Street CEO, according to Portfolio.com’s “Worst American CEOs of All Time?...
Though this cancer vaccine is limited to use in mice, researchers at InCytu, Inc.—the company that owns the license for the rights of the vaccine—are looking to extend research to test the vaccine on other types of cancer and expand to human clinical trials...
...Last holiday season, retailers cut prices so deeply that profits disappeared. Then, for much of the year, shoppers cut back too. "I don't think anyone had ever lived through that big a swing in consumption in such a rapid period of time," says Stephen Sadove, CEO of Saks Inc. This year, savings are up and credit-card use is down, which is good--sort of. Yet keep in mind that the Pilgrims were barely eking out a living, surviving in squalor. They had no access to credit. Thrift is a great virtue, but a little mindless spending this season...
...February, oil-rich Abu Dhabi, home to the U.A.E.'s rulers, stepped in with $10 billion to prop up its ailing neighbor. Abu Dhabi could step in again, though next time it will probably demand a greater say in the way Dubai Inc. operates. (Read: "Abu Dhabi: An Oil Giant Dreams Green...
...discounting can only go so far before it no longer makes financial sense. For this reason, promotions and price discounts will likely be strategically planned, not panic-driven as they were last year, says Howard Davidowitz, chairman of Davidowitz & Associates Inc., a national retail consulting and investment firm...