Word: investers
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What hastened the move was the arrival of the unthinkable: a rash of giant takeover deals that raised the possibility of Sears itself becoming a raider's target. To make its stock more dear, Sears plans to invest at least $1.5 billion in buying back 10% of its outstanding shares. Yet later in the week came rumors that a takeover bid was being considered by such candidates as developer Donald Trump and Revlon chairman Ronald Perelman. With a market value of at least $16 billion, Sears is still a long shot as a takeover victim. But analysts think the company...
...what is good for shareholders and investment bankers is not necessarily good for the country. Certainly the thousands of workers who have been laid off as a result of KKR's deals see little virtue in leveraged buyouts. Top executives go along with or even instigate buyouts because as major shareholders they stand to profit. The resulting companies may be leaner, but often they are also weaker, with little money to invest in expansion or innovation. Says Michel David-Weill, the French senior managing partner of the Lazard Freres investment firm: "The wave of leveraged buyouts is weakening the competitiveness...
...Well, what I said is that let's go from age-based entitlements to need- based entitlements. We have some urgent priorities in this country. We know we have an uncompetitive educational system, and we need to invest more in education. We know we have an uncompetitive work force, with a third functionally illiterate and unable to work in the society...
...investment banker helping foreign companies invest here, aren't you profiting from the very thing you're criticizing...
Peter Peterson, thinking the politically unthinkable, urges taxes on Social Security and cuts in Medicare for the well- off elderly in order to invest in America' s youth...