Word: investor
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Dates: during 2000-2009
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When WorldCom became the latest big stock to blow up, I called my most trusted sources among money managers to ask how an individual investor can avoid buying such a bomb. The most common answer I got startled even an old cynic like me: We can't talk right now; we're too busy trying to unload our WorldCom shares. So don't feel foolish if you have been whacked. A lot of "smart money" has too. And there's plenty you can do to minimize your odds of owning the next disaster. Here...
WorldCom's misdeeds are so big and brazen--and investor confidence is so fragile--that politicians can no longer afford to treat the accumulating scandals as anomalies in an otherwise healthy system. "The tipping point has been reached," says lobbyist Kenneth Duberstein, who served as chief of staff for Ronald Reagan. When the Senate Banking Committee passed new accounting regulations on June 18, few thought the bill would get the 60 votes it needed to overcome an almost certain filibuster. But after the WorldCom scandal broke, Daschle announced that the bill would be the first order of business when...
...Josh Bolten are pushing hard for proposals that go well beyond the President's earlier calls to hold executives more accountable for the accuracy of their balance sheets. One option under consideration: appointment of a special counsel within the Justice Department, in part because Pitt has failed to restore investor confidence...
...York," after the attacks of 9/11, a suggestion that Wall Street should aim for the same standard. Throughout the week, cabinet secretaries will help make the big sell. Commerce Secretary Don Evans and Treasury Secretary Paul O'Neill, both ex-CEOs will speak to a town hall meeting of investor groups, and Labor Secretary Elaine Chao will assure people their pensions are safe. In the end, say administration officials, the markets will decide whether the push has been successful. "Doing too little won't just lose us voters, "says a senior administration official, "but, more importantly, we'll lose...
...holds a 25% stake) and NTL, is saddled with billions of dollars in debt. NTL bondholders rebuffed Malone earlier this year, and if he continues to be shut out of Britain, "there will be a serious piece missing" from his master plan, notes Gary Klesch, a London-based media investor and former Malone partner...