Word: investors
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Dates: during 1980-1989
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...unload quietly some $440 million in stocks from the estimated $2 billion worth of portfolios he controlled. In effect, Boesky avoided the market slump caused by the news of his own spectacular downfall. Steamed one senior Wall Street trading executive: "This was the ultimate insider deal." Raged another investor: "It's incredible! This guy was allowed to protect himself while the rest of us had to take a hit for being honest...
Boesky always insisted that he bought stocks only after formal takeover bids were announced. But the SEC has shown that he and others often obtained advance tips from investment bankers about what deals were in the works and then used the information to make illegal trades. Says Investor William Simon, who was Treasury Secretary under Richard Nixon: "If anybody ever had any doubts that the authorities were serious about the issue, this ought to put those doubts to rest...
...commission's charges against Boesky, which the investor neither confirmed nor denied in accepting last week's judgment, are detailed in some areas and fuzzy in others. In essence the agency says that from February 1985 to February 1986, Boesky profited as part of a far-flung insider scheme that involved Investment Banker Levine and at least three others. Named in the SEC complaint are Robert Wilkis, formerly at Lazard Freres and E.F. Hutton; Ira Sokolow, once with Lehman Bros. Kuhn Loeb and then with Shearson/American Express; and David Brown, formerly of Goldman, Sachs. The trio have given...
...immediate benefit of wielding the ax will be savings estimated at $500 million annually. A more nebulous gain, Chairman Smith hopes, will be the recovery of investor confidence in a company that suffered third-quarter operating losses of $338.5 million. Said Smith last week: "We have progressed to the point where expected efficiencies can begin to pay off. It's been a long, steady course, and we're starting to see the sun coming over the horizon...
...Many investors are afraid to sell lest they miss out on the next leg of the bull market. Indeed, some Wall Street forecasters, encouraged by improving economic growth and a continuation of low interest rates, are predicting that the Dow Jones industrial average will pass the 2000 mark next year. For many shareholders, stocks remain the most attractive investments available, particularly since interest rates on bonds and bank accounts are relatively low at this time. Says James Campbell, an investor who heads a Manhattan photo-reproduction company: "Imagine I sold and took my profit and tax savings right now. What...