Word: junking
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Dates: during 1980-1989
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Michael Milken, the most powerful financier of the 1980s, was limping when he entered a mid-Manhattan office last Wednesday to meet with TIME Senior Correspondent Frederick Ungeheuer for a rare interview. The 42-year-old junk- bond wizard was recovering, he explained, from knee surgery to remove cartilage he had torn in a backyard basketball game at his suburban Los Angeles home. Looking tanned and relaxed, Milken did not know that he was minutes away from being slammed with one of the most sweeping stock-fraud lawsuits in Wall Street history...
...subject Milken studiously avoided was the intensive 22-month federal probe of the junk-bond department he heads at the Drexel Burnham Lambert investment firm, but the matter soon forced itself on him. Suddenly his lawyer . was summoned from the room. Within minutes he returned and led Milken away. Down the hall the attorney informed Milken that a long-feared moment had arrived: the Securities and Exchange Commission was filing a weighty civil complaint against him, his employer and several colleagues...
...sold huge blocks of stock at Drexel's behest to push forward the firm's takeover deals and to reap millions of dollars in illicit profits. Five others were charged as participants in Drexel's schemes: Milken's younger brother Lowell, an attorney who works in the company's junk-bond department; Cary Maultasch and Pamela Monzert, traders for the firm; and the Miami-based industrialist Victor Posner and his son Steven...
...even the remote Alaskan wilderness has been despoiled. There, at 8,500 ft., was a pile of garbage -- partly eaten food, foil wrappers from freeze-dried meals, plastic bags and other trash left behind by previous climbers who had disobeyed the basic outdoor rule to backpack out all such junk. "It really detracts from the experience," says Garrison...
Herschel Danielovitch was an intimidating, alcoholic junk dealer who ignored his six daughters and his only son Issur. Then one night at their home in upstate New York, the boy splashed hot tea in the old man's face. The punishment was brutal, the reward immeasurable. "At that moment," Issur was to recall, "he knew I was alive. I have never done anything as brave in any movie...