Word: junking
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Dates: during 1980-1989
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...sectionals, let alone the nationals. Right then I decided I wasn't going to put the rest of my life on the line in front of some judges who might not like my yellow dress. That was the year I did correspondence school: you know, mail-it-in junk. I didn't learn a thing, and I wanted to learn everything...
Michael Milken of Los Angeles, the controversial czar of junk bonds, seems just the kind of free-enterpriser the Soviet Union might single out in a blast against capitalism's excesses. Yet Milken now fancies the Soviet Union as a potential client for his fast-lane financial advice. So far, Milken, 41, a centimillionaire and resident wunderkind at the investment firm Drexel Burnham Lambert, has got little further than meeting Mikhail Gorbachev in a crowded room, when the Soviet leader visited Washington and talked with a group of U.S. business executives. But Milken, still pursuing a deal, disclosed...
Still at the center of the investigation, by all accounts, are Drexel Burnham Lambert and Michael Milken, head of the investment firm's junk-bond operation. Since junk bonds, which are high-yield, high-risk securities, are often used to finance takeovers, Milken and other Drexel Burnham employees have had advance knowledge of many big deals and could have passed information to speculators like Boesky. Drexel Burnham admits that in 1986 it received a $5.3 million payment from Boesky for "advisory services." After news of the payment broke, the firm's chief executive, Frederick Joseph, steadfastly ! maintained that internal company...
Once, historical-architecture buffs had to prowl in the rubbish of demolition companies to rescue radiators and doors to gentrify their old buildings. But Israel, 40, founder and president of a neat little business called the Great American Salvage Co., has made junk sorting obsolete. His firm, based in Montpelier, Vt., scouts the Eastern states for grand old homes, hotels, theaters and churches that are being modernized or are coming down completely. After negotiating a salvage contract with the buildings' owners, his band of gung-ho reclamation experts carefully removes architectural details. These are spiffed up and sold -- primarily...
...Woodstock, N.Y. There he learned alternative life-styles, the necessity of making a living, and carpentry. He later settled on a hardscrabble cow farm in East Corinth, Vt., to raise what he calls "organic beef." But he could never pilot his vintage motorcycle past a pile of old junk without stopping. "I'd always been a collector," he says, "but never had enough money to collect the stuff everybody else was collecting. Nobody else wanted salvage then. This stuff was made by craftsmen who worked 40 years just making shelf brackets or paneling, and bulldozers were plowing it into...