Word: junking
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Dates: during 1980-1989
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Some stories voice new and realistic fears in coded form. A wild rumor that McDonald's was mixing earthworms into its hamburger meat spread across the U.S. as concern about junk food was rising. "The worm represented, on the one hand, the garbage food," says Kapferer, "and, on the other hand, the internal destruction that comes when you eat it. Far from being an aberration on the part of a bunch of crazies, this rumor was a cry of alarm...
...more beleaguered firm appears to be Drexel Burnham, the investment house with close ties to Boesky. Wall Street is restlessly waiting for the results of an SEC probe and a reported grand jury investigation into Drexel's activities, among them the highly profitable operation run by Michael Milken, the junk-bond guru. Even though no charges have been filed against Drexel, rumors have proliferated among competing firms that Drexel could conceivably face fines running into the hundreds of millions of dollars if its staff is found to have committed widespread insider trading...
...heat of investigation surrounding Drexel is already driving away business, its competitors claim. The firm's headaches grew even more severe last week, when Staley Continental, an Illinois-based food company, sued the investment house for more than $200 million in damages in a case centering on Drexel's junk- bond operation. Staley claims that last November Drexel tried to push the food company's management into a deal to buy up the corporation's stock, which would have been financed by the investment firm. Drexel called the lawsuit an "ill-conceived attempt to capitalize on the current climate...
Nonetheless Drexel Burnham, which earned a record $800 million in profits last year, most of it connected with its ability to sell takeover-related junk bonds, is now limping badly. The firm claims that it is raising more new money than ever before, but it appears that precious few new takeovers financed by the company have been announced in the past two months, while a number of previous deals have collapsed. Sources close to the company say Drexel Burnham has had to buy up all or part of several recent junk-bond offerings on its own account after they could...
...connection with the Boesky case, at least six Drexel Burnham employees, including Siegel and Junk Bond Guru Michael Milken, have been subpoenaed by the SEC, an action that does not imply guilt of any kind. Even so, Milken has reportedly hired three of the country's top criminal lawyers, Edward Bennet Williams, Arthur Liman and Martin Flumenbaum, to represent him before the SEC and in a parallel federal grand jury investigation. In December, Drexel Burnham Chief Executive Frederick Joseph publicly admitted that for a time, when Milken lined up potential buyers for takeover junk bonds, the investment bank would supply...