Word: junking
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Dates: during 1990-1999
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...look like the heroes featured in traditional baseball cards, but the 36 hardball players immortalized in the Savings & Loan Scandal Trading Cards are best known not for their hits or their runs but for their headline-grabbing errors. Presidential favorite son Neil Bush, political puppet master Charles Keating and junk-bond giant Michael Milken are among the reluctant celebrities honored in the latest offering from California's Eclipse Enterprises, whose previous politically risque parodies also feature palm-size portraits of front-page phenoms -- such as Neil Bush's dad in Iran-Contra Scandal Trading Cards...
...together BankAmerica's $4.4 billion merger with Security Pacific. Rothschild Inc. earned $2.5 million in cash and bonds for representing creditors in the bankruptcy of Donald Trump's Taj Mahal casino in Atlantic City. And Donaldson, Lufkin & Jenrette received $2.5 million last month for co-managing a $200 million junk-bond issue for Dr Pepper. Little by little, deal by deal, Wall Street's investment bankers are rebuilding a business that all but collapsed with the waning of the '80s. A recent surge of deals ranging from bank megamergers to huge new stock and bond issues is putting some chastened...
...impersonal forces such as declining productivity and global competition. But real wages fell faster in the '80s than in the '70s, while productivity rose faster in the '80s. Besides, executive salaries have soared in the past 10 years, and it's the executives who decide whether to invest in junk bonds or modern equipment and technology. Theories of the global economy may explain a lot of things, but they don't make it any easier for a U.S. worker to live on Third World wages...
...Farley bought a California citrus processor with just $25,000 of his own money. Within years, he ruled over a multibillion-dollar empire. Then came Farley's folly: the 1989 leveraged buyout of sheet-and-towel giant West Point-Pepperell, for $1.6 billion. Burdened by debt, he endured the junk-bond collapse, the recession and the gulf war. But last week Farley accepted a "prepackaged" bankruptcy plan that will slash his share of West Point-Pepperell from 95% to 5%, the biggest blow yet to Farley's fraying kingdom...
Modernity too has provided a handyman's bag of tools to explain crime. Reasons range from an excess of chemically imbalanced junk food affecting the brain and judgment, to the violent climate engendered by certain movies, to governments failing their impoverished citizens. While some of these provide illumination, they can distance us from the crime. The initial moment of revelation, the strange intimation that perhaps "I too have sinned and somehow share in this carnage," that responsibility is dissipated. Economics, sociology and psychology enter. The crime deflates to a manageable size, one that justice can work on and prisons...