Word: junking
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Dates: during 1990-1999
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Executive Life's failure -- the industry's largest yet -- comes when many insurers are burdened with large investments in mortgages and junk bonds that have gone south. But aggressive Executive Life is far worse off than most...
...tried hard to make up for lost time. As an insurance entrepreneur he disdained the slow, steady process of writing policies and building reserves through careful investments to cover eventual payouts. Instead he built the company with sizzle and flash, turning in the 1980s to the high- yield junk bonds sold by Drexel Burnham's Michael Milken. Of Executive Life's $10.1 billion in assets, $6.4 billion is junk. Says Henri Bersoux, a spokesman for the American Council of Life Insurance: "No other company of that size or larger has invested so much of its assets in high-yield bonds...
...saying. To complete the film's moral balance, she has a brother who is the only figure totally insensate to the value, financial or spiritual, of the sculpture. To him it's just something to try to fence for a few pounds sterling and toss on a junk heap when he fails...
...Your Chairman displayed exquisite timing," he writes about his purchase of a large stake in USAir. "I plunged into the business at almost the exact moment that it ran into severe problems." Buffett also notes his purchase since late 1989 of $440 million of RJR Nabisco junk bonds. A crazy investment? He acknowledges that he's leery of new issues of junk bonds ("The only time to buy these is on a day with no y in it"), but the RJR bonds have been traded for a while -- and Buffett says their market value has increased $150 million since...
...deterioration of public morale justify Stalinist practices as a means of restoring social stability and maintaining the integrity of the country. But it will be difficult for them to turn back the clock. Too much of their program is too deeply compromised. Soviet society is fed up with ideological junk food. The one-party political system has been shattered. The development of political pluralism has passed the point where it can be reversed...