Word: junking
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Dates: during 1990-1999
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...presiding financial genius of the Roaring Eighties, Michael Milken pioneered the $200 billion junk-bond market that powered the decade's epic takeover wars. But last week a hounded and weary Milken, who had vowed to fight a 98-count indictment that the Government brought against him last year, agreed to settle the largest securities-fraud case in U.S. history. Faced with the threat of expanded new charges, the former head of Drexel Burnham Lambert's junk-bond department struck a tentative deal to plead guilty to six criminal counts and pay a $600 million penalty. Milken, who earned...
...destruction of Drexel at some point became inevitable. I'll accept the responsibility, and if I knew we had done things that were wrong, I would accept blame. What happened was a confluence of events, starting with the federal investigation ((of Drexel's junk-bond department)) and hitting a climax when the firm was forced to plead guilty and pay what we thought were unnecessarily high penalties (($650 million)). Congress then changed the rules by requiring savings and loans to sell their high-yield bonds, and the market for those securities fell. Then Drexel faced yet another rule change, when...
...ever fear that junk bonds were a house of cards...
...YOUR INSURER . . . There are ominous signs that the insurance industry may be facing a crisis that could rival the savings and loan debacle. Though insurers get income from premiums, most of their earnings come from investments, which have suffered major losses due to plunges in the real estate and junk-bond markets. Some are stuck with more than $1 billion in troubled mortgages, and the industry as a whole owns $60 billion worth of junk bonds. Compounding concerns is the fact that 1989 was one of the costliest years for accidents: tens of billions in claims are being processed after...
...essence of Harvard--and after eating in the dining halls you will see why this affects us so much. As a pre-frosh, however, you can't get a good sense of what to do about it. The cookies and punch at the receptions just can't satisfy the junk food cravings you will develop from going to classes...