Word: junking
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Dean Witter, once owned by Sears, has long been the little guy's friend on Wall Street. It has shunned such fancy fads as junk bonds and bankrolling corporate takeovers in favor of the mundane. Morgan Stanley has always considered such "retail" brokerage a pauper's enterprise. It has stuck with raising capital for the world's largest companies and advising them on what to do with same. Individual investors? Phew. Morgan bankers wouldn't soil their wing tips in that mire...
...tell that to the thousands of losers in Keating's junk-bond schemes. Ramona Jacobs of Burbank, California, a telephone-company assistant manager who testified in one of the civil-fraud cases, says she lost $11,000 when the junk bonds she was talked into buying at Lincoln Savings turned out to be worthless. (Most of the purchasers have since recovered about 70 cents on the dollar.) The loss, she says, delayed desperately needed medical treatment for her daughter Michelle. "The people at his bank told me it was safe; they said there was nothing to worry about...
...estate deals--confiscated and resold by the feds at fire-sale prices--are today worth a fortune. If Keating had been able to ride out the real estate crash that bankrupted operators just as smart as he was, bondholders might have got their money back. But that's a junk-bond if. The Phoenician, derided as a symbol of Keating's wretched excess, is a crown jewel for its new owner, ITT-Sheraton, and worth at least twice what Keating spent to build...
...parent, American Continental Corp., are far from eager to repeat their performance now that their own cases have been settled. So it seems that Keating may have beaten the rap. True, he has served more time than nearly all the major white-collar criminals of the '80s, including notorious junk-bond king Michael Milken, with whom he did hundreds of millions of dollars in deals...
...defender of America's "junk culture," but I can't help feeling patronized by your article "Fellini, Go Home!" Face it, subtitles turn a movie into a job. Dubbing just sounds phony. If writers and directors choose to work in languages other than English, fine. But don't belittle me for staying home. GORDON ELY Richmond, Virginia...