Word: junkings
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...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...
...main player is Maxxam, a Houston conglomerate that issued junk bonds in order to purchase the lumber firm that formerly owned the forest. Among the bond buyers: the infamous Columbia Savings & Loan of Beverly Hills, which was seized by the government in January. The seizure has left Uncle Sam holding Columbia's share of the Maxxam bonds. Maxxam, left short of cash by the takeover, has increased the cutting and selling of the redwood timber, thus infuriating local conservationists...
...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...
...CenTrust Savings Bank of Miami. CenTrust, acquired by real estate developer David Paul in 1983 and now infamous as the S&L that spent its money on bathroom sinks made of pure gold, raised eyebrows in the regulatory community in the mid-1980s when it invested massively in junk bonds...
...headlines and TV bulletins about a "Wolfman" on the prowl eventually force Parker to face what he has committed. There is some macabre humor in this recognition; understanding that he is in fact a carnivore, the former health-food addict starts gorging on junk. But somewhere around this point, Theroux begins a tour de force portrait of character disintegration, meticulously detailed and utterly convincing. A clearer sense of who Parker was before he fell apart might have made Chicago Loop a clearer, more uplifting admonitory tale; the scariest possibility is that the anti-hero was no one at all until...