Word: junks
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...government to squeal on their co-conspirators, and get off with no more than a fine and community service. The few who actually go to jail serve their terms in relatively comfortable minimum-security prisons, get out early for good behavior and are often left with fortunes. Former junk-bond baron Michael Milken served only two years of a 10-year sentence for securities fraud, and, after shelling out more than $1 billion in fines and to settle civil lawsuits, is trying to make do with a piddling sum estimated at $300 million. He was even invited to lecture...
...concept of unregulated private property, much admired by logging outfits, is an empty legalism.But the fact is that Headwaters and miles beyond it are owned, as is Pacific Lumber, by Hurwitz's Houston-based Maxxam company. After he grabbed Pacific in a 1986 hostile takeover, paid for largely with junk bonds issued by Drexel Burnham Lambert's Michael Milken, Hurwitz visited Pacific's mills at Scotia. "There's a story about the golden rule," he told employees. "He who has the gold rules." Then he drained $55 million from the firm's $93 million pension fund and, with the remaining...
...moderate Democrat. "No more whining that we don't get enough money from state capitals and from Washington," says the former prosecutor. "No more looking for the cavalry to bail us out." When he took the reins in 1992, Philadelphia carried a $200 million deficit and municipal bonds with junk- level ratings. Its citizenry, meanwhile, was financially anemic from 19 tax increases in 11 years. Fifteen months later, Rendell had engineered the city's first surplus since 1987 without a tax boost...
Obsession contains a wealth of fascinating shop talk about the garment industry: endlessly fluctuating deals, shifting alliances and enmities, financial escapades of the riskiest sort. Klein has endured his share of rough times, especially when, with the help of Michael Milken, he issued some junk bonds. Only the generosity of Klein's billionaire friend David Geffen -- a $50 million investment in 1992 -- kept the firm afloat...
BACK IN THE PALEOCAPITALISTIC ERA, as long ago as 10 years, anthropologists studying the breeding, feeding and plumage patterns of Wall Street concentrated on carnivores -- called gunslingers -- grownup frat boys in yellow ties and red suspenders who peddled junk bonds, drove BMWs and bought $2 million co-ops on Manhattan's East Side. Forget them: today they're fuddled old greedsters sitting around in their East Hampton beach houses wondering what happened...