Word: junks
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...healthy? The Securities and Exchange Commission is investigating whether the firm made deals designed to dress up the books of Guarantee Security Life Insurance, a Jacksonville-based company that Florida regulators seized last August after it succumbed to losses on high-risk investments. Investigators say the company traded its junk bonds for as much as $300 million in government securities in short-term swaps with Merrill in 1985, '86 and '88. The temporary deals allowed Guarantee Security to portray itself as financially healthy to state regulators during year-end audits. But secret trades to hide ownership of securities may constitute...
...first book, Dennis Levine's Inside Out: An Insider's Account of Wall Street, is junk, bound. Don't waste your time. Instead, to learn about Levine and Ivan Boesky and particularly about Mike Milken, read James B. Stewart's spectacular Den of Thieves. I read it because, like most people, I wasn't entirely sure. Was Milken, though guilty, the victim of a witch hunt over largely technical violations? Were he and his faithful servants, like Arthur Liman (for the defense) and Ken Lerer (for the p.r. machine), the ones I should root for? Hah! For the first time...
...floors and Peltz presiding over hundreds of millions is remarkable, at the least. As described in Connie Bruck's exceptional 1988 best seller, The Predators' Ball, Milken made Peltz. He suggested Peltz buy giant National Can, and then American Can, among others, and then floated the $3 billion in junk bonds for him to do it. Previously, Peltz had had a minor, mediocre business career. But soon the can business entered a profitable cycle, and Peltz, and his more highly regarded one-third partner Peter May, would be lionized on the cover of Business Week. ("In your book...
...famed Drexel Burnham junk-bond conference -- Peltz seated at a table with Boesky and T. Boone Pickens, among others. As Milken strides by, someone gushes, "Congratulations, Mike. You're a genius!" "No," Milken snaps back sarcastically, for all to hear. "Nelson Peltz here is a genius. I'm nothing...
...securities and other securities the bank holds on its books. In the US this might include common and preferred stock, options, and international stock. Fixed income is the area that includes corporate and municipal bonds, CDs, and money markets, among many others. One popular offering in the eighties was junk bonds...