Word: junks
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...Farley bought a California citrus processor with just $25,000 of his own money. Within years, he ruled over a multibillion-dollar empire. Then came Farley's folly: the 1989 leveraged buyout of sheet-and-towel giant West Point-Pepperell, for $1.6 billion. Burdened by debt, he endured the junk-bond collapse, the recession and the gulf war. But last week Farley accepted a "prepackaged" bankruptcy plan that will slash his share of West Point-Pepperell from 95% to 5%, the biggest blow yet to Farley's fraying kingdom...
Modernity too has provided a handyman's bag of tools to explain crime. Reasons range from an excess of chemically imbalanced junk food affecting the brain and judgment, to the violent climate engendered by certain movies, to governments failing their impoverished citizens. While some of these provide illumination, they can distance us from the crime. The initial moment of revelation, the strange intimation that perhaps "I too have sinned and somehow share in this carnage," that responsibility is dissipated. Economics, sociology and psychology enter. The crime deflates to a manageable size, one that justice can work on and prisons...
...fire-breathing cover story in the July Atlantic, Alan Tonelson of the Economic Strategy Institute, a Washington think tank, denounces the "irrelevance of our recent foreign policy, and even its victories, to the concerns of most Americans." The U.S., he says, should junk the idea of "exercising something called leadership" and "insulate" itself from the disasters of the Third World. He would also have the U.S. abandon "overseas missions that, however appealing, bear only marginally on protecting and enriching the nation." The list of activities he believes so qualify includes "promoting peace, stability, democracy and development around the world...
...regulators took over Mutual Benefit, France's Groupe Axa S.A. agreed to invest $1 billion in Equitable Life, the third largest U.S. life insurer. The deal will give Axa at least a 40% stake in the company. Equitable, plagued by troubled real estate and junk-bond investments, had been seeking a partner to strengthen its finances. The company plans to make an initial stock offering once the Axa deal is completed...
...turf of banks is asset-based lenders like Congress Financial, in New York City. These firms, which lend money to companies based largely on the value of the borrower's collateral, have tripled their loans outstanding to more than $100 billion over the past five years. Even the junk-bond market has bounced back as a source of funds for U.S. companies...