Word: junks
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...slide in the contemporary market -- the junk bonds, as distinct from the Impressionist blue chips -- is not helped by the fact that some of the biggest buyers of former years, like advertising mogul Charles Saatchi, are now strapped for cash and have turned into sellers...
Even for a billionaire, the $600 million penalty that junk-bond king Michael Milken has agreed to pay is a breathtaking sum. Milken will be forfeiting more money than any other felon in history. By another measure, the penalty is even larger than Union Carbide's $470 million settlement offer for the Bhopal disaster. Yet Milken's fortune, which has been estimated at $1.2 billion, is by no means wiped out. The frugal financier, who invested his monumental income instead of spending it, possesses an intricate web of assets that have been well sheltered from taxes and prying eyes...
When he gets out, Milken can go back to tending a world-class fortune that began with a $25,000 salary when he joined Drexel Burnham Lambert in 1970. While he was head of Drexel's junk-bond department, his compensation zoomed from $45.7 million in 1983 to more than $550 million in 1987, the highest annual paycheck in corporate history. All told, he earned $1.1 billion during those golden years...
...circumvent U.S. immigration laws, thousands of aliens are paying smugglers as much as $38,000 to enter the country illegally. -- Andrew Tobias on the S&L junk sale...
...Michael Milken has been serving a sentence, being hounded and living under a cloud. I'd give him credit for time served." Milken's attorney, Arthur Liman, is expected to plead for leniency on the ground that his client made an "enormous" contribution to the U.S. economy by using junk bonds to help finance hundreds of companies and create thousands of jobs...