Word: junks
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...pitfalls of overreaching were on full view last month when the U.S. retailing empire that Toronto developer Robert Campeau assembled in the '80s was placed under the protection of federal bankruptcy court. A hard-driving raider, Campeau had used junk bonds to help finance the $10.2 billion he paid for Allied Stores and Federated Department Stores, whose ten chains include Bloomingdale's, Stern's and Jordan Marsh...
...prime reason is the severely depressed state of the junk-bond market, where shell-shocked investors are wary of buying new issues. Of nearly $300 million in bonds that were scheduled to be sold this month, virtually every offering has been canceled or postponed. Without the ability to tap the junk market, would-be raiders will no longer be able to take aim at substantial targets...
...crash. The real lesson of the fall of the most money-mad firm of a money-mad decade is that in any free market, a heedless competitor can lead virtually the whole industry astray. The pendulum is swinging back now, but the impact of the debt that Drexel's junk bonds loaded on corporate America will not vanish as swiftly as the perpetrator...
...most powerful firm on Wall Street in the Roaring Eighties was at the center of a gold-rush culture that bankrolled corporate raiders and often seemed consumed by vanity, ego and greed. Drexel vanished almost overnight last week when its parent company, a victim of the very junk-bond market that Drexel had created, filed for bankruptcy. The firm's legacy is a debt-laden corporate America and a backlash against excess...
...most small investors if they would put money in junk bonds, and they would probably respond with a hearty no. But anyone who has a deposit in a savings and loan, holds an annuity from an insurance company, is vested in a pension plan, makes contributions to certain mutual funds or participates in a 401(k) retirement program probably has some exposure to the risk of junk bonds. In most cases, that is no cause for alarm. But in a few instances, investors have good reason to be wary...