Word: junks
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When Financial World magazine published its annual list of Wall Street's 100 highest earners last week, no one was surprised to see junk-bond pioneer Michael Milken on top (1988 income: at least $180 million) and leveraged- buyout king Henry Kravis ($110 million) in third place. But who was this in the No. 2 position? A relatively unknown dealmaker named Gordon Cain, 77, took that spot by earning an estimated $120 million last year through his Houston LBO firm, Sterling Group...
...power testing at Seabrook last week signaled that a fresh wave of pro-nuclear sentiment is stirring in Washington. The testing permit was the second granted in two months: the first went to Long Island's Shoreham nuclear plant, even though the reactor's owner had already decided to junk...
...atmosphere in Congress had truly turned poisonous in the week since Wright's position crumbled and majority whip Tony Coelho resigned rather than face similar investigations into his advantageous insider acquisition of a $100,000 junk bond. Republican Newt Gingrich of Georgia, who first leveled the charges against Wright, crowed over his victory and declared that at least ten other Democrats were guilty of similar violations...
...Coelho are victims of a deranged political environment dominated by vengeful Republicans and gooey do-gooders. Although Coelho characterized himself as a martyr, resigning to save his family and Congress, he was actually getting out to save his neck. The $100,000 deal involving one of Michael Milken's junk bonds promised to be every bit as serious as Wright's transgressions. And the investigations have the same salutary effect as the state trooper's pulling over a speeder: everyone slows down for a while...
...luxurious vacation and supply him with cash, not because he has an interest in a one-line amendment to a bill that will save his industry millions of dollars, but because he is, well, a friend. Perhaps Tony Coelho really believed it when he said that junk-bond wizard Michael Milken "is constantly thinking about what can be done to make this a better world." Now under indictment, Milken faces the prospect of doing his thinking in prison...