Word: junks
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Cheers rang out over the Beverly Hills junk-bond trading floor of Drexel Burnham Lambert at the news coming over the brokerage firm's wire. Jubilation also reigned among most New York Republicans, and quite probably in Mafia hangouts as well. Rudolph Giuliani, famed prosecutor of Wall Street manipulators (Drexel, Ivan Boesky), mobsters (the Colombo family) and corrupt politicians (former Bronx Democratic leader Stanley Friedman), announced that after 5 1/2 years as U.S. Attorney for the Southern District of New York, he would resign at month's end. Gotham Republicans, a tiny band of inveterate losers, delightedly anticipated being able...
...mind economy, however. There are congested localities such as Aspen, Colo., and Missoula, Mont., where wood burning is immoral, toxically wasteful and severely curtailed. The sweet-smelling, picturesque blue-gray smoke rising from Grandma's condo on a crisp December morning simply loads the air with too much additional junk...
...offered me," he says, "as long as it falls into certain parameters. I'm not going for the home run every time." Sometimes Hackman has hit bunt singles in a movie resume as long as a Chicago Cubs season. Yet he projects such solid authority that not even junk can embarrass him. "I actually think I've been lucky," says the star who can't say no. "Working constantly not only keeps me sharp, but relieves me of the responsibility of having to perform up to a certain level if I had been waiting for the 'right' role...
...economy does stagnate or lose ground this year or next, it might have a relatively hard time getting moving again because of the heavy baggage of debt. Corporate borrowing, including the junk bonds that are used for leveraged buyouts, has zoomed from $965 billion in 1982 to nearly $2 trillion last year. A study of 643 corporations by Washington's Brookings Institution concludes that in the next recession 1 out of 10 firms could run out of cash and be forced to file for bankruptcy protection...
...Drexel still displays its characteristic moxie. The firm is handling a $3.5 billion junk-bond offering as part of the $25 billion leveraged buyout of RJR Nabisco. For its share in financing history's largest takeover, Drexel expects to take in $229 million before expenses. Many clients still profess their allegiance. Says raider and oilman Pickens, who relied on Drexel's financing clout to make bids for Gulf Corp. and Phillips Petroleum: "I have the highest regard for Fred Joseph...