Word: kleine
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Dates: during 1990-1999
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This makes Andy Klein angry--or at least aware of a market niche. His company, Wit Capital, which launched last week, is an online broker that lets small investors not only trade stocks and mutual funds at cut-rate prices but also buy into the high-end IPO and venture-capital deals that were once the sole province of Wall Street's biggest kahunas. Until now, the Little Guy could only watch and drool as well-connected initial subscribers bought millions of IPO shares at insider offering prices, then "flipped" them to the clamoring public for instant fortunes: Netscape...
With the demand for equity still strong, IPO deals could swell this river of money with new revenue streams. Today's IPOs, Klein argues, constitute extortion visited by ruthless financiers upon under-funded entrepreneurs. The problem, from his guerrilla perspective, is that the lead underwriter who puts together an investment syndicate to take a company public offers it $12 a share, then prices the stock to the public at $15. Theoretically, some of that $3 a share could be the company's. So the stock hits NASDAQ via the traditional underwriting route at $15, then races...
...place at the table? And might not these populist wrinkles--Wit plans to sell similar venture-capital shares in pre-IPO start-ups--affect numerous deals down the line, shifting profits from bankers to entrepreneurs and the masses, perhaps even changing the way whole industries get financed? Might Andy Klein have just sparked a financial revolution...
...Versace in mid-life, it turns out, was a tempered bon vivant, a high-glitz homebody. After occasional major bashes, like the New Year's Eve soirees he threw for the past two years in South Beach (where guests included everyone from Calvin Klein to Rosie O'Donnell), he might decamp to a gay club called the Warsaw Ballroom with a small group of friends to watch male dancers perform. But he was known as a quiet purveyor of the scene, a man who avoided drugs and heavy drinking. "I once proposed that we go out," recalls his friend Janie...
...Having taught at institutions that didn't have reading periods, I think [eliminating] it would deprive students of the chance to live with the [course] material," says Charles P. Segal, Klein professor of the Classics. Segal says that without reading period, he would anticipate an increased number of incompletes and unfinished term papers...