Word: lynch
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...Merrill Lynch was bullish on Alan Schlesinger as a prospective customer, but the company's brokers pushed him a little too far. Five years ago, the suburban Boston lawyer began an epic campaign to stop Merrill Lynch's brokers, as well as numerous rival callers, from peppering him with phone pitches. First he wrote a polite letter asking the company to desist, but still the calls came. Then he wrote a more threatening note, and still the calls came...
Schlesinger then sued the brokerage for invasion of privacy in Massachusetts county court and won the case last June (Merrill Lynch is appealing). The judge issued an injunction prohibiting Merrill Lynch from calling Schlesinger, yet barely two months later, a Merrill Lynch broker rang him up. The attorney filed a complaint for contempt of court, and Merrill Lynch was ordered to pay $300. Said a spokesman: "We tried everything to keep Mr. Schlesinger's name off the lists. But we have 12,000 brokers. One of the calls slipped through...
...made a nearly 1,000-point recovery in just under two years, Wall Streeters are asking, Can it happen again? Is this boom any different from the last one? "Stock prices have been climbing a wall of worry," says Robert Farrell, the chief market analyst at Merrill Lynch, who sees "a significant correction on the horizon...
...which made everyone skittish and panic-prone. That is not the mood this time around -- at least, not yet -- and markets rarely hit their peak until all types of stocks are overbought, professionals become exuberant, and even small investors are snapping up stocks with abandon. Peter Lynch, manager of Fidelity's $11.5 billion Magellan mutual fund, recalls that "in the summer of 1987, torrents of cash were coming at us out of money-market funds." There is only a dribble this year...
FRUEHAUF. The company's troubles began after takeover artist Asher Edelman launched a $1 billion hostile bid. Following the advice of Merrill Lynch, Fruehauf acquired Edelman's 10% stake at a profit to the raider of $120 million. Some 70 Fruehauf executives then joined forces in a leveraged buyout. But when the trailer division slumped in 1987 as cost-conscious truckers cut back on new orders, Fruehauf had to strain to meet interest payments, which had climbed to $101 million a year. As other divisions faltered, Fruehauf embarked on desperate cost-cutting moves and fire sales that have hollowed...