Word: lynching
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...Irish drug company Elan, which has seen share prices plunge 90%, is the subject of an accounting investigation and is struggling to raise $1 billion from asset sales to stay afloat. But as Elan's chairman and CEO Donal Geaney stepped down last week, along with deputy chairman Tom Lynch, their gloom had not really spread to the rest of Ireland's economy. Danny McCoy, economist at Dublin's Economic and Social Research Institute, notes that the troubles of multinationals like Elan "haven't been that destabilizing because there isn't a huge public exposure to the stock market...
...households were in stocks or stock funds, that faith in equities is being challenged. And European investors may actually be more disillusioned, and could prove even slower to return to shares. It's about timing. "The retail investor in Europe is a young investor," says Michael Hartnett, a Merrill Lynch strategist in London. "He came into the market toward the end of the bubble and has experienced considerable downside." What's more, the newest investors often ended up in some of the worst stocks. Many were first drawn into the markets by the high-profile share offerings of former state...
...forth in the Kyoto Protocol, which called for a 5.2% reduction in greenhouse gases like carbon dioxide. To meet the demands of Kyoto, the European Union adopted a target of producing 22% of electricity from renewable resources - hydro power and biomass in addition to wind power - by 2010. Merrill Lynch, the investment firm, said in a recent report that it expects wind power to grow 15-fold over the next 20 years, raising its market share to 6% in Europe and 5% in the U.S. Another factor in the popularity of wind power is that the technology is steadily improving...
...ImClone general counsel John Landes initiated the sales binge on Dec. 6, when he instructed his broker to unload $2.5 million worth of company stock, according to sell orders drafted by Merrill Lynch. Five days later, Ronald Martell, vice president for marketing, had Merrill Lynch sell $2.1 million worth of his company stock. Four other executives--including two vice presidents--cashed in an undetermined number of their shares between Dec. 12 and Dec. 21, when the company imposed a blackout on employee stock trading...
...night of Dec. 26, he spent 17 minutes on the phone with CEO Sam Waksal, records show. Waksal had just learned that the FDA would announce its negative decision on Erbitux in two days. Later that night Waksal drafted a note, marked "Urgent--Immediate Attention Required," to his Merrill Lynch broker, Peter Bacanovic, sources say. Stopped from trading by the firm's blackout, Waksal gave instructions to transfer $4.9 million in stock to the account of his younger daughter Aliza Waksal. At 8:30 the next morning, he called Aliza, phone records show. She called Bacanovic's aide...