Word: marketed
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Dates: during 1980-1989
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Some criticize the machinery of her welfare state, with its lengthy waits for elective surgery and its vibrant black market manned by people dodging heavy taxes. Voters who are struggling under her austere economic policies complain of her largesse to Third World countries -- one of the highest per capita foreign aid budgets in the world. "We are world champions at solving other countries' problems," charges the right-wing Progress Party leader Carl Hagen. "We behave as though we are a superpower...
...latent dread of junk-bond investors is that one really colorful case of corporate distress might set off a selling spree in the volatile market for the high-yield securities. Last week their fears shot to the surface when Canada's Campeau Corp. said it might default on its debt, which is in part composed of junk bonds. That disclosure sparked the market's worst drubbing since the Crash of 1987, as traders rushed to dump their holdings. During the week, junk-bond issues fell in price by $10 to as much as $130 for each $1,000 in face...
...billion junk-bond market has grown explosively since the early 1980s, when Drexel Burnham Lambert's Michael Milken pioneered the use of high- yield bonds as a means to finance hostile takeovers. In the wake of his indictment last March for insider trading and racketeering, Milken has resigned his Drexel post and stayed far removed from the market. But speaking at a Manhattan conference on high-yield debt last week, Milken suggested that it was time to buy, not sell, junk bonds. Said he: "There is tremendous opportunity out there today...
Investors had expected the junk-bond market to soften during an economic downturn. But they have been taken aback that defaults are rising and junk- bond prices are plunging during a time of relatively stable growth. The implication is that any serious industrial slump could give the junk-bond market a full-fledged nervous breakdown...
...some extent. As many as 60 schools are now conducting drives with goals of more than $100 million; three are seeking to break the $1 billion mark. But changes in the tax code have made giving less attractive, and many endowments are still feeling the aftershocks of the 1987 market crash. "How can we look so rich, yet feel so poor?" asks Donald Kennedy, president of Stanford, which faces a projected $11 million shortfall this year...