Word: megabuckers
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Congress's megabuck travel...
Gentlemen's Quarterly asked him to pose doing a buck-and-wing. But it's his new megabuck-and-change contract that really has St. Louis Cardinals Shortstop Ozzie Smith, 28, kicking up his heels. Last week "the Wizard of Oz," as he is known around Busch Stadium, doubled his old salary in a pact with the 1982 World Series-winning Cards that will make him the highest-paid shortstop in major league history: a reported $1 million a year. Oz's golden-brick road will run for at least the next three seasons...
...later to editors in Chicago, but the jet-about effort did little to boost the bank's image as a savvy lender. Continental has set aside a higher than normal loan-loss reserve of $474.6 million, or 1.3% of all loans. But the bank's megabuck borrowers include some of the most troubled credit risks in all of corporate America, Among the loans: $140 million to International Harvester, the deeply troubled Chicago farm-equipment manufacturer; $16 million to bankrupt Braniff Airways of Dallas; $57 million to Wickes Companies, Inc., a now bankrupt seller of lumber and furniture...
...Megabuck mergers have become almost commonplace on Wall Street in the last couple of years, but last week there was one so huge and unexpected that even the most jaded brokers blinked in surprise. In a startling new twist to an ongoing takeover battle between Mesa Petroleum Co. and Cities Service Co., the Gulf Oil Corp. entered the fray. Gulf, the ninth largest U.S. industrial corporation (1981 sales: $28 billion), announced that it had worked out a friendly takeover deal with Cities Service (1981 revenues: $8.5 billion). Gulf agreed to pay $5.04 billion for 100% of Cities Service...
Wall Street's main concern is the bulging federal deficit, which s $55.6 billion this year and rising. Government borrowing weighs heavily on credit markets already strained by brisk demand for business loans, including the huge sums to finance megabuck corporate mergers like that between Du Pont and Conoco. The Administration has predicted that the deficit will shrink to $42.5 billion in 1982, and disappear altogether by 1984. But those targets are fast slipping away. The Congressional Budget Office forecast last week that the deficit would be $65 billion in 1982 and would total an extra $50 billion...