Word: megadollar
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Dates: during 1980-1989
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...world of high finance, where an elite group of Wall Street dealmakers commands million-dollar fees for putting together megadollar agreements, Felix Rohatyn is the first among equals. As a senior partner at Lazard Freres, a New York investment-banking firm, he has presided over hundreds of mergers and acquisitions. In October, General Electric Chairman John Welch and RCA Chairman Thornton Bradshaw started talking about a merger over drinks at Rohatyn's Manhattan apartment...
...world of megadollar mergers, it is perhaps only fitting that court fines are also measured in billions. Three weeks ago, a Houston jury ordered Texaco to pay Pennzoil $10.5 billion in damages for snatching Getty Oil away from Pennzoil in a takeover battle. Judge Solomon Casseb last week was due to review the decision. He could uphold, overturn or reduce the award. Journalists, high-priced lawyers, Wall Street traders and more than 200 onlookers last Tuesday squeezed into a cramped fifth-floor room in the Harris County Civil Courts Building, anticipating a decision. Casseb's verdict was expected...
...billion U.S. budget deficit could drive interest rates back up and stifle growth. And the $150 billion trade deficit continues to drain money out of the American economy. Finally, today's stock boom is built in part on debt accumulated to pay for the recent spate of megadollar takeovers and leveraged buyouts...
...Salomon Bros.-Phibro agreement continues the pattern of recent megadollar mergers on Wall Street that began with Bache's acquisition by Prudential Insurance and the American Express takeover of Shearson Loeb Rhoades. The combined Salomon Bros.-Phibro firm, though, will not be going after new customers for credit cards or insurance. It will be making corporate deals on an unprecedented worldwide scale...
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