Word: merger
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Dates: during 1990-1999
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...junk bonds during the late 1980s, the company chose its deals with care. (Morgan did come up short in one notable fight, however, when it assisted Paramount Communications in its failed $12.2 billion hostile bid for Time Inc. last year on the eve of the company's planned merger with Warner Communications.) Under Chairman S. Parker Gilbert, 56, the stepson of co-founder Harold Stanley, and President Richard Fisher, 53, Morgan hedged its bets by diversifying into many different fields rather than putting all its money into one or two fashionable trends. At the same time, top investment banker Robert...
...Japan some 500 of Morgan's 600 employees are Japanese, most of them hired right out of the best schools or lured away from prominent local firms with promises of career paths to top- ranking posts. One area of expertise Morgan has brought to Japan is cross- border merger advice, a field in which the company ranks No. 1. Morgan is also prominent in Europe, where it completed $20.5 billion in cross-border bids last year. Yet Morgan avoids coming on like a Yankee juggernaut, preferring instead to work within the old-boy networks favored by many European executives...
...Wall Street's merger machine has run out of gas, largely because corporate America has loaded up with all the debt it cares -- or dares -- to take on. Wall Street is suffering a dearth of deals, but no one is shedding tears for it. The flashy wealth displayed by investment firms has created a backlash on Main Street, which watched with mounting fury as Wall Street got rich through paper-shuffling deals that manipulated companies at the expense of workers and communities. "There's a lot of pent-up anger and disgust with behavior on Wall Street," says Samuel Hayes...
...devaluing junk, Drexel's credit rating began sliding, and its banks cut off credit two weeks ago. The parent company, starved for cash, began to siphon money from the investment firm's coffers until Government regulators halted that maneuver. After a frantic search for a bank bailout or a merger partner, directors of Drexel Burnham Lambert Group agreed to put the company into bankruptcy proceedings...
...takeover fevers that racked the '80s have already begun to abate. The total number of U.S. mergers and acquisitions plunged 14% last year, to 3,412 deals, and is now declining at a brisker rate. Only 165 transactions were completed last month, down 56% from January 1989. "The big-fee merger and acquisition game is pretty much over," says Donald Ratajczak, director of the Economic Forecasting Center at Georgia State University. "There are still going to be deals, but nothing like...