Word: milken
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...outfits, is an empty legalism.But the fact is that Headwaters and miles beyond it are owned, as is Pacific Lumber, by Hurwitz's Houston-based Maxxam company. After he grabbed Pacific in a 1986 hostile takeover, paid for largely with junk bonds issued by Drexel Burnham Lambert's Michael Milken, Hurwitz visited Pacific's mills at Scotia. "There's a story about the golden rule," he told employees. "He who has the gold rules." Then he drained $55 million from the firm's $93 million pension fund and, with the remaining $38 million, bought annuities from an insurance company that...
Obsession contains a wealth of fascinating shop talk about the garment industry: endlessly fluctuating deals, shifting alliances and enmities, financial escapades of the riskiest sort. Klein has endured his share of rough times, especially when, with the help of Michael Milken, he issued some junk bonds. Only the generosity of Klein's billionaire friend David Geffen -- a $50 million investment in 1992 -- kept the firm afloat...
...fund called the "St. Valentine's Day Massacre." Soros lost $600 million on Feb. 14 by wrongly betting that the U.S. dollar would rise against the yen. (Don't cry for Soros, though. He reportedly earned $650 million in 1992 and at least as much last year, eclipsing Michael Milken's 1987 record of $550 million...
...judgments. RICO quickly proved a sterling Mob stopper, as dozens of capos like New York City's John Gotti can testify. But when lawyers in the mid-'80s realized how broadly written it was, it mutated wildly. Prosecutors turned it on white-collar criminals like junk- bond-king Michael Milken. Plaintiffs in normal civil suits (a famous one involved litigious rabbis) used it to extract lucrative awards or far better settlements. It was invoked in sexual harassment suits...
...have a different president, Boesky has since cleaned bathrooms for 11 cents an hour, and Milken is down to his last $125 million. Those in power now disparage of paying big fees. If the ghost of the generation of excess lives on in baseball, it must be exorcised from the investment world, above all in an academic setting. As an institution that prides itself on critical thinking, Harvard must learn to examine itself and its corporate ethics...