Word: milken
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...beginnings of the new mind-set probably go back as far as the stock- market crash of 1987, which had little immediate effect on the overall economy but gave many people an uneasy feeling about the Roaring Eighties. The spectacular failures of such '80s heroes as Michael Milken and Donald Trump have discredited the era's role models as well. "The 1980s showed how ugly this country could be, like racism did," says April Gilbert, a Stanford M.B.A. and shipping executive who hopes to join a nonprofit company soon. "In the 1980s I was fed up and almost angry with...
Administrators point out that private industry charges overhead rates well over 100%, making university-based projects a relative bargain. "We're not looking at a situation where people are getting rich," says former M.I.T. Provost John Deutch. "This is not like Michael Milken." Despite an overhead ^ rate of 77%, for example, Harvard Medical School in 1989 still had to finance 17% of research-related indirect costs out of its own pocket. The rate has since soared to 88%, and Harvard Medical is now asking government negotiators to agree to an even more mind-boggling figure...
After a year of seemingly endless legal trauma for Drexel Burnham Lambert and Michael Milken, each got unexpectedly favorable news last week. Federal Judge Kimba Wood recommended that the former junk-bond king be eligible for parole after serving only 36 to 40 months of the 10-year sentence she imposed on him for securities violations. Wood based her decision on the financial damage done to investors and companies as a result of Milken's confessed misdeeds, which she calculated to be $318,000, less than a day's pay during Milken's highest-flying years and far less than...
...Since Milken's former employer declared bankruptcy early last year, creditors and other parties have filed an estimated $20 billion of claims against it. The problem, observed Federal District Judge Milton Pollack, who is overseeing Drexel's reorganization, is that the company's assets are worth only $2.8 billion. To avoid costly litigation that would drain the firm's remaining assets, Pollack last week secured a tentative accord from the key parties to slash their claims 90%, to $2 billion. If the agreement stands, Drexel could soon emerge from Chapter 11 and resume business...
During the year, the symbolic targets of the '80s were shot down one by one: Donald Trump, Leona Helmsley, Imelda Marcos, Manuel Noriega, Michael Milken. Each comeuppance inspired an uneasy mix of glee and fear -- uneasy because we had so lately embraced the values of those whose falls we were cheering...