Word: money
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Dates: during 1980-1989
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...number of Dallas-area banks, they found the slots jammed and an official-looking notice that read: TEMPORARILY OUT OF ORDER. PLEASE UTILIZE THE U.S. MAILBOX FOR YOUR NIGHT DEPOSIT. Sure enough, one of those familiar curbside mail drops had been placed invitingly at hand to accept the money...
...terms of points, it was the second largest loss in Wall Street history; in percentage, the day ranked twelfth worst. "It's total emotional and psychological chaos," said Eugene Peroni, an analyst with Janney Montgomery Scott, a Philadelphia brokerage firm. "People are dumping < everything. A great deal of money is being lost...
...fueled by financing from a junk-bond market that was severely weakened last month when Canadian developer Robert Campeau nearly defaulted on $1.27 billion of debt payments on loans that he had used to acquire Allied Stores and Federated Department Stores. In the wake of Campeau's problems, the money for new takeovers has begun...
Many investors, especially short-term speculators, were badly shaken. The biggest losers were Wall Street arbitragers, who make money by buying the stock of takeover targets and selling it at a higher price when the deals go through. The high anxiety about the junk-bond market sent the stocks of takeover targets plunging across the board. "The arbs got their heads handed to them," said Anson Beard, the chief trader for Morgan Stanley. "Very few anticipated that the UAL buyout could fail." Small investors suffered less because they have been less active in the market since the 1987 crash...
Wall Street, Washington and investors around the world will be watching the market with nervous anticipation to see whether it can shake off its anxiety attack. The Federal Reserve will monitor events carefully to determine whether it should come to the rescue with a dose of easier money, as it did in 1987 to restore confidence. One fervent hope was that high-rolling investors would come roaring back into the market, looking for bargains. But while it was easy to attribute last week's chiller to everything from program trading to superstition about Friday the 13th, there was a deeper...