Word: numbers
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Dates: during 1980-1989
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Still, the report offers little hope that the drug crisis will ease soon. The number of "intensive" (weekly) cocaine users is up a third, to 862,000 people; nearly 300,000 of them may be using cocaine daily. Those estimates could be low, since the pollsters surveyed only households, not transients or people in hospitals and prisons. Said drug czar William Bennett: "We're now fighting two drug wars": a manageable fight against casual users and a more intense battle against crack addiction. "On this second front," he added grimly, "we are not winning...
...demise of Fruehauf dramatizes the problems that could befall a growing number of leveraged buyouts as the U.S. economy softens. Touted as one of the hottest financial plays of the go-go 1980s, LBOs zoomed in annual volume from about $250 million in 1980 to nearly $45 billion last year. The buyouts included household names like R.H. Macy, Beatrice, TWA and Safeway Stores. In such deals an investor group, often headed by a company's own executives, uses bank loans and high-interest junk bonds to buy a firm and take it private. Almost without exception, the group immediately slashes...
While no more than 5% of LBOs have so far been failures, an economic downturn could sharply raise the number of casualties. Warned Manuel Johnson, vice chairman of the Federal Reserve Board, in a June speech: "If there were a significant negative shock to the economy, high debt levels could lead to a succession of bankruptcies, causing a crisis of confidence." Johnson estimated that roughly 40% of all leveraged deals are in cyclical industries that are "more likely to run into trouble in the event of a severe slump...
...AIDS treatment only when the disease is far advanced. People who take AZT to stall the onset of AIDS may not be covered. Burroughs Wellcome Co., which manufactures AZT, is now seeking FDA clearance to use the medication in pre-AIDS patients. If the Federal Government permits the number of consumers to go up, presumably the price will come down...
...spectacular failure of some billion-dollar LBOS dramatizes the problems that could befall a number of overextended companies in the event of a slump. -- After a 2 1/2-year undercover probe, the Justice Department indicts 46 Chicago commodities traders on charges ranging from fraud to racketeering. -- A shortsighted proposal to cut capital-gains taxes gathers momentum...