Word: partnerships
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Dates: during 1980-1989
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...teenage pregnancy, hopeless schools -- are more urgent than ever. But for the black middle class, there are new preoccupations. Not just job-creation programs, but job promotions. Not just high school diplomas, but college tuition. Not just picket lines, but picket fences. An agenda, in short, for a full partnership in the American Dream...
Nonetheless, players at both ends of Pennsylvania Avenue who just a fortnight ago spoke of working together have dissolved their fragile partnership and reverted to form. Democrats now speak openly of responding to Bush's budget proposals with a plan of their own. For its part, the White House hinted that it may soon ask Congress for renewed nonmilitary aid to the Nicaraguan contras, a red flag to Democrats who repeatedly fought over the contras with the Reagan Administration. Meanwhile, the public is left with an image of the Senate as a cockpit of partisan squabbling, the White House...
Leveraged buyouts are an increasingly popular, though controversial, method of taking over companies. The deals--which included the recent, largest-ever takeover of RJR-Nabisco by a limited partnership in which Harvard invested--buy out stockholders in a company using borrowed funds worth up to 80 percent of the buyout price. Only about 20 percent of the investment generally comes in the form of cash up front, which means the company ends up assuming a large debt once the sale is completed...
Eisenson agrees, saying that while limited partnership gave Harvard "access to bigger deals," the new direct investments avoid the "cost attached to limited partnerships," a cost he says amounts to about a 20 percent cut of the profits...
...LBOs have been lucrative for Harvard, Sperling says. For example, Harvard's investment in the Kohlberg, Kravis, Roberts and Company (KKR) limited partnership that recently took over RJR-Nabisco "has generated significant returns for Harvard's account...