Word: prudent
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Dates: during 1990-1999
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...fortune favors the brave, it can also favor the cunning and prudent. Faced with losses from Sky of nearly $4 million a week and beset by British Satellite Broadcasting, a well-financed but smaller competitor losing four times as much, Murdoch this month negotiated a merger ofthe rival TV ventures on highly favorable terms. The result: a virtually certain monopoly for the service, projected profit as early as 1992 and -- most important to fretful financial analysts -- an immediate $300 million improvement in the cash flow of News Corp., which has suffered an advertising slump in all its markets. Says media...
...author admits that he was not at his best -- "tired, a little drunk, jetlagged, and light-headed" is his recollection. A prudent man would have gone to bed, and the following morning he would have taken the next plane out of Las Vegas...
Even for the most prudent deals, financing has become elusive. Banks require developers to put up cash or equity amounting to 30% or 40% of a property's value and demand that developers have lease agreements for half their commercial space before they can qualify for a loan. A few years ago, established developers were able to strike deals with banks without arranging any advance leases. Says New York City developer Larry Silverstein: "It is almost impossible to finance a new deal today...
...Wall Street Journal announced a budget freeze and limits on news space. Dow Jones chairman Warren Phillips, who built the Journal into a globe-spanning enterprise, told the staff in a memo that "adverse market conditions" would continue, particularly in the U.S., in 1991. Thus, he said, "it's prudent for us to take steps now." Days after the memo, Phillips set a July 1, 1991, date for his already expected retirement...
...answer in both cases is, "What difference does it make?" Not because the Bush administration doesn't care--because it will care if caring is prudent. No, it's because the Bush administration formulates foreign policy on an as-needed basis, stumbling from crisis to crisis...