Word: rubin
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Dates: during 1980-1989
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...financial community was stunned at not only the immensity of the loss but also the identity of the trader: Howard Rubin, the head of Merrill Lynch's trading desk for mortgage-backed securities. Rubin, who has been fired but not charged with any criminal wrongdoing, was a respected trader and is a Harvard Business School graduate. Said Stephen Joseph, a senior trader at Drexel Burnham Lambert: "It's really strange. He has a great reputation...
...Rubin was apparently dealing in one of the tricky, relatively untested new types of securities. The bonds that tripped up Merrill Lynch are interest-only/principal-only securities, known as IOPOs. Investment houses create them by buying mortgage-backed bonds -- typically those issued by the Government National Mortgage Association, or Ginnie Mae -- and then splitting the securities into two parts, one that pays interest and another whose price rises or falls with the resale value of the bond. Rubin was selling the interest-paying bonds and hanging on to the principal securities, which lost value rapidly as interest rates rose...
Optimistic as ever, the Nattering Nabobs are there; so are the Rubin Amaros and the Burn Bags. Half the Fine Tooners have flown in from London. The dangerous Moose Factory shows up, without Rickey Henderson for the first time in years. Forsaking children, spouses and all significant others, twelve contentious clans have gathered this daylight-savings Sunday in the sporting confines of O'Reilly's Pub in New York City for the most sacred event of their baseball calendar: not opening day or the seventh game of the World Series but draft day for the American Dreams...
...League ballplayers, consists mostly of New York City journalists and writers. Tony Lukas of the Palukas has won Pulitzers both for his reporting for the New York Times and for his recent book on Boston race relations, Common Ground. One of the Amaros' owners (most teams have two), Dave Rubin, is co-director of the Center for War, Peace and the News Media at New York University. There are editors and writers for TIME, Newsweek, GQ, Fairchild Publications and Random House, as well as a couple of authors and a lawyer. Disparate as their personalities may be, each...
ADMINISTRATION: Daniel M. Rubin, Donald Sweet...