Word: scaled
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Dates: during 1980-1989
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Takeover wars have raged on and off for decades, but corporate America has never seen anything quite like the battle for RJR Nabisco. The combatants are brandishing tens of billions of dollars and mobilizing squadrons of bankers and lawyers on a scale previously unimagined. On one side is the firm of Kohlberg, Kravis, Roberts, until now the undisputed master of the leveraged buyout. On the other is an alliance between a group of RJR Nabisco executives and Shearson Lehman Hutton, an old-line investment firm determined to break KKR's dominance of the hottest, most lucrative business on Wall Street...
...worth $91 billion, in contrast to 105 deals worth $36 billion during the same period of 1987. These transactions are enriching shareholders and buyout specialists, but the takeovers could be causing grave damage to U.S. industry. Never before has debt been substituted for shareholders' equity on such a huge scale. No one knows how these highly leveraged companies will fare in the next recession...
First board player Danny H. Edelman '91, a senior master and a FIDE master--the third highest international rank--defeated Yale's Patrick Wolff, who stands one step higher on the international scale at international master. Harvard lost one game and tied another, so the match depended on Chabris...
Ronald Reagan, self-proclaimed enemy of Washington's bloated bureaucracy, came into office eight years ago vowing to dismantle Jimmy Carter's two additions to the Cabinet, the departments of Education and Energy. He has not only failed to scale back the Cabinet, but is also on the verge of expanding it. This week the President is expected to sign legislation elevating the Veterans Administration to a Cabinet-level department. That will bring the number of Cabinet departments...
...Massachusetts a new law signed by Dukakis will require employers to pay for health insurance, and the Governor has proposed a similar program on a national scale. The proposal is regressive, since the added costs threaten marginal businesses and might put the lowest-paid workers back on the street. Yet firms unable to bear the full brunt of expanded health benefits might participate in insurance pools, phase in their contributions and get some Government help. A larger difficulty is that while the Dukakis plan would offer relief to uninsured workers and their dependents -- about 22 million people -- it does nothing...