Word: short-term
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...never once complain. Tough. Really tough. Great. He was a man. It was like a skeleton walking into the clubhouse to conduct a meeting, but that skeleton was in charge. It did something to me, lifted my intensity a level, made me approach long-term goals like they were short-term goals. That winter I was playing for Reggie Otero, Hutch's third-base coach, in Venezuela. We were bouncing along in the bus, listening to the Spanish radio, when I thought I heard someone mention Hutchinson, and Reggie started crying. I knew Hutch was dead...
...London more subtle but much more powerful forces for reform were at work. Fritz Leutwiler, an independent mediator and former Bank for International Settlements president, held private meetings with South African finance officials and representatives of 30 multinational banks to discuss repayment of South Africa's $14 billion in short-term foreign debt. The government froze payments on the debt seven weeks ago after many banks, fearful that racial violence would destroy the economy, cut off credit. Sources close to the meetings said their object was to find a way to restore South Africa's credit lines...
...high finance, where billion-dollar deals can be struck between cocktails and dessert, the hottest play these days is a once obscure transaction known as the leveraged buyout. In such operations, corporate officers are turning publicly held firms into private businesses that are free from the demands of short-term investors and the unwanted attention of corporate raiders. In the process many of them are making vast profits for shareholders and themselves...
...sure, there are solid business reasons for taking a company private. Once freed from the need to satisfy Wall Street stock analysts and short-term shareholders, who often demand ever rising profits each quarter, corporate leaders can focus on long-term goals. Says Dean Meadors, a spokesman for Mary Kay Cosmetics: "Going private gives us the opportunity to get out of the fishbowl and to make marketing decisions in a longer time frame than a public company has. Sometimes you need to invest in the future, and sometimes the future is more than 90 days away...
...says John Makin, director of fiscal-policy studies at Washington's American Enterprise Institute. "Very few people would own a house without it. It is a very important tool of modern finance." At a time when corporate raiders are on the rampage and Wall Street has become obsessed with short-term gains rather than long-term strategy, buyouts are often just good business. --By John Greenwald. Reported by Raji Samghabadi/New York and Elizabeth Taylor/Chicago BIG PRICE TAGS...