Word: spinney
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Dates: during 1990-1999
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NATO remains flummoxed by the limp Serbian air defense. The Pentagon suggests it signifies allied success in taking down the Serbian air-defenses, by attacks, jamming and corrupting data, which the allies have fed into Yugoslav computers through microwave transmissions. Pentagon analyst Franklin Spinney says Serbia's plan echoes its World War II tactics. The Germans sent 700,000 troops into Serbia but were unable to root Serbian partisans out despite four years of fierce fighting. "The Serbs are using their air-defense system as a quasi guerrilla force to capture the attention and distract the focus of NATO...
...same time. But there is growing sentiment in defense circles that the nation's two-war strategy is wrong, at least in light of expected funding levels. "The two-war strategy is just a marketing device to justify a high budget," says Pentagon cost analyst Franklin Spinney. A study by the Center for Strategic and International Studies, a Washington think tank, concludes that projected spending is "incapable of meeting" the two-war requirement...
...Monday when Martin Marietta disclosed plans to buy Grumman at $55 a share, the Securities and Exchange Commission began looking into allegations that some individuals, yet unknown, profited illegally from the trade of Grumman stock options prior to the announcement. Far more upset than the SEC, though, were David Spinney and Stephen Taylor...
...primary Grumman traders at the Chicago Board Options Exchange, where investors risk pennies a share for the right to purchase 100 shares of stock at a set price in the future, Spinney and Taylor handle about 30 Grumman options contracts daily. Almost a week before the merger plans were announced, however, volume grew to 300 contracts a day. By the Friday before Martin Marietta's announcement, says Taylor, "it was close to 1,200." Because there weren't enough Grumman sellers, Taylor and Spinney pledged, as is common, to buy the needed shares themselves...
...then, Spinney, 48, and Taylor, 27, were worried. They telephoned Grumman, but their calls went unreturned. Both men spent an anxious weekend awaiting word of Grumman's fate, not to mention their own. Taylor's stomach sank when he heard last Monday that Martin Marietta's offer was fully $18 over Grumman's recent $37 price -- and $10 more than most of the contracts the two traders had written. That huge gap left them with the bulk of a $2 million shortfall. "I was depressed," says Taylor with a wry laugh...