Word: stock-market
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...each morning and climbs into his chauffeured limousine with IFB-initialed license plates. At work in a vast, white marble suite of offices above Manhattan's Fifth Avenue, Boesky stands behind his desk and punches buttons on a 300-line telephone console as he studies flickering stock-market figures on a battery of video screens. Almost always clad in a dark three-piece suit, with the vest adorned by a gold watch chain, he continuously slurps coffee and information, the two fuels he seems to crave most...
...across the U.S., investors were raging at the discovery that Wall Street high rollers had been ripping off millions of dollars by trading on knowledge not available to the general public. That sweeping form of sophisticated fraud did not merely touch the pocketbooks of professional stock-market players. The illicit profits came from taking unfair advantage of price movements in a broad range of stocks. That meant, in the end, that the speculators had pilfered from funds that countless thousands of ordinary investors had contributed to the market, in the form of their own stock purchases or investments in pension...
...center of last week's maelstrom was a shadowy figure whom few people had heard of until last week: Ivan Boesky. On Nov. 14 the Securities and Exchange Commission electrified the financial world with news that Boesky, 49, one of America's richest and savviest stock-market speculators, had been caught in an ongoing insider-trading probe. Boesky had agreed to pay $100 million in penalties, return profits and accept eventual banishment from professional stock trading for life for his alleged wrongdoings. He also faces a single, as yet unspecified, criminal charge, which could lead to a five-year prison...
...week's end the SEC offered a defense of the $440 million sell-off. Boesky's action was legal, the commission declared, and the regulators had been fully aware of it. The SEC realized there was a danger of a stock-market slide after the announcement of the action against Boesky. If that happened, Boesky would have been forced because of margin debts on his stock accounts to liquidate huge amounts of securities quickly. That could have sent the market into a steeper downward spiral. The SEC apparently decided it would be better for Boesky to dispose of some...
...twelve months that ended in September the agency had obtained fines and returns of illegal profits totaling only $41.9 million. But the penalties will not bring financial ruin to a man whose reputation on Wall Street was gained by staking tens of millions of dollars on a single stock-market plunge. His worth has been estimated at $200 million, and could easily be much more...