Word: stock
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Dates: during 1980-1989
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...sued Keating and other insiders for bilking Lincoln of $1.1 billion. Among other things, the suit alleges, Keating, his wife, his daughter and five other insiders sold 1 million shares of American Continental Corp., which owns Lincoln, to the employees' stock-ownership plan for nearly $8 million, more than they were likely to get on the open market...
...gains already get favored treatment in two ways. First, they are only taxed when an investment is sold, unlike interest and dividends, which are taxed every year. An ideal free-market tax system would leave an investor indifferent between, say, a savings account paying 10% a year and a stock expected to rise 10% a year. But tax-free compounding means that, for a top- bracket taxpayer the after-tax profit on the stock will be 45% bigger after 20 years...
During the unrestful weekend after the stock market plunged 190.5 points on Friday the 13th, top U.S. financial officials knew it was up to them to help avert a panic the following Monday. At a pivotal two-hour meeting, Treasury Secretary Nicholas Brady, a former Wall Streeter, huddled with Alan Greenspan, chairman of the Federal Reserve Board, and Richard Breeden, head of the Securities and Exchange Commission. Sifting through the latest market data, the trio concluded that the Dow Jones industrial average would fall more than 50 points when the New York Stock Exchange opened Monday, but then would probably...
Such coordination is sorely needed because Wall Street has become an ever more volatile place. Deregulation and the growth of computerized trading have left the stock market vulnerable to violent swings. "People have to get used to the idea that at certain points 5% to 10% declines are possible in today's highly automated markets," says John Phelan, chairman of the New York Stock Exchange. Yet even some Wall Street insiders have had misgivings. Warns Edward Yardeni, chief economist for Prudential-Bache Securities: "A 7% drop in the Dow Jones index is destabilizing to individual investors, and we need them...
...real World Series is set to resume on Friday. On the other hand, seismologists say the real San Francisco earth-quake is still set for the coming decades. As for the stock market crash--well, the economists don't know. If the real crash ever does come, George Bush may well manage to stay aloof. Most of the rest of us, though, won't be able to afford to cheer...