Word: stockings
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Dates: during 1980-1989
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Flustered and unfamiliar with the ways of Wall Street, Miller's regime wound up paying Steinberg $52 million in greenmail to sell back his Disney stock and let them alone. But the company's weakened condition gave Roy Disney the leverage he needed to push for a new slate of leaders. One of his informal advisers had been Frank Wells, a former vice chairman of Warner Bros., who had taken time out from show business to climb the highest mountain on each of the seven continents (he had to turn back 3,000 ft. below the summit of Mount Everest...
...while voting Roy to the post of vice chairman. The Eisner-Wells duo flew immediately to Fort Worth to enlist support from Sid Bass, whose family was amassing a stake in the company (currently 17%). Bass was so impressed with Eisner and Wells that he promised to hold the stock for five years, an unusual commitment that would make Disney far less vulnerable to further takeover troubles...
...news hit the financial markets last week like a right cross from Heavyweight Champ Mike Tyson. An unexpected rise in the U.S. trade deficit ! knocked down the dollar against foreign currencies and sent the U.S. stock and bond markets reeling. Combined with an alarming surge in producer prices, the disappointing trade figure for February increased the odds that the Federal Reserve Board might feel compelled to raise interest rates to stabilize prices and defend the dollar. With that, the threat of a downturn -- and another stock-market crisis -- loomed once again...
Wall Street had to wait until the 9:30 a.m. opening bell at the New York Stock Exchange to display the full force of its displeasure, and then the Dow started 45 points below Wednesday's close. Traders tried to sustain a morning rally, but by midafternoon, prices were falling across the Big Board. At the end of the day, the Dow was down 101.46 points, its fifth worst drop in history...
Significantly, it was the steepest plunge since the New York Stock Exchange on Feb. 4 adopted rules that are designed to curb the volatility caused by program trading, which involves buying and selling huge blocks of many different stocks. According to the new guidelines, whenever the Dow is either up or down by 50 points in a single day, investment firms are no longer allowed to use the Big Board's computers to execute program trades. Last Thursday the 50-point barrier was broken for the first time on the down side, and though the new regulations were invoked...