Word: stockings
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Dates: during 1980-1989
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...behavior before that knowledge has reached the public domain. It has been compared to playing poker with marked cards. But deciding when the cards have been improperly marked -- and, above all, proving it -- is no mean feat, since rumor, innuendo and split-second inference are the stuff of ordinary stock trading...
Beneath all the wrongdoing, panic and disaffection with Wall Street lies a deeper issue. The lanky, impeccably tailored Boesky rode to staggering success and then to disaster on the wave of takeovers that have swamped the stock market in the '80s, dramatically reshaping the way that corporate America does business. Some 2,806 mergers and buyouts worth nearly $130 billion have occurred so far this year, up from 2,755 deals worth about $100 billion during a comparable period of 1985. The feverish activity has created a climate in which corporate raiders can reap quick, huge profits simply by buying...
...said Ohio Democrat John Seiberling, whose family founded Goodyear. Goldsmith's sharp retort was that he represented the "rough, tough world of competition . . . a world in which you run a business as a business and not as an institution." But the aggressive tycoon, who owned 11.5% of Goodyear's stock and had offered $4.7 billion for the whole company, was in the end bought off by the management, which promised to repurchase his holdings for $618.8 million plus expenses. The profit to Goldsmith and partners: $93 million. He said that his change of plans resulted in part from what...
...million in illegal profits and awaits sentencing on four criminal counts. In the spring of 1985 Boesky allegedly promised to pay Levine a percentage of profits for his tips, and subsequently the two agreed on a $2.4 million lump-sum payment. The SEC's complaint detailed a number of stock-trading situations in which Boesky had profited illegally to the tune of "more than $50 million." Among the stocks cited: Nabisco Brands, Houston Natural Gas, General Foods, Union Carbide and Boise Cascade...
...March. In October 1985 the New York-based Maxxam Group, an investment and real estate- holdings firm, made an $800 million tender offer for San Francisco's Pacific Lumber, leading to the companies' merger early this year. Boesky is said to have bought 10,000 shares of Pacific Lumber stock three days before the tender was made public, and he may eventually have owned 5.1% of the company's shares. Another case reportedly receiving scrutiny is the $400 million merger in February of Lorimar, producer and syndicator of Dallas and Falcon Crest, with Telepictures...