Word: stockings
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Dates: during 1980-1989
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...pandemonium is due to what the British are calling Big Bang, a code name for what amounts to a revolution that is sweeping local financial and capital markets. Formally, Big Bang refers to the deregulation of Britain's domestic securities markets, when the 218-member London Stock Exchange will abandon a system of fixed commissions for brokers. The Exchange will also drop a traditional separation between the brokers, who execute stock and bond trades for their clients, and the so-called jobbers, who handle the brokers' orders as well as manage their own hefty accounts. This upheaval, roughly akin...
...that London was losing ground to low-cost, high-volume centers like Wall Street. In 1983 her aides negotiated the ground rules for deregulation in the hope of turning the Exchange into a magnet for international investment. That goal fits handily with the increasingly round-the-clock nature of stock trading, in which international securities firms hand portfolios back and forth unceasingly between New York City, London and Tokyo...
...fill a season of Dallas. Last year CBS was the target of takeover attempts by Atlanta Entrepreneur Ted Turner and a right-wing group allied with Republican Senator Jesse Helms of North Carolina. Financially drained by its anti- takeover maneuvers (the company repurchased 21% of its own common stock for nearly $1 billion), CBS has since embarked on a painful cost-cutting campaign. The Broadcast Group last month announced that it was eliminating 700 jobs, more than 8% of its work force. The cuts included 90 positions in the news division, where 125 jobs had already been lost...
...that were not enough, a high-level corporate struggle may be brewing. Laurence A. Tisch, who cofounded the Loews Corp. with his brother Preston and emerged last year as a white knight to protect CBS against further takeover attempts, has assumed a more threatening visage. Tisch began buying CBS stock last summer and in October got Government permission to increase Loews' holdings to as much as 25% of CBS's voting stock. But Tisch, who now has a seat on the CBS board of directors, reportedly refused the company's request to sign a standstill agreement that would bind...
...contend, would be Chairman and Chief Executive Officer Thomas Wyman, brought in from Pillsbury in 1980 as CBS Founder William S. Paley's hand-picked successor. (Indeed, Wyman and other top executives are guaranteed lucrative severance packages if any single interest acquires more than 25% of CBS's voting stock.) Close behind, say insiders, could be Van Gordon Sauter, the president of CBS News, whom many have blamed for the stumbling performance of the Morning News...