Word: streets
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Dates: during 1980-1989
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...icon of the old capitalism was the backyard inventor (as nostalgically recalled in the movie "Tucker"), the undoubted emblem of the new capitalism is the silk-draped Wall Street arbitrageur. The latter schemes to make money from money, rather than making money from a product that would potentially benefit...
Cheers rang out over the Beverly Hills junk-bond trading floor of Drexel Burnham Lambert at the news coming over the brokerage firm's wire. Jubilation also reigned among most New York Republicans, and quite probably in Mafia hangouts as well. Rudolph Giuliani, famed prosecutor of Wall Street manipulators (Drexel, Ivan Boesky), mobsters (the Colombo family) and corrupt politicians (former Bronx Democratic leader Stanley Friedman), announced that after 5 1/2 years as U.S. Attorney for the Southern District of New York, he would resign at month's end. Gotham Republicans, a tiny band of inveterate losers, delightedly anticipated being able...
What better way to police a company than to sign up a former top cop? Wall Street's Drexel Burnham Lambert, which agreed last month to settle criminal- fraud charges, plans to hire a new chairman for its holding company. Drexel's choice to succeed Robert Linton: John Shad, the U.S. Ambassador to the Netherlands and former head of the Securities and Exchange Commission. Drexel is also recruiting trade consultant Roderick Hills, another former SEC chief, to serve on the firm's board. Neither had formally accepted by week...
...deficit. The idea could quickly gain ground among congressional leaders who are preparing to haggle with the incoming Bush Administration over steps to stanch the red ink. "It seems everybody has decided that a higher gasoline tax is the answer," says Susan Simon, a Washington political analyst for Wall Street's Shearson Lehman Hutton...
...resources, the Administration tolerated such sloth that blatant waste and scams eventually evoked an anti-Pentagon backlash. While Reagan celebrated deregulation as the key to a more creative economy, lax scrutiny of the savings and loan industry contributed to widespread failures that will cost taxpayers tens of billions. Wall Street's obsession with wasteful takeovers diverted resources away from constructive investment, while stagnation in basic research for civilian technology inhibited innovation. Efforts to compete effectively with Japan and other striving industrial rivals suffered accordingly. Looser ethical standards and the adoration of capitalism led to a wave of scandals...