Word: streets
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Dates: during 1980-1989
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Many Wall Street insiders thought the KKR bid was as self-serving and hasty as Johnson's offer had been. "They broke the golden rule by injecting their egos into a business decision," said one financier who knows KKR well. "They went after RJR Nabisco to protect their franchise as the largest dealmaker...
Leveraged buyouts seemed like a small-time, unglamorous financial gimmick when KKR began hawking them on Wall Street in the mid-1970s. But the arrangements were an immediate hit with managers who saw the wisdom of taking their companies private to escape corporate raiders. LBOs were also a boon to promising firms that wanted to grow outside Wall Street's harsh spotlight...
Washington's reformers concede that the stock market is still edgy after its collapse. Wall Street showed just how nervous it was when stocks dropped nearly 79 points in the week that George Bush was elected President. "Nobody wants to be blamed for setting off another stock market crash," says a brokerage-house lobbyist. Legislators are still haunted by charges that proposals to restrain takeovers last year helped cause Black Monday. Many Wall Street insiders are now convinced that buyouts and mergers are among the market's few remaining props...
...steps to slow the pace of buyouts, which he said were having a damaging "psychological and economic impact." Meanwhile, members of the Senate Finance Committee have been quietly pondering measures that would reduce the tax loopholes for interest payments and give a break to dividends. To cushion the Wall Street impact of such provisions, they might be included as part of a general tax bill that would seek to narrow the budget deficit...
Greed is good. Or at least that's what wheeler-dealer Gordon Gekko told a stockholders' meeting in the movie Wall Street. Stephen Koepp, the editor of our Business section, is not so categorical. This week's cover stories on the biggest takeover battle in U.S. history gave him a chance to explore an important question: Is the lust for bigger and bigger deals harming the U.S. economy? Says he: "A healthy appetite for profits is what makes capitalism work. But at these levels, is it just a power game, in which money is a means of keeping score...