Word: swaps
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Investors could purchase these contracts directly from such dealers as Merrill Lynch or J.P. Morgan, or the dealers could arrange for swaps between investors; either way, the dealer got a fee. Such transactions could take place anywhere. A Texas manufacturer with a $1 million fixed-rate loan who suspected that interest rates would soon fall could swap the loan with a Michigan company that had taken out a floating-rate note but was worried that rates were headed higher. The Texas firm would be the loser if rates did rise, since after the swap it would hold the floating-rate...
Electronic Arts, a leading producer of games for personal computers and video- game machines, announced it will acquire Broderbund Software in a $400 million stock swap. Broderbund, specializing in educational software, made its name with the phenomenally popular Where in the World Is Carmen Sandiego...
...here at TIME. The practice is useful for the editors, who get a chance to try out a different variety of journalism. And it's good for us, since these occasional guests invariably bring along new ideas that invigorate our own approach to reporting and writing. The latest such swap is just coming to an end; for the past three months, FORTUNE executive editor Ann Morrison has held a comparable job with...
...Deliberate Baby Swap...
...Cabinet chiefs are also gathering information on the handouts for which the holdouts might swap their votes. "We're not trading yet," said an Administration official. "But is the bazaar open? Absolutely...