Word: trader
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...junk- bond market that has fueled major takeovers. The singular event that shook investors was the faltering of a $6.75 billion labor-management buyout of UAL, the parent company of United Airlines, the second largest U.S. carrier. "That's when all hell broke loose," said Robert Newman, a floor trader for Equitrade Partners. "It was very reminiscent of something I do not care to think about...
...feel like a Wall Street trader investing large sums of money, and you'll never have to worry about losing your shirt...
...manners, is the dean of Hong Kong's ivory trade. He has never been to Africa, and the only elephant he has seen was in the Paris zoo. Yet he is a major conduit for ivory entering both Hong Kong and Japan. In February he helped Tokyo's largest trader, Koichiro Kitagawa, purchase nearly five tons of Sudanese ivory for $1 million from another Hong Kong dealer. In 1987 he engineered the purchase of 26 tons of Congo ivory by the Osaka trader Kageo Takaichi. The $3.5 million shipment contained 2,052 tusks...
...which is his habit. He used his oil profits in 1981 to buy 20th Century Fox, then sold it to Rupert Murdoch four years later for an estimated profit of $325 million. Davis picked up another $50 million by buying the Beverly Hills Hotel from the family of insider trader Ivan Boesky in 1986, then turning around and selling it to the Sultan of Brunei. Even Davis' "dry hole" takeover attempts often pay off. While Los Angeles investor Alfred Checchi won Northwest with a $4 billion bid, for example, Davis pocketed an estimated $30 million by selling his shares after...
Federal prosecutors were popping champagne corks in New York City as well last week. A Manhattan jury convicted five executives of Princeton/Newport Partners and a former trader for Drexel Burnham Lambert of 63 felony counts stemming from illegal stock-trading schemes. They were fined a total of $3.8 million. The case marked the first time the Racketeer Influenced and Corrupt Organizations Act has been used against Wall Street executives, and thus lays the groundwork for the Government's prosecution of junk-bond king Michael Milken, formerly of Drexel. Since Drexel was Princeton/Newport's main partner in the illegal trades, evidence...