Word: trader
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Milken never put his big idea or his ambition aside. As a trader for the old-line Philadelphia firm of Drexel Firestone in the mid-'70s, he scorned colleagues who hewed to tradition and "spent from 11 o'clock to 2 o'clock at the racquet club." The dogged Milken soon discovered that junk bonds could provide much needed capital for medium-size companies that were unable, because of their size, to issue investment-grade debt. Other firms, notably Lehman Bros., had already tried minting bonds that were high yield from the outset. But Milken was the first to build...
Trapped inside this billionaire publishing baron are a multitude of people: a peasant haggler, stage director, domineering patriarch, sophisticated currency trader, military commander, politician, Hollywood mogul and unabashed publicity man. Following his train of thought is like listening to ten tape recorders, constantly switching on and off, constantly interrupting one another...
...herself as "a psychologically abandoned child." Until she was six, she and her younger sister were raised mostly by aunts, in the New York area. Her parents, Polish Jews who came to the U.S. while young, spent most of their time in China, where her father was a fur trader. After his death there from tuberculosis, her mother returned to the U.S. and remarried. (Sontag uses her stepfather's last name.) In time, the new family ended up living in Canoga Park, near Los Angeles, though it would be truer to say that Sontag lived in books. The most ardent...
...first uses of racketeering laws against securities traders, a federal grand jury indicted six men on criminal charges that they evaded taxes through dozens of fraudulent stock deals. The accused -- five top officers of Princeton/Newport, an investment partnership with offices in New Jersey and California, and a former trader for the Wall Street firm Drexel Burnham Lambert -- could face prison terms of up to 20 years each and fines totaling $19 million...
...seem puny by Wall Street standards, but they are princely sums in Japan, where in most firms only high-ranking executives earn more than $70,000 a year. Unlike many Japanese companies, Nomura does not promote employees solely on the basis of seniority. If a young salesman or trader shows unusual dedication, he can move rapidly to a managerial post. Says a competitor: "For many people, it is painful and very shameful to see older men working under younger bosses. But that's the way it goes at Nomura...