Word: vestments
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Dates: during 1980-1989
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...today, the more bankruptcies tomorrow." Reason: the companies are vulnerable to high interest rates and a down turn in business because of the large loans they have taken on to finance their own purchase. Shad's views echoed those of Felix Rohatyn, a senior partner in the in vestment banking firm of Lazard Freres, who believes that buyouts are too speculative. Says Rohatyn: "We are turning the financial markets into a huge casino...
...bulk of the jump in Harvard's endowment--the largest of any American university--comes from what Harvard's chief vestment official called a 17-to-18 percent increase in the return on Harvard's portfolio of stocks and bonds in the last three months...