Word: wall
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Dates: during 1980-1989
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When Financial World magazine published its annual list of Wall Street's 100 highest earners last week, no one was surprised to see junk-bond pioneer Michael Milken on top (1988 income: at least $180 million) and leveraged- buyout king Henry Kravis ($110 million) in third place. But who was this in the No. 2 position? A relatively unknown dealmaker named Gordon Cain, 77, took that spot by earning an estimated $120 million last year through his Houston LBO firm, Sterling Group...
...professor at the Harvard Business School, two-thirds of FORTUNE 500 companies were convicted between 1975 and 1985 of serious crimes, from price fixing to illegal dumping of hazardous wastes. Executives at Beech-Nut tried to pass off flavored water as apple juice. Ivan Boesky and a ring of Wall Streeters traded on insider information. Even such an upstanding company as Eastman Kodak, which has won awards for its minority-hiring and other social programs, has felt the heat. Residents of Rochester, where Kodak is based, have accused the company of covering up its chemical contamination of the city...
...credibility of some businesses has been eroded during the 1980s by the greedy tendencies of corporate leaders and Wall Streeters. Takeover battles and buyouts have eviscerated hundreds of companies and cost thousands of employees their jobs while lining the pockets of many CEOs and investment bankers. From 1977 to 1987, executive pay and bonuses jumped 120%, vs. 80% for factory workers' wages. Says Elmer Johnson, a retired executive vice president of General Motors: "The best minds are not creating wealth but just transferring and churning...
...equally straightforward. "I wanted," he says, "to make furniture out of real wood without it costing that much more than you would pay in a good store." He sells only directly to customers. Prices for stock items range from $155 for a plank stool to $4,000 for a wall case...
...Tennessee Senator Albert Gore, Dean variously referred to Mitchell as her father or stepfather after he began living with her widowed mother Mary Gore Dean. At HUD, Deborah Dean served as a sort of gatekeeper, controlling access to Pierce and enjoying wide powers to block projects. She told the Wall Street Journal that the rent-subsidies program was "set up and designed to be a political program ((and)) we ran it in a political manner." At a congressional hearing last week, she invoked her constitutional right against self-incrimination...