Word: walling
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Dates: during 1980-1989
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...After 28 years, the Berlin Wall is open. What motivated you to make this move after all these years...
...West German voters, and he no doubt hoped to revive his dismal political fortunes. He faces a general election in December 1990, and at the moment his Christian Democratic Party's chances are rated as questionable. Since the tumultuous events leading up to the dismantling of the Berlin Wall began last August, Kohl has been attacked relentlessly for a flat-footed response to a historic moment. When he appeared on the steps of the Schoneberg town hall in Berlin on the night after the Wall was breached, millions of TV viewers saw a flustered and irate Kohl...
...raiders' troubles have hit Wall Street like a line of falling dominoes. Defaults by overburdened borrowers have crippled the junk-bond market, which finances many takeover deals. Only $11 billion of junk bonds were issued for mergers and acquisitions in the first nine months of 1989, in contrast to $26 billion during the same period a year ago. "Investors are becoming more sophisticated and cynical," says Kingman Penniman, a Vermont-based investment adviser. "They are no longer willing to finance every buyer's fantasy of using somebody else's money to leverage and strip a company and get rich...
That is bad news for Wall Street, where buyouts have propped up stock prices and brought in fat advisory fees. Faced with a drop in the number of mergers and acquisitions, which fell 29% during the July-September quarter compared with 1988's third period, major investment firms have announced the layoffs of nearly 2,000 employees in recent months. Particularly sharp cutbacks have come at Shearson Lehman Hutton, which is dismissing 800 of its nearly 37,000 workers and said last week it would reshuffle its top management...
...battle-weary Pickens has abandoned the U.S. takeover field and gone hunting in Japan. But he has been stymied in a drive to win four seats on the board of Koito Manufacturing, a Tokyo auto-parts maker in which he controls a 20% share. Pickens says Koito has hired Wall Street consultants to advise the company on how to keep him at bay. Meanwhile, a federal appeals court in Philadelphia last August reinstated a class-action suit that Phillips Petroleum shareholders brought against Pickens in 1984. The plaintiffs claim that the value of their stock collapsed when Pickens abruptly abandoned...