Word: walls
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Dates: during 1970-1979
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...Wall Street is also safer today because, in the aftermath of the Crash, the Government moved to outlaw some of the abuses that permitted the 1929 bubble. Fifty years ago, a buyer had to put down only 10% of his own money to get a stock; he could use credit for the rest. Today, under a Federal Reserve rule, customers have to put up at least 50% of their own funds. The Fed can also slow bank credit to stop speculation from feeding a boom, a step it took last week. In addition, there was no watchdog Securities and Exchange...
...financial maelstrom hits big and small, the prosperous and the striving, without discrimination. Mighty IBM, a seemingly surefire Boston real estate project, and the gold futures market were all sent reeling in last week's crunch. Even the Wall Street Journal had a hard time putting it all together...
...blue-chip stocks and bonds, few radiate so pure an azure as IBM's. Thus when the mammoth computer corporation decided to raise $1 billion, half of it in 25-year debentures, some Wall Street underwriters anticipated a field day. To be sure, interest rates were expected to go up another notch in late October, but by moving up the launching date two weeks, IBM and its principal underwriters, Salomon Brothers and Merrill Lynch, were confident that the timing was right. It was hideously wrong. The bond issue turned out to be perhaps the greatest underwriting fiasco in Wall...
...weekend, rumors began to circulate that IBM's third-quarter earnings were down. In fact, as announced late in the week, they fell 18%. The unsold paper, possibly $300 million worth, was dumped on the open market, where it fared badly. IBM's timing ignored a hoary Wall Street axiom: "Never commit yourself to a major issue before a long weekend. Who knows, we may be at war by Tuesday." There was no war, but the underwriters were routed nonetheless...
...crunch made a big front-page splash in just about every newspaper. But the Wall Street Journal, forced by its staid though successful format to use only a single column on page one for the story, had to bury considerable news inside. The paper felt obliged to provide readers with a guide, which ran on the front page...