Word: walls
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Dates: during 1970-1979
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...years had Wall Street investors seen anything quite like the market's current high-rolling fad: gambling on gambling. All summer long, shares in companies that operate casinos-and many other outfits only remotely or even mistakenly associated with them-have been soaring higher than a Vegas showgirl's kicks. As the Labor Day holiday approached, the speculation became so frantic that for a time it seemed the gambling bubble was about to burst. But last week gaming issues bounced back strongly...
...worldwide production last year to a record 750 million yds. Alas, that was more denim than there were fannies to fill it. Result: a glut of material and sharp cutbacks at the plants that make it, even though sales of jeans, jackets and other finished items have remained high. Wall Street analysts figure that U.S. production will drop this year to about 500 million...
...following a quiet little bidding war for his services, the former Fed chief accepted a job as "senior adviser" at the highly influential investment banking firm of Lazard Frères. While Henry Kissinger surely holds the modern pay record for ex-Washington officials in part-time jobs on Wall Street,* Burns will do all right for a retired bureaucrat of 74. His retainer: reportedly in the $100,000 to $200,000 a year range...
Though small by major investment-bank standards, Lazard has prospered, mostly by being aggressively traditional. Following a Wall Street fashion, Lehman and other firms have been busy turning themselves into financial "supermarkets" that do everything from securities trading and corporate advice to merger brokering. Yet Lazard has remained a loosely structured group of partners; it aims to avoid large-volume low-profit activities like brokerage and remain a "deal" firm specializing in big corporate sales and mergers. A recent Lazard achievement: it put together Chrysler's sale of its European operations to Peugeot. While, at larger firms, the earnings...
Often the answers to such questions have remained locked in mystery, protected by the wall of secrecy that attends the conclave, the vows of silence taken by the Cardinals as they enter and are sealed from the outside world. But after this conclave-perhaps out of sheer exuberance over the results-a number of participants proved talkative, and TIME'S Jordan Bonfante and Roland Flamini have pieced together much of the story of the proceedings in the Sistine Chapel. It is clear that Luciani came to power through no accident, but as a result of a spontaneous consensus that...