Word: highflyers
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...more than a self-inflicted personal tragedy. It inspired charges among the cynical that corporate greed knew no ethical bounds. It touched off a furious row in Britain's Parliament, where a formal inquiry was launched into how the government could have let itself be used by an American highflyer at such cost to its treasury. Protested Sir William Clark, chairman of the Conservative Party's backbench finance committee: "This is absolutely monstrous; it shows that to pump public money into businesses merely to create jobs can be disastrous...
Money market funds have become a highflyer for savers. Like a bank, a money fund takes in deposits and pays them out on demand. But unlike a commercial bank, which is limited by the Federal Reserve to paying 5¼% interest, money market funds face no restrictions on the return they pay investors. At times during 1980, some yielded close to 18%. An estimated 5 million new money market fund accounts have been opened in the past three years, and last week the funds' assets went over $100 billion. But now banks and savings and loans have launched drives...
First Perm's highflyer had been Bunting, its handsome and articulate chairman. In a wild roller-coaster ride starting in 1968, he tried to move the conservative regional bank into the same class as the major New York institutions with a go-go policy of risky venture-capital loans and high-yielding real estate deals. For a while the strategy worked. In five years First Penn led all banks with a healthy 16.4% return on equity. But the 1974-75 recession caught the bank overextended. Then, between 1976 and 1979, Bunting sank about 20% of the bank...
Although it could be many months before the SEC's charges come to trial, Wilmot's days as a highflyer in international aviation seem over. Last month Grumman sold its Gulfstream-manufacturing subsidiary to American Jet Industries, of Van Nuys, Calif. Its president, Allen Paulson, says flatly that Page will not be asked to help sell any more Gulfstreams...