Word: margining
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...Capitol Hill, campaign-finance reform remains the crusade that can't quite succeed yet just won't die. Last year Shays' bill, co-sponsored by Democrat Martin Meehan, passed the House by a wide margin, even drawing 61 Republican votes. It is likely to pass again when it is brought up in September, despite attempts by the Republican leadership to kill it with parliamentary maneuvering. The real hang-up is in the Senate, where majority leader Trent Lott has promised that a bill co-sponsored by McCain and Democrat Russ Feingold will be voted on by Oct. 12. The measure...
Harris split the first two sets with her opponent before the match was suspended with Harvard secure in victory. The 6-0 margin came under a new format instituted for the spring season in which one team point is awarded to the winner of two of the three eight-game pro-set doubles matches. The singles matches are each worth one point, as they were before...
...could margin investing turn cataclysmic? Here's the scenario most feared--and most plausible. The combination of rising interest rates, lofty P/E ratios and some unexpected Y2K problems in the period ahead could jolt the market into a major sell-off. Internet stocks would be most vulnerable, but the damage could spread to other equities as well. If a stock bought on margin falls 30%, the stockbroker typically grabs the phone and utters the dread words "margin call." It means you've lost so much money on the stock you bought with borrowed funds that you have to dig into...
...blame for the surge in margin debt? Aha. Some responsibility goes to Federal Reserve boss Alan Greenspan, who complained as far back as 1996 about the market's "irrational exuberance." Yet it is within his purview to raise margin requirements above the current 50%. However, that might tick off Wall Street, which earns more than 8% interest on margin loans. (Brokers are free to raise requirements on their own, and some have.) No Fed chairman since 1974 has moved to lift the limit. Individual investors--and not just day traders--also share part of the blame. Intoxicated...
What to do? Investors already in hock must prepare a game plan on how they'll raise cash if they face a margin call, says Lloyd Woelfle of American Express Financial Advisers. If you're a novice investor tempted to buy on margin, using leverage is O.K., but you may need to set aside more money than you think to play this game. If you buy on margin, better to stick to high-quality equities, which have a lower downside risk. Borrowing to buy volatile Internet stocks is walking the high wire. And right now that wire is really, really...