Word: meltdowns
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Dates: during 1990-1999
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...operator Cendant, where just last week chairman Walter Forbes resigned under pressure. Both are widely held stocks, and, predictably, both now face scores of lawsuits that allege accounting fraud. Ultimately, the cases against both will become class-action affairs and so serve all who owned the stocks before their meltdown. But even if the suits succeed, the overwhelming odds--and this is true in any suit over a stock gone bad--are that no money will change hands for years and the payments will amount to just pennies on the dollar...
...foreign investors, burned by losses in Asia, are taking their money and heading for the exits. Trying desperately to hold on to them and avoid devaluing the ruble, the central bank last week upped its interest rate to 150%. Some experts are talking about a meltdown, but it's more like a drought. Russia's cash flow has dried...
...Cold War heated the classroom as the Herculean minds of professors Michael Walzer and Robert Nozick dueled over the moral worth of socialism and capitalism. It was also where E.J. Dionne '73, now a syndicated columnist, learned that fighting over politics does not have to end in a nuclear meltdown...
Russia's Central Bank tripled interest rates today to a surreal 150 percent. The desperate bid to cool a market meltdown was accompanied by a shift in speculation as to how Prime Minister Sergei Kiriyenko plans to save the economy: "The word yesterday was 'devaluation'; the word today is 'bailout,'" says TIME Moscow correspondent Andrew Meier. And that may leave Russia's fate in the hands of Newt Gingrich and his congressional followers...
...Then there's Russia, fast approaching meltdown. But the Russian stock market has lost half its value since January; anyone on these shores who still had money in it on Tuesday -- well, they probably deserve to go broke...