Word: moneys
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Dates: during 1990-1999
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...banking operations in the U.S., in which the firm puts up its own capital to help finance a deal rather than just serving as a middleman. Morgan has invested $250 million in management-led LBOs. Besides earning fees for arranging the deals, it reaped a 100% return on its money last year from dividends and the sell-off of corporate assets. Morgan's portfolio of industrial holdings includes stakes in 40 companies, including Burlington Industries, Southern Pacific Railroad and Fort Howard Paper...
Readers of Martin Amis' earlier fictions -- notably Success, Money: A Suicide Note and Einstein's Monsters -- will find that he outdoes himself in London Fields. It could even be said he sometimes undoes himself, with his verbal brilliance and command of literary technique. No matter. As an uninhibited high-energy performance, as a bold conception of a world tumbling toward a loveless void, this British best seller is destined for a large and divided readership...
Talent's foil, Guy Clinch, is a British Sherman McCoy, the Wall Street fall guy of The Bonfire of the Vanities. "He had a tremendous amount of money, excellent health, handsomeness, height, a capriciously original mind; and he was lifeless," writes Amis of Clinch. Samson Young, the narrator and American scribbler who thinks he is writing Amis' novel, represents cultural lowlife. "A little media talk and Manhattan networking soon schmoozed her into shape" is his oily take on subduing Guy's wife Hope...
...echo carried that far and beyond. Drexel's notorious junk bonds -- debt instruments that pay high rates of interest because of the relative shakiness of the ventures they fund -- turned the financial world topsy-turvy and helped set the tone for the money lust that gripped America in the '80s. Armed with the bonds, corporate raiders swiftly raised the money they needed to attack even the largest companies. At the same time, investment bankers raked in billions of dollars by advising the raiders and selling junk bonds to eager borrowers. In what corporate America saw as a glorified protection racket...
...prices of such securities plunging to 50% or less of their face value since last fall. Stuck with more than $1 billion in devaluing junk, Drexel's credit rating began sliding, and its banks cut off credit two weeks ago. The parent company, starved for cash, began to siphon money from the investment firm's coffers until Government regulators halted that maneuver. After a frantic search for a bank bailout or a merger partner, directors of Drexel Burnham Lambert Group agreed to put the company into bankruptcy proceedings...