Word: payments
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Dates: during 1980-1989
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...Chicago Merc is used primarily by brokerage firms and speculators seeking quick profits, and by money managers who want to hedge their portfolios against losses in the stock market. The rules of the two games are wildly disparate. In the stock market, the margin requirement -- the percentage of down payment that an investor must make to buy shares on credit -- is 50%. In Chicago, investors can buy into the futures market with as little as 12% of the value of the contract purchased...
...Franklyn Chinn, a former Wedtech director who handled investments profitably for Meese in a "blind partnership" trust; and Rusty Kent London, a professional gambler and past financial consultant to Wedtech. The indictments contend that Wallach received a check for $300,000 from Wedtech in 1984, claiming falsely that the payment was for past legal advice to the company. "In fact," contended Giuliani, "the money was for future services, including efforts to influence Edwin Meese and other federal officials." Wallach, according to the indictment, told the company that he - had a job lined up at the Justice Department...
...junk bonds, which are high-yield, high-risk securities, are often used to finance takeovers, Milken and other Drexel Burnham employees have had advance knowledge of many big deals and could have passed information to speculators like Boesky. Drexel Burnham admits that in 1986 it received a $5.3 million payment from Boesky for "advisory services." After news of the payment broke, the firm's chief executive, Frederick Joseph, steadfastly ! maintained that internal company investigations had found "absolutely no wrongdoing." Recently, however, Joseph has stopped saying that...
...would propose to create a named Charles and Joanne Dickinson Public Service Endowment at the School. To underwrite the Dickinson Endowment, we would pledge the sum of $500,000 to be payable over a period of not fewer than ten years. Our expectation is to make an initial payment of $250,000, of which $50,000 could be spent on loan forgiveness this academic year...
...free pass? Because, with its 38 million beneficiaries, Social Security is one of the Federal Government's most popular and effective programs. It has vastly improved the lives of America's elderly: a 65-year-old worker who retires this year could receive the top Social Security payment of $789 a month, or 53% of the average national wage. Moreover, retirees regard those monthly checks as their due, a return on their payroll-tax contributions to the Social Security trust fund over the years. They see Social Security as an insurance rather than a welfare program, and this attitude...