Word: wharton
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...University of Pennsylvania's Wharton School, no one was smiling. Students clustered around a computer in a lobby to check their investments. More than 150 showed up for an impromptu forum last Tuesday to discuss the effect of the market's uncertainty on careers. "Let's put it this way: I was a future investment banker," says Harry Friedberg, 21, who used the $17,000 he made trading options last year to pay his tuition and room and board. But now, he says, "I'll look harder at marketing." For Neil Donnenfeld, 25, the panic only confirmed a decision last...
Smith, a graduate of Cornell and the Wharton School, started dabbling in distressed securities in the late 1960s while a trader at Manhattan's Bear Stearns. He made clients and himself a tidy profit on bonds issued by the bankrupt Penn Central railroad. In 1985 Smith left Bear Stearns to create the first company devoted to dealing in distressed securities. As a privately held firm, R.D. Smith does not report earnings, but the staff at its cluttered Manhattan office has expanded from eight to 35 in two years...
...Some economists see a frightening number of current parallels with the 1920s. Moreover, those similarities are compounded by unprecedented new debt burdens and serious questions about the financial system's stability. While the probability of a major crash may be only 1 in 100, says Lawrence Chimerine, chairman of Wharton Econometrics, he adds that "the risk of a depression is higher now than at any time since the 1930s...
...high schoolers had been among a group of gifted high school students enrolled in a five-week program co-sponsored by the Wharton School of Business and the State of Pennsylvania. Ward, who will be a sophomore at Penn this fall, was a residential counselor in the dorm...
...offense: the craggy-faced Arthur Liman, 54, a New York City trial lawyer whose sharp questions had already lacerated such witnesses as Richard Secord and Albert Hakim. A partner at the prestigious firm of Paul, Weiss, Rifkind, Wharton & Garrison, Liman (estimated annual salary: $1.1 million) is a specialist in white-collar crime. Last January he joined the Iran-contra investigation for what he calls the greatest challenge of his career. For the defense: Brendan Sullivan, 45, a partner at Washington's best-known criminal- law firm, Williams & Connolly. Despite his mild appearance, Sullivan is a tireless worker and tenacious courtroom...