DrexelBurnhamLambert:Drexelwashitbytheunexpecteddownturninthejunk-bondmarketinthelate1980s,justasBearStearnshasbeenhitbythedownturninthesubprime-mortgagemarkets.Drexel,likeBear,alsofacedrumorsofaliquiditysqueeze.In1989,Drexel’stroublescausedittopostthefirstoperatinglossinits54-yearhistory;in2007Bearpostedthefirstlossinits83-yearhistory.Thenthereisthemarketkarma:Drexelrackedupmanyresentfulcounterp...[
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ByStevenChurch
Feb.19(Bloomberg)--ThemostvaluableiteminCharles
Murphy'sestatewastheblack-and-whitelicenseplateonhis
2005Chrysler300.
Murphy'sfamilysoldDelawareplateNo.6atauctionon
Feb.17foraU.S.record$675,000,morethantwicetheprevious
high.Thebuyerwasafamily-ownedpropertycompanythatowns
severallow-numberplates.
``Wehavehishouselistedat$350,000andwecouldn'tgive
it...[
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NameCityFirmAgeEst.IncomeJohnArnoldHoustonCentaurusEnergy33$1.5-2BJamesSimonsEastSetaucket,NewYorkRenaissanceTechnologiesCorp.68$1.5-$2BEddieLampertGreenwich,ConnecticutESLInvestments44$1-1.5BT.BoonePickensDallasBPCapital78$1B-1.5StevieCohenStamford,ConnecticutSACCapitalAdvisors50$1BStephenFeinbergNewYorkCerberusCapital47$800-900MPaulTudorJonesGreenwich,ConnecticutTudorInvestmentCorp.53$700-800MBr...[
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GreenCrisis
Therewillbeabacklashinthegreenmovementafteritbecomesclearthatmanyofthecompaniesclaimingtobegreenareinfactnothingofthesort.Businessesthatproclaimtheyare"carbonneutral"willfindthatsuchproclamationsnolongercarrymuchweightamongfarmoreskepticalmediaandconsumers.AirlineConsolidationBegins
AtleastonemajorU.S.airlinewillbuyanotherin2008.ThemostlikelyscenarioisthatDeltaAirLineswillgoaft...[
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Greenspan's'63EssayForetoldSubprimeInaction:JonathanWeil
2007-12-1900:25(NewYork)
CommentarybyJonathanWeil
Dec.19(Bloomberg)--WhydidAlanGreenspanfailtoact
whiletherootsofthesubprime-mortgagecrisisspread?Here's
onepossibleexplanation:TheAynRanddiscipleheldfasttohis
unwaveringlaissez-fairebeliefs.
Yesterday'sNewYorkTimescarriedafront-pagearticle
chroniclingthemanywarn...[
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