22369002@unknown@formal@none@1@S@A good bet would be the tension between blacks and Jews in New York City.@@@@1@15@@oe@2-2-2013
22369003@unknown@formal@none@1@S@Or so it must seem to Jackie Mason, the veteran Jewish comedian appearing in a new ABC sitcom airing on Tuesday nights (9:30-10 p.m. EDT).@@@@1@25@@oe@2-2-2013
22369004@unknown@formal@none@1@S@Not only is Mr. Mason the star of "Chicken Soup," he's also the inheritor of a comedic tradition dating back to "Duck Soup," and he's currently a man in hot water.@@@@1@31@@oe@2-2-2013
22369005@unknown@formal@none@1@S@Here, in neutral language, is the gist of Mr. Mason's remarks, quoted first in the Village Voice while he was a paid spokesman for the Rudolph Giuliani mayoral campaign, and then in Newsweek after he and the campaign parted company.@@@@1@40@@oe@2-2-2013
22369006@unknown@formal@none@1@S@Mr. Mason said that many Jewish voters feel guilty toward blacks, so they support black candidates uncritically.@@@@1@17@@oe@2-2-2013
22369007@unknown@formal@none@1@S@He said that many black voters feel bitter about racial discrimination, so they, too, support black candidates uncritically.@@@@1@18@@oe@2-2-2013
22369008@unknown@formal@none@1@S@He said that Jews have contributed more to black causes over the years than vice versa.@@@@1@16@@oe@2-2-2013
22369009@unknown@formal@none@1@S@Of course, Mr. Mason did not use neutral language.@@@@1@9@@oe@2-2-2013
22369010@unknown@formal@none@1@S@As a practitioner of ethnic humor from the old days on the Borscht Belt, live television and the nightclub circuit, Mr. Mason instinctively reached for the vernacular.@@@@1@27@@oe@2-2-2013
22369011@unknown@formal@none@1@S@He said Jews were "sick with complexes"; and he called David Dinkins, Mr. Giuliani's black opponent, "a fancy shvartze with a mustache."@@@@1@22@@oe@2-2-2013
22369012@unknown@formal@none@1@S@If Mr. Mason had used less derogatory language to articulate his amateur analysis of the voting behavior of his fellow New Yorkers, would the water be quite so hot?@@@@1@29@@oe@2-2-2013
22369013@unknown@formal@none@1@S@It probably would, because few or none of the people upset by Mr. Mason's remarks have bothered to distinguish between the substance of his comments and the fact that he used insulting language.@@@@1@33@@oe@2-2-2013
22369014@unknown@formal@none@1@S@In addition, some of Mr. Mason's critics have implied that his type of ethnic humor is itself a form of racism.@@@@1@21@@oe@2-2-2013
22369015@unknown@formal@none@1@S@For example, the New York state counsel for the NAACP said that Mr. Mason is "like a dinosaur.@@@@1@18@@oe@2-2-2013
22369016@unknown@formal@none@1@S@People are fast leaving the place where he is stuck."@@@@1@10@@oe@2-2-2013
22369017@unknown@formal@none@1@S@These critics fail to distinguish between the type of ethnic humor that aims at disparaging another group, such as "Polish jokes"; and the type that is double-edged, aiming inward as well as outward.@@@@1@33@@oe@2-2-2013
22369018@unknown@formal@none@1@S@The latter typically is the humor of the underdog, and it was perfected by both blacks and Jews on the minstrel and vaudeville stage as a means of mocking their white and gentile audiences along with themselves.@@@@1@37@@oe@2-2-2013
22369019@unknown@formal@none@1@S@In the hands of a zealot like Lenny Bruce, this double-edged blade could cut both the self and the audience to ribbons.@@@@1@22@@oe@2-2-2013
22369020@unknown@formal@none@1@S@But wielded by a pro like Jackie Mason, it is a constructive form of mischief.@@@@1@15@@oe@2-2-2013
22369021@unknown@formal@none@1@S@Why constructive?@@@@1@2@@oe@2-2-2013
22369022@unknown@formal@none@1@S@Because despite all the media prattle about comedy and politics not mixing, they are similar in one respect: Both can serve as mechanisms for easing tensions and facilitating the co-existence of groups in conflict.@@@@1@34@@oe@2-2-2013
22369023@unknown@formal@none@1@S@That's why it's dangerous to have well-intentioned thought police, on college campuses and elsewhere, taboo all critical mention of group differences.@@@@1@21@@oe@2-2-2013
22369024@unknown@formal@none@1@S@As Elizabeth Kristol wrote in the New York Times just before the Mason donnybrook, "Perhaps intolerance would not boil over with such intensity if honest differences were allowed to simmer."@@@@1@30@@oe@2-2-2013
22369025@unknown@formal@none@1@S@The question is, if group conflicts still exist (as undeniably they do), and if Mr. Mason's type of ethnic humor is passe, then what other means do we have for letting off steam?@@@@1@33@@oe@2-2-2013
22369026@unknown@formal@none@1@S@Don't say the TV sitcom, because that happens to be a genre that, in its desperate need to attract everybody and offend nobody, resembles politics more than it does comedy.@@@@1@30@@oe@2-2-2013
22369027@unknown@formal@none@1@S@It is true that the best sitcoms do allow group differences to simmer: yuppies vs. blue-collar Bostonians in "Cheers"; children vs. adults in "The Cosby Show."@@@@1@26@@oe@2-2-2013
22369028@unknown@formal@none@1@S@But these are not the differences that make headlines.@@@@1@9@@oe@2-2-2013
22369029@unknown@formal@none@1@S@In "Chicken Soup," Mr. Mason plays Jackie, a Jewish bachelor courting Maddie (Lynn Redgrave), an Irish widow and mother of three, against the wishes of his mother (Rita Karin) and her brother Michael (Brandon Maggart).@@@@1@35@@oe@2-2-2013
22369030@unknown@formal@none@1@S@It's worth noting that both disapproving relatives are immigrants.@@@@1@9@@oe@2-2-2013
22369031@unknown@formal@none@1@S@At least, they both speak with strong accents, as do Jackie and Maddie.@@@@1@13@@oe@2-2-2013
22369032@unknown@formal@none@1@S@It couldn't be more obvious that "Chicken Soup" is being made from an old recipe.@@@@1@15@@oe@2-2-2013
22369033@unknown@formal@none@1@S@And a safe one -- imagine if the romance in question were between an Orthodox Jew and a member of the Nation of Islam.@@@@1@24@@oe@2-2-2013
22369034@unknown@formal@none@1@S@Back in the 1920s, the play and movie versions of "Abie's Irish Rose" made the theme of courtship between the assimilated offspring of Jewish and Irish immigrants so popular that its author, Anne Nichols, lost a plagiarism suit on the grounds that the plot has entered the public domain.@@@@1@49@@oe@2-2-2013
22369035@unknown@formal@none@1@S@And it has remained there, as evidenced by its reappearance in a 1972 CBS sitcom called "Bridget Loves Bernie," whose sole distinction was that it led to the real-life marriage of Meredith Baxter and David Birney.@@@@1@36@@oe@2-2-2013
22369036@unknown@formal@none@1@S@Clearly, the question with "Chicken Soup" is not whether the pot will boil over, but whether it will simmer at all.@@@@1@21@@oe@2-2-2013
22369037@unknown@formal@none@1@S@So far, the bubbles have been few and far between.@@@@1@10@@oe@2-2-2013
22369038@unknown@formal@none@1@S@Part of the problem is the tendency of all sitcoms, ever since the didactic days of Norman Lear, to preach about social issues.@@@@1@23@@oe@2-2-2013
22369039@unknown@formal@none@1@S@To some extent, this tendency emerges whenever the show tries to enlighten us about ethnic stereotypes by reversing them.@@@@1@19@@oe@2-2-2013
22369040@unknown@formal@none@1@S@For instance, Michael dislikes Jackie not because he's a shrewd Jewish businessman, but because he quits his well-paying job as a salesman in order to become a social worker.@@@@1@29@@oe@2-2-2013
22369041@unknown@formal@none@1@S@Even more problematic is the incompatibility between sitcom preachiness and Mr. Mason's comic persona.@@@@1@14@@oe@2-2-2013
22369042@unknown@formal@none@1@S@The best moments in the show occur at the beginning and the end (and occasionally in the middle), when Mr. Mason slips into his standup mode and starts meting out that old-fashioned Jewish mischief to other people as well as to himself.@@@@1@42@@oe@2-2-2013
22369043@unknown@formal@none@1@S@But too often, these routines lack spark because this sitcom, like all sitcoms, is timid about confronting Mr. Mason's stock in trade-ethnic differences.@@@@1@23@@oe@2-2-2013
22369044@unknown@formal@none@1@S@I'm not suggesting that the producers start putting together episodes about topics like the Catholic-Jewish dispute over the Carmelite convent at Auschwitz.@@@@1@22@@oe@2-2-2013
22369045@unknown@formal@none@1@S@That issue, like racial tensions in New York City, will have to cool down, not heat up, before it can simmer.@@@@1@21@@oe@2-2-2013
22369046@unknown@formal@none@1@S@But I am suggesting that they stop requiring Mr. Mason to interrupt his classic shtik with some line about "caring for other people" that would sound shmaltzy on the lips of Miss America.@@@@1@33@@oe@2-2-2013
22369047@unknown@formal@none@1@S@At your age, Jackie, you ought to know that you can't make soup without turning up the flame.@@@@1@18@@oe@2-2-2013
22370001@unknown@formal@none@1@S@The official White House reaction to a plunge in stock prices has a 60-year history of calm, right up through Friday.@@@@1@21@@oe@2-2-2013
22370002@unknown@formal@none@1@S@Treasury Secretary Nicholas Brady said in a statement Friday that the stock-market decline "doesn't signal any fundamental change in the condition of the economy."@@@@1@24@@oe@2-2-2013
22370003@unknown@formal@none@1@S@"The economy," he added, "remains well-balanced and the outlook is for continued moderate growth."@@@@1@14@@oe@2-2-2013
22370004@unknown@formal@none@1@S@Sound familiar?@@@@1@2@@oe@2-2-2013
22370005@unknown@formal@none@1@S@Here's what Ronald Reagan said after the 1987 crash: "The underlying economy remains sound.@@@@1@14@@oe@2-2-2013
22370006@unknown@formal@none@1@S@There is nothing wrong with the economy . . . all the indices are up."@@@@1@15@@oe@2-2-2013
22370007@unknown@formal@none@1@S@Heard that before?@@@@1@3@@oe@2-2-2013
22370008@unknown@formal@none@1@S@After the 1929 crash, Herbert Hoover said: "The fundamental business of the country . . . is on a sound and prosperous basis.@@@@1@23@@oe@2-2-2013
22371001@unknown@formal@none@1@S@James Robinson, 57 years old, was elected president and chief executive officer of this maker of magnetic recording heads for disk drives.@@@@1@22@@oe@2-2-2013
22371002@unknown@formal@none@1@S@He has been president and chief executive officer of Amperex Electronics Corp., a division of North American Philips Corp., itself a subsidiary of N.V. Philips of the Netherlands.@@@@1@28@@oe@2-2-2013
22371003@unknown@formal@none@1@S@Charles J. Lawson Jr., 68, who had been acting chief executive since June 14, will continue as chairman.@@@@1@18@@oe@2-2-2013
22371004@unknown@formal@none@1@S@The former president and chief executive, Eric W. Markrud, resigned in June.@@@@1@12@@oe@2-2-2013
22372001@unknown@formal@none@1@S@The Senate's decision to approve a bare-bones deficit-reduction bill without a capital-gains tax cut still leaves open the possibility of enacting a gains tax reduction this year.@@@@1@27@@oe@2-2-2013
22372002@unknown@formal@none@1@S@Late Friday night, the Senate voted 87-7 to approve an estimated $13.5 billion measure that had been stripped of hundreds of provisions that would have widened, rather than narrowed, the federal budget deficit.@@@@1@33@@oe@2-2-2013
22372003@unknown@formal@none@1@S@Lawmakers drastically streamlined the bill to blunt criticism that it was bloated with special-interest tax breaks and spending increases.@@@@1@19@@oe@2-2-2013
22372004@unknown@formal@none@1@S@"We're putting a deficit-reduction bill back in the category of being a deficit-reduction bill," said Senate Budget Committee Chairman James Sasser (D., Tenn.).@@@@1@23@@oe@2-2-2013
22372005@unknown@formal@none@1@S@But Senate supporters of the trimmer legislation said that other bills would soon be moving through Congress that could carry some of the measures that had been cast aside, including a capital-gains tax cut.@@@@1@34@@oe@2-2-2013
22372006@unknown@formal@none@1@S@In addition, the companion deficit-reduction bill already passed by the House includes a capital-gains provision.@@@@1@15@@oe@2-2-2013
22372007@unknown@formal@none@1@S@House-Senate negotiations are likely to begin at midweek and last for a while.@@@@1@13@@oe@2-2-2013
22372008@unknown@formal@none@1@S@"No one can predict exactly what will happen on the House side," said Senate Minority Leader Robert Dole (R., Kan.).@@@@1@20@@oe@2-2-2013
22372009@unknown@formal@none@1@S@But, he added, "I believe Republicans and Democrats will work together to get capital-gains reform this year."@@@@1@17@@oe@2-2-2013
22372010@unknown@formal@none@1@S@White House Budget Director Richard Darman told reporters yesterday that the administration wouldn't push to keep the capital-gains cut in the final version of the bill.@@@@1@26@@oe@2-2-2013
22372011@unknown@formal@none@1@S@"We don't need this as a way to get capital gains," he said.@@@@1@13@@oe@2-2-2013
22372012@unknown@formal@none@1@S@House Budget Committee Chairman Leon Panetta (D., Calif.) said in an interview, "If that's the signal that comes from the White House, that will help a great deal."@@@@1@28@@oe@2-2-2013
22372013@unknown@formal@none@1@S@The Senate's decision was a setback for President Bush and will make approval of a capital-gains tax cut less certain this year.@@@@1@22@@oe@2-2-2013
22372014@unknown@formal@none@1@S@Opponents of the cut are playing hardball.@@@@1@7@@oe@2-2-2013
22372015@unknown@formal@none@1@S@Senate Majority Leader George Mitchell (D., Maine) said he was "confident" that any House-Senate agreement on the deficit-reduction legislation wouldn't include a capital-gains tax cut.@@@@1@25@@oe@2-2-2013
22372016@unknown@formal@none@1@S@And a senior aide to the House Ways and Means Committee, where tax legislation originates, said there aren't any "plans to produce another tax bill that could carry a gains tax cut this year."@@@@1@34@@oe@2-2-2013
22372017@unknown@formal@none@1@S@One obvious place to attach a capital-gains tax cut, and perhaps other popular items stripped from the deficit-reduction bill, is the legislation to raise the federal borrowing limit.@@@@1@28@@oe@2-2-2013
22372018@unknown@formal@none@1@S@Such legislation must be enacted by the end of the month.@@@@1@11@@oe@2-2-2013
22372019@unknown@formal@none@1@S@The Senate bill was pared back in an attempt to speed deficit-reduction through Congress.@@@@1@14@@oe@2-2-2013
22372020@unknown@formal@none@1@S@Because the legislation hasn't been completed, President Bush has until midnight tonight to enact across-the-board spending cuts mandated by the Gramm-Rudman deficit-reduction law.@@@@1@23@@oe@2-2-2013
22372021@unknown@formal@none@1@S@Senators hope that the need to avoid those cuts will pressure the House to agree to the streamlined bill.@@@@1@19@@oe@2-2-2013
22372022@unknown@formal@none@1@S@The House appears reluctant to join the senators.@@@@1@8@@oe@2-2-2013
22372023@unknown@formal@none@1@S@A key is whether House Republicans are willing to acquiesce to their Senate colleagues' decision to drop many pet provisions.@@@@1@20@@oe@2-2-2013
22372024@unknown@formal@none@1@S@"Although I am encouraged by the Senate action," said Chairman Dan Rostenkowski (D., Ill.) of the House Ways and Means Committee, "it is uncertain whether a clean bill can be achieved in the upcoming conference with the Senate."@@@@1@38@@oe@2-2-2013
22372025@unknown@formal@none@1@S@Another big question hovering over the debate is what President Bush thinks.@@@@1@12@@oe@2-2-2013
22372026@unknown@formal@none@1@S@He has been resisting a stripped-down bill without a guaranteed vote on his capital-gains tax cut.@@@@1@16@@oe@2-2-2013
22372027@unknown@formal@none@1@S@But Republican senators saw no way to overcome a procedural hurdle and garner the 60 votes needed to win the capital-gains issue on the floor, so they went ahead with the streamlined bill.@@@@1@33@@oe@2-2-2013
22372028@unknown@formal@none@1@S@The Senate bill was stripped of many popular, though revenue-losing, provisions, a number of which are included in the House-passed bill.@@@@1@21@@oe@2-2-2013
22372029@unknown@formal@none@1@S@These include a child-care initiative and extensions of soon-to-expire tax breaks for low-income housing and research-and-development expenditures.@@@@1@17@@oe@2-2-2013
22372030@unknown@formal@none@1@S@Also missing from the Senate bill is the House's repeal of a law, called Section 89, that compels companies to give rank-and-file workers comparable health benefits to top paid executives.@@@@1@30@@oe@2-2-2013
22372031@unknown@formal@none@1@S@One high-profile provision that was originally in the Senate bill but was cut out because it lost money was the proposal by Chairman Lloyd Bentsen (D., Texas) of the Senate Finance Committee to expand the deduction for individual retirement accounts.@@@@1@40@@oe@2-2-2013
22372032@unknown@formal@none@1@S@Mr. Bentsen said he hopes the Senate will consider that measure soon.@@@@1@12@@oe@2-2-2013
22372033@unknown@formal@none@1@S@To the delight of some doctors, the bill dropped a plan passed by the Finance Committee that would have overhauled the entire physician-reimbursement system under Medicare.@@@@1@26@@oe@2-2-2013
22372034@unknown@formal@none@1@S@To the detriment of many low-income people, efforts to boost Medicaid funding, especially in rural areas, also were stricken.@@@@1@19@@oe@2-2-2013
22372035@unknown@formal@none@1@S@Asked why senators were giving up so much, New Mexico Sen. Pete Domenici, the ranking Republican on the Senate Budget Committee, said, "We're looking like idiots.@@@@1@26@@oe@2-2-2013
22372036@unknown@formal@none@1@S@Things had just gone too far."@@@@1@6@@oe@2-2-2013
22372037@unknown@formal@none@1@S@Sen. Dole said that the move required sacrifice by every senator.@@@@1@11@@oe@2-2-2013
22372038@unknown@formal@none@1@S@It worked, others said, because there were no exceptions: all revenue-losing provisions were stricken.@@@@1@14@@oe@2-2-2013
22372039@unknown@formal@none@1@S@The Senate also dropped a plan by its Finance Committee that would have increased the income threshold beyond which senior citizens have their Social Security benefits reduced.@@@@1@27@@oe@2-2-2013
22372040@unknown@formal@none@1@S@In addition, the bill dropped a plan to make permanent a 3% excise tax on long-distance telephone calls.@@@@1@18@@oe@2-2-2013
22372041@unknown@formal@none@1@S@It no longer includes a plan that would have repealed what remains of the completed-contract method of accounting, which is used by military contractors to reduce their tax burden.@@@@1@29@@oe@2-2-2013
22372042@unknown@formal@none@1@S@It also drops a provision that would have permitted corporations to use excess pension funds to pay health benefits for current retirees.@@@@1@22@@oe@2-2-2013
22372043@unknown@formal@none@1@S@Also stricken was a fivefold increase in the maximum Occupational Safety and Health Administration penalties, which would have raised $65 million in fiscal 1990.@@@@1@24@@oe@2-2-2013
22372044@unknown@formal@none@1@S@A provision that would have made the Social Security Administration an independent agency was excised.@@@@1@15@@oe@2-2-2013
22372045@unknown@formal@none@1@S@The approval of the Senate bill was especially sweet for Sen. Mitchell, who had proposed the streamlining.@@@@1@17@@oe@2-2-2013
22372046@unknown@formal@none@1@S@Mr. Mitchell's relations with Budget Director Darman, who pushed for a capital-gains cut to be added to the measure, have been strained since Mr. Darman chose to bypass the Maine Democrat and deal with other lawmakers earlier this year during a dispute over drug funding in the fiscal 1989 supplemental spending bill.@@@@1@52@@oe@2-2-2013
22372047@unknown@formal@none@1@S@The deficit reduction bill contains $5.3 billion in tax increases in fiscal 1990, and $26 billion over five years.@@@@1@19@@oe@2-2-2013
22372048@unknown@formal@none@1@S@The revenue-raising provisions, which affect mostly corporations, would:@@@@1@8@@oe@2-2-2013
22372049@unknown@formal@none@1@S@-- Prevent companies that have made leveraged buy-outs from getting federal tax refunds resulting from losses caused by interest payments on debt issued to finance the buy-outs, effective Aug. 2, 1989.@@@@1@31@@oe@2-2-2013
22372050@unknown@formal@none@1@S@-- Require mutual funds to include in their taxable income dividends paid to them on the date that the dividends are declared rather than received, effective the day after the tax bill is enacted.@@@@1@34@@oe@2-2-2013
22372051@unknown@formal@none@1@S@-- Close a loophole regarding employee stock ownership plans, effective June 6, 1989, that has been exploited by investment bankers in corporate takeovers.@@@@1@23@@oe@2-2-2013
22372052@unknown@formal@none@1@S@The measure repeals a 50% exclusion given to banks on the interest from loans used to acquire securities for an ESOP, if the ESOP owns less than 30% of the employer's stock.@@@@1@32@@oe@2-2-2013
22372053@unknown@formal@none@1@S@-- Curb junk bonds by ending tax benefits for certain securities, such as zero-coupon bonds, that postpone cash interest payments.@@@@1@20@@oe@2-2-2013
22372054@unknown@formal@none@1@S@-- Raise $851 million by suspending for one year an automatic reduction in airport and airway taxes.@@@@1@17@@oe@2-2-2013
22372055@unknown@formal@none@1@S@-- Speed up the collection of the payroll tax from large companies, effective August 1990.@@@@1@15@@oe@2-2-2013
22372056@unknown@formal@none@1@S@-- Impose a tax on ozone-depleting chemicals, such as those used in air conditioners and in Styrofoam, beginning at $1.10 a pound starting next year.@@@@1@25@@oe@2-2-2013
22372057@unknown@formal@none@1@S@-- Withhold income taxes from the paychecks of certain farm workers currently exempt from withholding.@@@@1@15@@oe@2-2-2013
22372058@unknown@formal@none@1@S@-- Change the collection of gasoline excise taxes to weekly from semimonthly, effective next year.@@@@1@15@@oe@2-2-2013
22372059@unknown@formal@none@1@S@-- Restrict the ability of real estate owners to escape taxes by swapping one piece of property for another instead of selling it for cash.@@@@1@25@@oe@2-2-2013
22372060@unknown@formal@none@1@S@-- Increase to $6 a person from $3 the international air-passenger departure tax, and impose a $3-a-person tax on international departures by commercial ships.@@@@1@24@@oe@2-2-2013
22372061@unknown@formal@none@1@S@The measure also includes spending cuts and increases in federal fees.@@@@1@11@@oe@2-2-2013
22372062@unknown@formal@none@1@S@Among its provisions:@@@@1@3@@oe@2-2-2013
22372063@unknown@formal@none@1@S@-- Reduction of Medicare spending in fiscal 1990 by some $2.8 billion, in part by curbing increases in reimbursements to physicians.@@@@1@21@@oe@2-2-2013
22372064@unknown@formal@none@1@S@The plan would impose a brief freeze on physician fees next year.@@@@1@12@@oe@2-2-2013
22372065@unknown@formal@none@1@S@-- Removal of the U.S. Postal Service's operating budget from the federal budget, reducing the deficit by $1.77 billion.@@@@1@19@@oe@2-2-2013
22372066@unknown@formal@none@1@S@A similar provision is in the House version.@@@@1@8@@oe@2-2-2013
22372067@unknown@formal@none@1@S@-- Authority for the Federal Aviation Administration to raise $239 million by charging fees for commercial airline-landing rights at New York's LaGuardia and John F. Kennedy International Airports, O'Hare International Airport in Chicago and National Airport in Washington.@@@@1@38@@oe@2-2-2013
22372068@unknown@formal@none@1@S@-- Increases in Nuclear Regulatory Commission fees totaling $54 million.@@@@1@10@@oe@2-2-2013
22372069@unknown@formal@none@1@S@-- Direction to the U.S. Coast Guard to collect $50 million from users of Coast Guard services.@@@@1@17@@oe@2-2-2013
22372070@unknown@formal@none@1@S@-- Raising an additional $43 million by increasing existing Federal Communications Commission fees and penalties and establishing new fees for amateur radio operators, ship stations and mobile radio facilities.@@@@1@29@@oe@2-2-2013
22372071@unknown@formal@none@1@S@John E. Yang contributed to this article.@@@@1@7@@oe@2-2-2013
22373001@unknown@formal@none@1@S@In response to your overly optimistic, outdated piece on how long unemployment lasts (People Patterns, Sept. 20): I am in the communications field, above entry level.@@@@1@26@@oe@2-2-2013
22373002@unknown@formal@none@1@S@I was laid off in August 1988, and after a thorough and exhausting job search, was hired in August 1989.@@@@1@20@@oe@2-2-2013
22373003@unknown@formal@none@1@S@My unemployment insurance ran out before I found a job; I found cutbacks and layoffs in many companies.@@@@1@18@@oe@2-2-2013
22373004@unknown@formal@none@1@S@The statistics quoted by the "new" Census Bureau report (garnered from 1984 to 1986) are out of date, certainly as an average for the Northeast, and possibly for the rest of the country.@@@@1@33@@oe@2-2-2013
22373005@unknown@formal@none@1@S@I think what bothered me most about the piece was that there seemed to be an underlying attitude to tell your readers all is well -- if you're getting laid off don't worry, and if you're unemployed, it's a seller's market.@@@@1@41@@oe@2-2-2013
22373006@unknown@formal@none@1@S@To top it off, you captioned the graph showing the average number of months in a job search as "Time Off."@@@@1@21@@oe@2-2-2013
22373007@unknown@formal@none@1@S@Are you kidding?@@@@1@3@@oe@2-2-2013
22373008@unknown@formal@none@1@S@Looking for a job was one of the most anxious periods of my life -- and is for most people.@@@@1@20@@oe@2-2-2013
22373009@unknown@formal@none@1@S@Your paper needs a serious reality check.@@@@1@7@@oe@2-2-2013
22373010@unknown@formal@none@1@S@Reva Levin@@@@1@2@@oe@2-2-2013
22373011@unknown@formal@none@1@S@Cambridge, Mass.@@@@1@2@@oe@2-2-2013
22374001@unknown@formal@none@1@S@BULL HN INFORMATION SYSTEMS Inc. is a U.S. majority-owned unit of Cie. des Machines Bull.@@@@1@15@@oe@2-2-2013
22374002@unknown@formal@none@1@S@In Friday's edition, the name of the unit was misstated.@@@@1@10@@oe@2-2-2013
22375001@unknown@formal@none@1@S@Moody's Investors Service said it reduced its rating on $165 million of subordinated debt of this Beverly Hills, Calif., thrift, citing turmoil in the market for low-grade, high-yield securities.@@@@1@29@@oe@2-2-2013
22375002@unknown@formal@none@1@S@The agency said it reduced its rating on the thrift's subordinated debt to B-2 from Ba-2 and will keep the debt under review for possible further downgrade.@@@@1@27@@oe@2-2-2013
22375003@unknown@formal@none@1@S@Columbia Savings is a major holder of so-called junk bonds.@@@@1@10@@oe@2-2-2013
22375004@unknown@formal@none@1@S@New federal legislation requires that all thrifts divest themselves of such speculative securities over a period of years.@@@@1@18@@oe@2-2-2013
22375005@unknown@formal@none@1@S@Columbia Savings officials weren't available for comment on the downgrade.@@@@1@10@@oe@2-2-2013
22375006@unknown@formal@none@1@S@FRANKLIN SAVINGS ASSOCIATION (Ottawa, Kan.) --@@@@1@6@@oe@2-2-2013
22375007@unknown@formal@none@1@S@Moody's Investors Service Inc. said it downgraded its rating to B-2 from Ba-3 on less than $20 million of this thrift's senior subordinated notes.@@@@1@24@@oe@2-2-2013
22375008@unknown@formal@none@1@S@The rating concern said Franklin's "troubled diversification record in the securities business" was one reason for the downgrade, citing the troubles at its L.F. Rothschild subsidiary and the possible sale of other subsidiaries.@@@@1@33@@oe@2-2-2013
22375009@unknown@formal@none@1@S@"They perhaps had concern that we were getting out of all these," said Franklin President Duane H. Hall.@@@@1@18@@oe@2-2-2013
22375010@unknown@formal@none@1@S@"I think it was a little premature on their part.@@@@1@10@@oe@2-2-2013
22376001@unknown@formal@none@1@S@Just when it seemed safe to go back into stocks, Wall Street suffered another severe attack of nerves.@@@@1@18@@oe@2-2-2013
22376002@unknown@formal@none@1@S@Does this signal another Black Monday is coming?@@@@1@8@@oe@2-2-2013
22376003@unknown@formal@none@1@S@Or is this an extraordinary buying opportunity, just like Oct. 19, 1987, eventually turned out to be?@@@@1@17@@oe@2-2-2013
22376004@unknown@formal@none@1@S@Here's what several leading market experts and money managers say about Friday's action, what happens next and what investors should do.@@@@1@21@@oe@2-2-2013
22376005@unknown@formal@none@1@S@Joseph Granville.@@@@1@2@@oe@2-2-2013
22376006@unknown@formal@none@1@S@"I'm the only one who said there would be an October massacre, all through late August and September," says Mr. Granville, once a widely followed market guru and still a well-known newsletter writer.@@@@1@33@@oe@2-2-2013
22376007@unknown@formal@none@1@S@"Everyone will tell you that this time is different from 1987," he says.@@@@1@13@@oe@2-2-2013
22376008@unknown@formal@none@1@S@"Well, in some ways it is different, but technically it is just the same.@@@@1@14@@oe@2-2-2013
22376009@unknown@formal@none@1@S@If you're a technician, you obey the signals.@@@@1@8@@oe@2-2-2013
22376010@unknown@formal@none@1@S@Right now they're telling me to get the hell out and stay out.@@@@1@13@@oe@2-2-2013
22376011@unknown@formal@none@1@S@I see no major support until 2200.@@@@1@7@@oe@2-2-2013
22376012@unknown@formal@none@1@S@I see a possibility of going to 2200 this month."@@@@1@10@@oe@2-2-2013
22376013@unknown@formal@none@1@S@Mr. Granville says he wouldn't even think of buying until at least 600 to 700 stocks have hit 52-week lows; about 100 stocks hit new lows Friday.@@@@1@27@@oe@2-2-2013
22376014@unknown@formal@none@1@S@"Most people," he says, "have no idea what a massacre pattern looks like."@@@@1@13@@oe@2-2-2013
22376015@unknown@formal@none@1@S@Elaine Garzarelli.@@@@1@2@@oe@2-2-2013
22376016@unknown@formal@none@1@S@A quantitative analyst with Shearson Lehman Hutton Inc., Ms. Garzarelli had warned clients to take their money out of the market before the 1987 crash.@@@@1@25@@oe@2-2-2013
22376017@unknown@formal@none@1@S@Friday's big drop, she says, "was not a crash.@@@@1@9@@oe@2-2-2013
22376018@unknown@formal@none@1@S@This was an October massacre" like those that occurred in 1978 and 1979.@@@@1@13@@oe@2-2-2013
22376019@unknown@formal@none@1@S@Now, as in those two years, her stock market indicators are positive.@@@@1@12@@oe@2-2-2013
22376020@unknown@formal@none@1@S@So she thinks the damage will be short-lived and contained.@@@@1@10@@oe@2-2-2013
22376021@unknown@formal@none@1@S@"Those corrections lasted one to four weeks and took the market 10%-12% down," she says.@@@@1@15@@oe@2-2-2013
22376022@unknown@formal@none@1@S@"This is exactly the same thing, as far as I'm concerned."@@@@1@11@@oe@2-2-2013
22376023@unknown@formal@none@1@S@Thus, she says, if the Dow Jones Industrial Average dropped below 2450, "It would just be a fluke.@@@@1@18@@oe@2-2-2013
22376024@unknown@formal@none@1@S@My advice is to buy."@@@@1@5@@oe@2-2-2013
22376025@unknown@formal@none@1@S@As she calculates it, the average stock now sells for about 12.5 times companies' earnings.@@@@1@15@@oe@2-2-2013
22376026@unknown@formal@none@1@S@She says that ratio could climb to 14.5, given current interest rates, and still be within the range of "fair value."@@@@1@21@@oe@2-2-2013
22376027@unknown@formal@none@1@S@Ned Davis.@@@@1@2@@oe@2-2-2013
22376028@unknown@formal@none@1@S@Friday's fall marks the start of a bear market, says Mr. Davis, president of Ned Davis Research Inc.@@@@1@18@@oe@2-2-2013
22376029@unknown@formal@none@1@S@But Mr. Davis, whose views are widely respected by money managers, says he expects no 1987-style crash.@@@@1@17@@oe@2-2-2013
22376030@unknown@formal@none@1@S@"There was a unique combination in 1987," he says.@@@@1@9@@oe@2-2-2013
22376031@unknown@formal@none@1@S@"Margin debt was at a record high.@@@@1@7@@oe@2-2-2013
22376032@unknown@formal@none@1@S@There was tremendous public enthusiasm for stock mutual funds.@@@@1@9@@oe@2-2-2013
22376033@unknown@formal@none@1@S@The main thing was portfolio insurance," a mechanical trading system intended to protect an investor against losses. "@@@@1@18@@oe@2-2-2013
22376034@unknown@formal@none@1@S@A hundred billion dollars in stock was subject" to it.@@@@1@10@@oe@2-2-2013
22376035@unknown@formal@none@1@S@In 1987, such selling contributed to a snowball effect.@@@@1@9@@oe@2-2-2013
22376036@unknown@formal@none@1@S@Today could even be an up day, Mr. Davis says, if major brokerage firms agree to refrain from program trading.@@@@1@20@@oe@2-2-2013
22376037@unknown@formal@none@1@S@Over the next several months, though, he says things look bad.@@@@1@11@@oe@2-2-2013
22376038@unknown@formal@none@1@S@"I think the market will be heading down into November," he says.@@@@1@12@@oe@2-2-2013
22376039@unknown@formal@none@1@S@"We will probably have a year-end rally, and then go down again.@@@@1@12@@oe@2-2-2013
22376040@unknown@formal@none@1@S@Sort of a two-step bear market."@@@@1@6@@oe@2-2-2013
22376041@unknown@formal@none@1@S@He expects the downturn to carry the Dow Jones Industrial Average down to around 2000 sometime next year.@@@@1@18@@oe@2-2-2013
22376042@unknown@formal@none@1@S@"That would be a normal bear market," he says.@@@@1@9@@oe@2-2-2013
22376043@unknown@formal@none@1@S@"I guess that's my forecast."@@@@1@5@@oe@2-2-2013
22376044@unknown@formal@none@1@S@Leon G. Cooperman.@@@@1@3@@oe@2-2-2013
22376045@unknown@formal@none@1@S@"I don't think the market is going through another October '87.@@@@1@11@@oe@2-2-2013
22376046@unknown@formal@none@1@S@I don't think that's the case at all," says Mr. Cooperman, a partner at Goldman, Sachs & Co. and chairman of Goldman Sachs Asset Management.@@@@1@25@@oe@2-2-2013
22376047@unknown@formal@none@1@S@Mr. Cooperman sees this as a good time to pick up bargains, but he doesn't think there's any need to rush.@@@@1@21@@oe@2-2-2013
22376048@unknown@formal@none@1@S@"I expect the market to open weaker Monday, but then it should find some stability."@@@@1@15@@oe@2-2-2013
22376049@unknown@formal@none@1@S@He ticks off several major differences between now and two years ago.@@@@1@12@@oe@2-2-2013
22376050@unknown@formal@none@1@S@Unlike 1987, interest rates have been falling this year.@@@@1@9@@oe@2-2-2013
22376051@unknown@formal@none@1@S@Unlike 1987, the dollar has been strong.@@@@1@7@@oe@2-2-2013
22376052@unknown@formal@none@1@S@And unlike 1987, the economy doesn't appear to be in any danger of overheating.@@@@1@14@@oe@2-2-2013
22376053@unknown@formal@none@1@S@But the economy's slower growth this year also means the outlook for corporate profits "isn't good," he says.@@@@1@18@@oe@2-2-2013
22376054@unknown@formal@none@1@S@"So it's a very mixed bag."@@@@1@6@@oe@2-2-2013
22376055@unknown@formal@none@1@S@Thus, he concludes, "This is not a good environment to be fully invested" in stocks.@@@@1@15@@oe@2-2-2013
22376056@unknown@formal@none@1@S@"If I had come into Friday on margin or with very little cash in the portfolios, I would not do any buying.@@@@1@22@@oe@2-2-2013
22376057@unknown@formal@none@1@S@But we came into Friday with a conservative portfolio, so I would look to do some modest buying" on behalf of clients. "@@@@1@23@@oe@2-2-2013
22376058@unknown@formal@none@1@S@We're going to look for some of the better-known companies that got clocked" Friday.@@@@1@14@@oe@2-2-2013
22376059@unknown@formal@none@1@S@John Kenneth Galbraith.@@@@1@3@@oe@2-2-2013
22376060@unknown@formal@none@1@S@"This is the latest manifestation of the capacity of the financial community for recurrent insanity," says Mr. Galbraith, an economist.@@@@1@20@@oe@2-2-2013
22376061@unknown@formal@none@1@S@"I see this as a reaction to the whole junk bond explosion," he says.@@@@1@14@@oe@2-2-2013
22376062@unknown@formal@none@1@S@"The explosion of junk bonds and takeovers has lodged a lot of insecure securities in the hands of investors and loaded the corporations that are the objects of takeovers or feared takeovers with huge amounts of debt rather than equity.@@@@1@40@@oe@2-2-2013
22376063@unknown@formal@none@1@S@This has both made investors uneasy and the corporations more vulnerable."@@@@1@11@@oe@2-2-2013
22376064@unknown@formal@none@1@S@Nevertheless, he says a depression doesn't appear likely.@@@@1@8@@oe@2-2-2013
22376065@unknown@formal@none@1@S@"There is more resiliency in the economy at large than we commonly suppose," he says.@@@@1@15@@oe@2-2-2013
22376066@unknown@formal@none@1@S@"It takes more error now to have a major depression than back in the Thirties -- much as the financial community and the government may try."@@@@1@26@@oe@2-2-2013
22376067@unknown@formal@none@1@S@Mario Gabelli.@@@@1@2@@oe@2-2-2013
22376068@unknown@formal@none@1@S@New York money manager Mario Gabelli, an expert at spotting takeover candidates, says that takeovers aren't totally gone.@@@@1@18@@oe@2-2-2013
22376069@unknown@formal@none@1@S@"Companies are still going to buy companies around the world," he says.@@@@1@12@@oe@2-2-2013
22376070@unknown@formal@none@1@S@Examples are "Ford looking at Jaguar, BellSouth looking at LIN Broadcasting."@@@@1@11@@oe@2-2-2013
22376071@unknown@formal@none@1@S@These sorts of takeovers don't require junk bonds or big bank loans to finance them, so Mr. Gabelli figures they will continue.@@@@1@22@@oe@2-2-2013
22376072@unknown@formal@none@1@S@"The market was up 35% since {President} Bush took office," Mr. Gabelli says, so a correction was to be expected.@@@@1@20@@oe@2-2-2013
22376073@unknown@formal@none@1@S@He thinks another crash is "unlikely," and says he was "nibbling at" selected stocks during Friday's plunge.@@@@1@17@@oe@2-2-2013
22376074@unknown@formal@none@1@S@"Stocks that were thrown out just on an emotional basis are a great opportunity {this} week for guys like me," he says.@@@@1@22@@oe@2-2-2013
22376075@unknown@formal@none@1@S@Jim Rogers.@@@@1@2@@oe@2-2-2013
22376076@unknown@formal@none@1@S@"It seems to me that this is the pin that has finally pricked the balloon," says Mr. Rogers, a professor of finance at Columbia University and former co-manager of one of the most successful hedge funds in history, Quantum Fund.@@@@1@40@@oe@2-2-2013
22376077@unknown@formal@none@1@S@He sees "economic problems, financial problems" ahead for the U.S., with a fairly strong possibility of a recession.@@@@1@18@@oe@2-2-2013
22376078@unknown@formal@none@1@S@"Friday you couldn't sell dollars," he says.@@@@1@7@@oe@2-2-2013
22376079@unknown@formal@none@1@S@Dealers "would give you a quote, but then refuse to make the trade."@@@@1@13@@oe@2-2-2013
22376080@unknown@formal@none@1@S@If the dollar stays weak, he says, that will add to inflationary pressures in the U.S. and make it hard for the Federal Reserve Board to ease interest rates very much.@@@@1@31@@oe@2-2-2013
22376081@unknown@formal@none@1@S@Mr. Rogers won't decide what to do today until he sees how the London and Tokyo markets go.@@@@1@18@@oe@2-2-2013
22376082@unknown@formal@none@1@S@He recommends that investors sell takeover-related stocks, but hang on to some other stocks -- especially utilities, which often do well during periods of economic weakness.@@@@1@26@@oe@2-2-2013
22376083@unknown@formal@none@1@S@Frank Curzio.@@@@1@2@@oe@2-2-2013
22376084@unknown@formal@none@1@S@Many people now claim to have predicted the 1987 crash.@@@@1@10@@oe@2-2-2013
22376085@unknown@formal@none@1@S@Queens newsletter writer Francis X. Curzio actually did it: He stated in writing in September 1987 that the Dow Jones Industrial Average was likely to decline about 500 points the following month.@@@@1@32@@oe@2-2-2013
22376086@unknown@formal@none@1@S@Mr. Curzio says what happens now will depend a good deal on the Federal Reserve Board.@@@@1@16@@oe@2-2-2013
22376087@unknown@formal@none@1@S@If it promptly cuts the discount rate it charges on loans to banks, he says, "That could quiet things down."@@@@1@20@@oe@2-2-2013
22376088@unknown@formal@none@1@S@If not, "We could go to 2200 very soon."@@@@1@9@@oe@2-2-2013
22376089@unknown@formal@none@1@S@Frank W. Terrizzi.@@@@1@3@@oe@2-2-2013
22376090@unknown@formal@none@1@S@Stock prices "would still have to go down some additional amount before we become positive on stocks," says Mr. Terrizzi, president and managing director of Renaissance Investment Management Inc. in Cincinnati.@@@@1@31@@oe@2-2-2013
22376091@unknown@formal@none@1@S@Renaissance, which manages about $1.8 billion, drew stiff criticism from many clients earlier this year because it pulled entirely out of stocks at the beginning of the year and thus missed a strong rally.@@@@1@34@@oe@2-2-2013
22376092@unknown@formal@none@1@S@Renaissance is keeping its money entirely in cash equivalents, primarily U.S. Treasury bills.@@@@1@13@@oe@2-2-2013
22376093@unknown@formal@none@1@S@"T-bills probably are the right place to be," he says.@@@@1@10@@oe@2-2-2013
22377001@unknown@formal@none@1@S@Regarding the Oct. 3 letter to the editor from Rep. Tom Lantos, chairman of the House Subcommittee on Employment and Housing, alleging:@@@@1@22@@oe@2-2-2013
22377002@unknown@formal@none@1@S@1. That your Sept. 28 editorial "Kangaroo Committees" was factually inaccurate and deliberately misleading.@@@@1@14@@oe@2-2-2013
22377003@unknown@formal@none@1@S@I thought your editorial was factually accurate and deliberately elucidative.@@@@1@10@@oe@2-2-2013
22377004@unknown@formal@none@1@S@2. That Mr. Lantos supported the rights of the witnesses to take the Fifth Amendment.@@@@1@15@@oe@2-2-2013
22377005@unknown@formal@none@1@S@Yes, he did.@@@@1@3@@oe@2-2-2013
22377006@unknown@formal@none@1@S@As I watched him on C-Span, I heard him speak those lovely words about the Bill of Rights, which he quotes from the transcript of the hearings.@@@@1@27@@oe@2-2-2013
22377007@unknown@formal@none@1@S@He did repeat those nice platitudes several times as an indication of his support for the Constitution.@@@@1@17@@oe@2-2-2013
22377008@unknown@formal@none@1@S@He used about 56 words defending the witnesses' constitutional rights.@@@@1@10@@oe@2-2-2013
22377009@unknown@formal@none@1@S@Unfortunately, by my rough guess, he used better than 5,000 words heaping scorn on the witnesses for exercising the Fifth.@@@@1@20@@oe@2-2-2013
22377010@unknown@formal@none@1@S@He sandwiched his praise of constitutional meat between large loaves of bilious commentary.@@@@1@13@@oe@2-2-2013
22377011@unknown@formal@none@1@S@As your editorial rightly pointed out, Samuel Pierce, former HUD secretary, and Lance Wilson, Mr. Pierce's former aide, "are currently being held up to scorn for taking the Fifth Amendment.@@@@1@30@@oe@2-2-2013
22377012@unknown@formal@none@1@S@" That certainly is not the supposed "distorted reading" indicated by Mr. Lantos.@@@@1@13@@oe@2-2-2013
22377013@unknown@formal@none@1@S@3. That his "committee does not deal with any possible criminal activity at HUD.@@@@1@14@@oe@2-2-2013
22377014@unknown@formal@none@1@S@My colleagues and I fully realize we are not a court . . . etc."@@@@1@15@@oe@2-2-2013
22377015@unknown@formal@none@1@S@Absolute rubbish.@@@@1@2@@oe@2-2-2013
22377016@unknown@formal@none@1@S@By any "reasonable man" criterion, Mr. Lantos and his colleagues have a whole bunch of people tried and convicted.@@@@1@19@@oe@2-2-2013
22377017@unknown@formal@none@1@S@Apparently, their verdict is in.@@@@1@5@@oe@2-2-2013
22377018@unknown@formal@none@1@S@Right now they're pursuing evidence.@@@@1@5@@oe@2-2-2013
22377019@unknown@formal@none@1@S@That's not a bad way to proceed, just somewhat different from standard American practice.@@@@1@14@@oe@2-2-2013
22377020@unknown@formal@none@1@S@How was that practice referred to when I was in school?@@@@1@11@@oe@2-2-2013
22377021@unknown@formal@none@1@S@Ah, yes, something called a Star Chamber.@@@@1@7@@oe@2-2-2013
22377022@unknown@formal@none@1@S@Of course, Mr. Lantos doth protest that his subcommittee simply seeks information for legislative change.@@@@1@15@@oe@2-2-2013
22377023@unknown@formal@none@1@S@No doubt that's partially true.@@@@1@5@@oe@2-2-2013
22377024@unknown@formal@none@1@S@Everything that Mr. Lantos says in his letter is partially true.@@@@1@11@@oe@2-2-2013
22377025@unknown@formal@none@1@S@He's right about his subcommittee's responsibilities when it comes to obtaining information from prior HUD officials.@@@@1@16@@oe@2-2-2013
22377026@unknown@formal@none@1@S@But if his explanation of motivation is true, why is his investigation so oriented as to identify criminal activity?@@@@1@19@@oe@2-2-2013
22377027@unknown@formal@none@1@S@Why not simply questions designed to identify sources and causes of waste and inefficiency?@@@@1@14@@oe@2-2-2013
22377028@unknown@formal@none@1@S@Such as, what happened when Congress wanted to know about $400 toilet seats or whatever they supposedly cost?@@@@1@18@@oe@2-2-2013
22377029@unknown@formal@none@1@S@No, Mr. Lantos's complaints simply won't wash.@@@@1@7@@oe@2-2-2013
22377030@unknown@formal@none@1@S@4. That the Journal defends "the sleaze, fraud, waste, embezzlement, influence-peddling and abuse of the public that took place while Mr. Pierce was secretary of HUD," etc. and so forth.@@@@1@30@@oe@2-2-2013
22377031@unknown@formal@none@1@S@No, to my mind, the Journal did not "defend sleaze, fraud, waste, embezzlement, influence-peddling and abuse of the public trust . . ."@@@@1@23@@oe@2-2-2013
22377032@unknown@formal@none@1@S@it defended appropriate constitutional safeguards and practical common sense.@@@@1@9@@oe@2-2-2013
22377033@unknown@formal@none@1@S@The problem, which the Journal so rightly pointed out in a number of articles, is not the likes of Mr. Lantos, who after all is really a bit player on the stage, but the attempt by Congress to enhance itself into a quasi-parliamentary/judicial body.@@@@1@44@@oe@2-2-2013
22377034@unknown@formal@none@1@S@(Of course, we've also got a judiciary that seeks the same objective.)@@@@1@12@@oe@2-2-2013
22377035@unknown@formal@none@1@S@The system is the problem, not an individual member.@@@@1@9@@oe@2-2-2013
22377036@unknown@formal@none@1@S@Individuals can always have their hands slapped.@@@@1@7@@oe@2-2-2013
22377037@unknown@formal@none@1@S@It's when such slapping doesn't occur that we've got trouble.@@@@1@10@@oe@2-2-2013
22377038@unknown@formal@none@1@S@I do not by any means defend HUD management.@@@@1@9@@oe@2-2-2013
22377039@unknown@formal@none@1@S@But I think the kind of congressional investigation that has been pursued is a far greater danger to American notions of liberty and freedom than any incompetency (and, yes, maybe criminality) within HUD could possibly generate.@@@@1@36@@oe@2-2-2013
22377040@unknown@formal@none@1@S@The last time I saw a similar congressional hearing was when "Tail Gunner Joe" McCarthy did his work.@@@@1@18@@oe@2-2-2013
22377041@unknown@formal@none@1@S@Raymond Weber@@@@1@2@@oe@2-2-2013
22377042@unknown@formal@none@1@S@Parsippany, N.J.@@@@1@2@@oe@2-2-2013
22377043@unknown@formal@none@1@S@I disagree with the statement by Mr. Lantos that one should not draw an adverse inference against former HUD officials who assert their Fifth Amendment privilege against self-incrimination in congressional hearings.@@@@1@31@@oe@2-2-2013
22377044@unknown@formal@none@1@S@The Fifth Amendment states in relevant part that no person "shall be compelled, in any criminal case, to be a witness against himself."@@@@1@23@@oe@2-2-2013
22377045@unknown@formal@none@1@S@This privilege against self-incrimination precludes the drawing of an adverse inference against a criminal defendant who chooses not to testify.@@@@1@20@@oe@2-2-2013
22377046@unknown@formal@none@1@S@Thus, in a criminal case, a prosecutor cannot comment on a defendant's failure to testify nor can the defendant be compelled to take the stand as a witness, thus forcing him to "take the Fifth."@@@@1@35@@oe@2-2-2013
22377047@unknown@formal@none@1@S@The privilege, however, has been limited in accordance with its plain language to protect the defendant in criminal matters only.@@@@1@20@@oe@2-2-2013
22377048@unknown@formal@none@1@S@The Supreme Court and some states have specifically recognized that "the Fifth Amendment does not preclude the inference where the privilege is claimed by a party to a civil cause."@@@@1@30@@oe@2-2-2013
22377049@unknown@formal@none@1@S@Baxter v. Palmingiano, 425 U.S. 308 (1976).@@@@1@7@@oe@2-2-2013
22377050@unknown@formal@none@1@S@Thus, in a civil case, a defendant may be called as a witness, he may be forced to testify or take the Fifth, and his taking of the Fifth may permit the drawing of an adverse inference against him in the civil matter.@@@@1@43@@oe@2-2-2013
22377051@unknown@formal@none@1@S@He may take the Fifth in a civil matter only if he has a good faith and justifiable belief that his testimony may subject him to criminal prosecution.@@@@1@28@@oe@2-2-2013
22377052@unknown@formal@none@1@S@Allowing the defendant to take the Fifth in a civil matter is not based on a constitutional right to refuse to testify where one's testimony harms him in the civil matter, but because the testimony in the civil matter could be unconstitutionally used against him in a subsequent criminal prosecution.@@@@1@50@@oe@2-2-2013
22377053@unknown@formal@none@1@S@Absent the risk of such prosecution, a court may order the defendant to testify.@@@@1@14@@oe@2-2-2013
22377054@unknown@formal@none@1@S@Thus, when Mr. Pierce asserted the Fifth in a noncriminal proceeding, particularly after presumably receiving extensive advice from legal counsel, one must conclude that he held a good-faith, justifiable belief that his testimony could be used against him in a subsequent criminal prosecution.@@@@1@43@@oe@2-2-2013
22377055@unknown@formal@none@1@S@The subcommittee, Congress and the American public have every right to draw the adverse inference and to concur with Mr. Pierce's own belief that his testimony could help convict him of a crime.@@@@1@33@@oe@2-2-2013
22377056@unknown@formal@none@1@S@Drawing the adverse inference in a noncriminal congressional hearing does not offend the Fifth Amendment shield against self-incrimination.@@@@1@18@@oe@2-2-2013
22377057@unknown@formal@none@1@S@Clark S. Spalsbury Jr.@@@@1@4@@oe@2-2-2013
22377058@unknown@formal@none@1@S@Estes Park, Colo.@@@@1@3@@oe@2-2-2013
22378001@unknown@formal@none@1@S@It was Friday the 13th, and the stock market plummeted nearly 200 points.@@@@1@13@@oe@2-2-2013
22378002@unknown@formal@none@1@S@Just a coincidence?@@@@1@3@@oe@2-2-2013
22378003@unknown@formal@none@1@S@Or is triskaidekaphobia -- fear of the number 13 -- justified?@@@@1@11@@oe@2-2-2013
22378004@unknown@formal@none@1@S@In academia, a so-called Friday the 13th effect has been set up and shot down by different professors.@@@@1@18@@oe@2-2-2013
22378005@unknown@formal@none@1@S@Robert Kolb and Ricardo Rodriguez, professors of finance at the University of Miami, found evidence that the market is spooked by Friday the 13th.@@@@1@24@@oe@2-2-2013
22378006@unknown@formal@none@1@S@But their study, which spanned the 1962-85 period, has since been shown to be jinxed by an unlucky choice of data.@@@@1@21@@oe@2-2-2013
22378007@unknown@formal@none@1@S@In the '70s, the market took falls nine times in a row on Friday the you-know-what.@@@@1@16@@oe@2-2-2013
22378008@unknown@formal@none@1@S@But the date tends to be a plus, not a minus, for stocks, according to Yale Hirsch, a collector of stock market lore.@@@@1@23@@oe@2-2-2013
22378009@unknown@formal@none@1@S@Another study found that the 82 Fridays the 13th in the 1940-1987 period had higher than average returns -- higher even than Fridays in general, which tend to be strong days for stock prices.@@@@1@34@@oe@2-2-2013
22378010@unknown@formal@none@1@S@On the only other Friday the 13th this year, the Dow Jones Industrial Average rose about four points.@@@@1@18@@oe@2-2-2013
22378011@unknown@formal@none@1@S@Professor Kolb says the original study, titled Friday the 13th, Part VII, was published tongue-in-cheek.@@@@1@15@@oe@2-2-2013
22378012@unknown@formal@none@1@S@In a similar vein, he adds that the anniversary of the 1987 crash and Saturday's full moon could have played a part, too, in Friday's market activity.@@@@1@27@@oe@2-2-2013
22379001@unknown@formal@none@1@S@reminiscent of those during the 1987 crash -- that as stock prices plummeted and trading activity escalated, some phone calls to market makers in over-the-counter stocks went unanswered.@@@@1@28@@oe@2-2-2013
22379002@unknown@formal@none@1@S@"We couldn't get dealers to answer their phones," said Robert King, senior vice president of OTC trading at Robinson-Humphrey Co. in Atlanta.@@@@1@22@@oe@2-2-2013
22379003@unknown@formal@none@1@S@"It was {like} the Friday before Black Monday" two years ago.@@@@1@11@@oe@2-2-2013
22379004@unknown@formal@none@1@S@Whether unanswered phone calls had any effect or not, Nasdaq stocks sank far less than those on the New York and American exchanges.@@@@1@23@@oe@2-2-2013
22379005@unknown@formal@none@1@S@Nonetheless, the Nasdaq Composite Index suffered its biggest point decline of the year and its sixth worst ever, diving 14.90, or 3%, to 467.29.@@@@1@24@@oe@2-2-2013
22379006@unknown@formal@none@1@S@Ten points of the drop occurred during the last 45 minutes of trading.@@@@1@13@@oe@2-2-2013
22379007@unknown@formal@none@1@S@By comparison, the New York Stock Exchange Composite tumbled 5.8% Friday and the American Stock Exchange Composite fell 4%.@@@@1@19@@oe@2-2-2013
22379008@unknown@formal@none@1@S@On Oct. 16, 1987, the Nasdaq Composite fell 16.18 points, or 3.8%, followed by its devastating 46.12-point, or 11% slide, three days later.@@@@1@23@@oe@2-2-2013
22379009@unknown@formal@none@1@S@Nasdaq volume Friday totaled 167.7 million shares, which was only the fifth busiest day so far this year.@@@@1@18@@oe@2-2-2013
22379010@unknown@formal@none@1@S@The single-day record of 288 million shares was set on Oct. 21,@@@@1@12@@oe@2-2-2013
22379011@unknown@formal@none@1@S@"There wasn't a lot of volume because it was just impossible to get stock moved," said E.E. "Buzzy" Geduld, president of Herzog, Heine, Geduld, a New York company that makes markets in thousands of OTC issues.@@@@1@36@@oe@2-2-2013
22379012@unknown@formal@none@1@S@Most of the complaints about unanswered phone calls came from regional brokers rather than individual investors.@@@@1@16@@oe@2-2-2013
22379013@unknown@formal@none@1@S@Mr. King of Robinson-Humphrey and others were quick to add that they believe the problem stemmed more from traders' inability to handle the volume of calls, rather than a deliberate attempt to avoid making trades.@@@@1@35@@oe@2-2-2013
22379014@unknown@formal@none@1@S@The subject is a sore one for Nasdaq and its market-making companies, which were widely criticized two years ago following complaints from investors who couldn't reach their brokers or trade in the chaos of the crash.@@@@1@36@@oe@2-2-2013
22379015@unknown@formal@none@1@S@Peter DaPuzzo, head of retail equity trading at Shearson Lehman Hutton, declared: "It was the last hour of trading on a Friday.@@@@1@22@@oe@2-2-2013
22379016@unknown@formal@none@1@S@There were too many phones ringing and too many things happening to expect market makers to be as efficient as robots.@@@@1@21@@oe@2-2-2013
22379017@unknown@formal@none@1@S@It wasn't intentional, we were all busy."@@@@1@7@@oe@2-2-2013
22379018@unknown@formal@none@1@S@James Tarantino, head of OTC trading at Hambrecht & Quist in San Francisco, said, "It was just like two years ago.@@@@1@21@@oe@2-2-2013
22379019@unknown@formal@none@1@S@Everybody was trying to do the same thing at the same time."@@@@1@12@@oe@2-2-2013
22379020@unknown@formal@none@1@S@Jeremiah Mullins, the OTC trading chief at Dean Witter Reynolds in New York, said proudly that his company executed every order it received by the close of trading.@@@@1@28@@oe@2-2-2013
22379021@unknown@formal@none@1@S@But, he added, "you can only take one call at a time."@@@@1@12@@oe@2-2-2013
22379022@unknown@formal@none@1@S@Market makers keep supplies of stock on hand to maintain orderly trading when imbalances occur.@@@@1@15@@oe@2-2-2013
22379023@unknown@formal@none@1@S@On days like Friday, that means they must buy shares from sellers when no one else is willing to.@@@@1@19@@oe@2-2-2013
22379024@unknown@formal@none@1@S@When selling is so frenzied, prices fall steeply and fast.@@@@1@10@@oe@2-2-2013
22379025@unknown@formal@none@1@S@Two years ago, faced with the possibility of heavy losses on the stocks in their inventories, market makers themselves began dumping shares, exacerbating the slide in OTC stock prices.@@@@1@29@@oe@2-2-2013
22379026@unknown@formal@none@1@S@On Friday, some market makers were selling again, traders said.@@@@1@10@@oe@2-2-2013
22379027@unknown@formal@none@1@S@But, with profits sagging on Wall Street since the crash, companies have kept smaller share stockpiles on hand.@@@@1@18@@oe@2-2-2013
22379028@unknown@formal@none@1@S@Mr. Tarantino of Hambrecht & Quist said some prices fell without trades taking place, as market makers kept dropping the prices at which they would buy shares.@@@@1@27@@oe@2-2-2013
22379029@unknown@formal@none@1@S@"Everyone was hitting everyone else's bid," he said.@@@@1@8@@oe@2-2-2013
22379030@unknown@formal@none@1@S@So, while OTC companies incurred losses on Friday, trading officials said the damage wasn't as bad as it was in 1987.@@@@1@21@@oe@2-2-2013
22379031@unknown@formal@none@1@S@"Two years ago we were carrying huge inventories and that was the big culprit.@@@@1@14@@oe@2-2-2013
22379032@unknown@formal@none@1@S@I don't know of anyone carrying big inventories now," said Mr. King of Robinson-Humphrey.@@@@1@14@@oe@2-2-2013
22379033@unknown@formal@none@1@S@Tony Cecin, head of equity trading at Piper, Jaffray & Hopwood in Minneapolis, said that Piper Jaffray actually made money on Friday.@@@@1@22@@oe@2-2-2013
22379034@unknown@formal@none@1@S@It helped that his inventory is a third smaller now than it was two years ago, he said.@@@@1@18@@oe@2-2-2013
22379035@unknown@formal@none@1@S@Joseph Hardiman, president of the National Association of Securities Dealers, which oversees the Nasdaq computerized trading system, said that despite the rush of selling, he never considered the situation an "emergency."@@@@1@31@@oe@2-2-2013
22379036@unknown@formal@none@1@S@"The pace of trading was orderly," he said.@@@@1@8@@oe@2-2-2013
22379037@unknown@formal@none@1@S@Nasdaq's Small Order Execution System "worked beautifully," as did the automated system for larger trades, according to Mr. Hardiman.@@@@1@19@@oe@2-2-2013
22379038@unknown@formal@none@1@S@Nevertheless, the shock of another steep plunge in stock prices undoubtedly will shake many investors' confidence.@@@@1@16@@oe@2-2-2013
22379039@unknown@formal@none@1@S@In the past, the OTC market thrived on a firm base of small-investor participation.@@@@1@14@@oe@2-2-2013
22379040@unknown@formal@none@1@S@Because Nasdaq's trading volume hasn't returned to pre-crash levels, traders and OTC market officials hope the damage won't be permanent.@@@@1@20@@oe@2-2-2013
22379041@unknown@formal@none@1@S@But they are worried.@@@@1@4@@oe@2-2-2013
22379042@unknown@formal@none@1@S@"We were just starting to get the public's confidence back," lamented Mr. Mullins of Dean Witter.@@@@1@16@@oe@2-2-2013
22379043@unknown@formal@none@1@S@More troubling is the prospect that the overall collapse in stock prices could permanently erode the base of small-investor support the OTC market was struggling to rebuild in the wake of the October 1987 crash.@@@@1@35@@oe@2-2-2013
22379044@unknown@formal@none@1@S@Mr. Cecin of Piper Jaffray says some action from government policy makers would allay investor fears.@@@@1@16@@oe@2-2-2013
22379045@unknown@formal@none@1@S@It won't take much more to "scare the hell out of retail investors," he says.@@@@1@15@@oe@2-2-2013
22379046@unknown@formal@none@1@S@The sellers on Friday came from all corners of the OTC market -- big and small institutional investors, as well as individual investors and market makers.@@@@1@26@@oe@2-2-2013
22379047@unknown@formal@none@1@S@But grateful traders said the sell orders generally ranged from 20,000 shares to 50,000 shares, compared with blocks of 500,000 shares or more two years ago.@@@@1@26@@oe@2-2-2013
22379048@unknown@formal@none@1@S@Shearson's Mr. DaPuzzo said retail investors nervously sold stock Friday and never returned to bargain-hunt.@@@@1@15@@oe@2-2-2013
22379049@unknown@formal@none@1@S@Institutional investors, which had been selling stock throughout last week to lock in handsome gains made through the third quarter, were calmer.@@@@1@22@@oe@2-2-2013
22379050@unknown@formal@none@1@S@"We had a good amount of selling from institutions, but not as much panic," Mr. DaPuzzo said.@@@@1@17@@oe@2-2-2013
22379051@unknown@formal@none@1@S@"If they couldn't sell, some of them put the shares back on the shelf."@@@@1@14@@oe@2-2-2013
22379052@unknown@formal@none@1@S@In addition, he said, some bigger institutional investors placed bids to buy some OTC stocks whose prices were beaten down.@@@@1@20@@oe@2-2-2013
22379053@unknown@formal@none@1@S@In addition, Mr. DaPuzzo said computer-guided program selling of OTC stocks in the Russell Index of 2000 small stocks and the Standard & Poor's 500-stock Index sent occasional "waves " through the market.@@@@1@33@@oe@2-2-2013
22379054@unknown@formal@none@1@S@Nasdaq's biggest stocks were hammered.@@@@1@5@@oe@2-2-2013
22379055@unknown@formal@none@1@S@The Nasdaq 100 Index of the largest nonfinancial issues, including the big OTC technology issues, tumbled 4.2%, or 19.76, to 449.33.@@@@1@21@@oe@2-2-2013
22379056@unknown@formal@none@1@S@The Nasdaq Financial Index of giant insurance and banking stocks dropped 2%, or 9.31, to 462.98.@@@@1@16@@oe@2-2-2013
22379057@unknown@formal@none@1@S@The OTC market has only a handful of takeover-related stocks.@@@@1@10@@oe@2-2-2013
22379058@unknown@formal@none@1@S@But they fell sharply.@@@@1@4@@oe@2-2-2013
22379059@unknown@formal@none@1@S@McCaw Cellular Communications, for instance, has offered to buy LIN Broadcasting as well as Metromedia's New York City cellular telephone interests, and in a separate transaction, sell certain McCaw properties to Contel Cellular.@@@@1@33@@oe@2-2-2013
22379060@unknown@formal@none@1@S@McCaw lost 8%, or 3 1/2, to 40.@@@@1@8@@oe@2-2-2013
22379061@unknown@formal@none@1@S@LIN Broadcasting, dropped 5 1/2, or 5%, to 107 1/2.@@@@1@10@@oe@2-2-2013
22379062@unknown@formal@none@1@S@The turnover in both issues was roughly normal.@@@@1@8@@oe@2-2-2013
22379063@unknown@formal@none@1@S@On a day when negative takeover-related news didn't sit well with investors, Commercial Intertech, a maker of engineered metal parts, said Haas & Partners advised it that it doesn't plan to pursue its previously reported $27.50-a-share bid to buy the company.@@@@1@41@@oe@2-2-2013
22379064@unknown@formal@none@1@S@Commercial Intertech plummeted 6 to 26.@@@@1@6@@oe@2-2-2013
22379065@unknown@formal@none@1@S@The issues of companies with ties to the junk bond market also tumbled Friday.@@@@1@14@@oe@2-2-2013
22379066@unknown@formal@none@1@S@On the OTC market, First Executive, a big buyer of the high-risk, high-yield issues, slid 2 to 12 1/4.@@@@1@19@@oe@2-2-2013
22379067@unknown@formal@none@1@S@Among other OTC issues, Intel, dropped 2 1/8 to 33 7/8; Laidlaw Transportation lost 1 1/8 to 19 1/2; the American depositary receipts of Jaguar were off 1/4 to 10 1/4; MCI Communications slipped 2 1/4 to 43 1/2; Apple Computer fell 3 to 45 3/4 and Nike dropped 2 1/4 to 66 3/4.@@@@1@54@@oe@2-2-2013
22380001@unknown@formal@none@1@S@Friday, October 13, 1989@@@@1@4@@oe@2-2-2013
22380002@unknown@formal@none@1@S@The key U.S. and foreign annual interest rates below are a guide to general levels but don't always represent actual transactions.@@@@1@21@@oe@2-2-2013
22380003@unknown@formal@none@1@S@PRIME RATE:@@@@1@2@@oe@2-2-2013
22380004@unknown@formal@none@1@S@10 1/2%.@@@@1@2@@oe@2-2-2013
22380005@unknown@formal@none@1@S@The base rate on corporate loans at large U.S. money center commercial banks.@@@@1@13@@oe@2-2-2013
22380006@unknown@formal@none@1@S@FEDERAL FUNDS:@@@@1@2@@oe@2-2-2013
22380007@unknown@formal@none@1@S@8 13/16% high, 8 1/2% low, 8 5/8% near closing bid, 8 3/4% offered.@@@@1@14@@oe@2-2-2013
22380008@unknown@formal@none@1@S@Reserves traded among commercial banks for overnight use in amounts of $1 million or more.@@@@1@15@@oe@2-2-2013
22380009@unknown@formal@none@1@S@Source: Fulton Prebon (U.S.A.) Inc.@@@@1@5@@oe@2-2-2013
22380010@unknown@formal@none@1@S@DISCOUNT RATE:@@@@1@2@@oe@2-2-2013
22380011@unknown@formal@none@1@S@7%.@@@@1@1@@oe@2-2-2013
22380012@unknown@formal@none@1@S@The charge on loans to depository institutions by the New York Federal Reserve Bank.@@@@1@14@@oe@2-2-2013
22380013@unknown@formal@none@1@S@CALL MONEY:@@@@1@2@@oe@2-2-2013
22380014@unknown@formal@none@1@S@9 3/4% to 10%.@@@@1@4@@oe@2-2-2013
22380015@unknown@formal@none@1@S@The charge on loans to brokers on stock exchange collateral.@@@@1@10@@oe@2-2-2013
22380016@unknown@formal@none@1@S@COMMERCIAL PAPER placed directly by General Motors Acceptance Corp.:@@@@1@9@@oe@2-2-2013
22380017@unknown@formal@none@1@S@8.60% 30 to 44 days; 8.55% 45 to 59 days; 8.375% 60 to 79 days; 8.50% 80 to 89 days; 8.25% 90 to 119 days; 8.125% 120 to 149 days; 8% 150 to 179 days; 7.625% 180 to 270 days.@@@@1@40@@oe@2-2-2013
22380018@unknown@formal@none@1@S@COMMERCIAL PAPER:@@@@1@2@@oe@2-2-2013
22380019@unknown@formal@none@1@S@High-grade unsecured notes sold through dealers by major corporations in multiples of $1,000:@@@@1@13@@oe@2-2-2013
22380020@unknown@formal@none@1@S@8.65% 30 days; 8.55% 60 days; 8.55% 90 days.@@@@1@9@@oe@2-2-2013
22380021@unknown@formal@none@1@S@CERTIFICATES OF DEPOSIT:@@@@1@3@@oe@2-2-2013
22380022@unknown@formal@none@1@S@8.15% one month; 8.15% two months; 8.13% three months; 8.11% six months; 8.08% one year.@@@@1@15@@oe@2-2-2013
22380023@unknown@formal@none@1@S@Average of top rates paid by major New York banks on primary new issues of negotiable C.D.s, usually on amounts of $1 million and more.@@@@1@25@@oe@2-2-2013
22380024@unknown@formal@none@1@S@The minimum unit is $100,000.@@@@1@5@@oe@2-2-2013
22380025@unknown@formal@none@1@S@Typical rates in the secondary market:@@@@1@6@@oe@2-2-2013
22380026@unknown@formal@none@1@S@8.65% one month; 8.65% three months; 8.55% six months.@@@@1@9@@oe@2-2-2013
22380027@unknown@formal@none@1@S@BANKERS ACCEPTANCES:@@@@1@2@@oe@2-2-2013
22380028@unknown@formal@none@1@S@8.52% 30 days; 8.37% 60 days; 8.15% 90 days; 7.98% 120 days; 7.92% 150 days; 7.80% 180 days.@@@@1@18@@oe@2-2-2013
22380029@unknown@formal@none@1@S@Negotiable, bank-backed business credit instruments typically financing an import order.@@@@1@10@@oe@2-2-2013
22380030@unknown@formal@none@1@S@LONDON LATE EURODOLLARS:@@@@1@3@@oe@2-2-2013
22380031@unknown@formal@none@1@S@8 13/16% to 8 11/16% one month; 8 13/16% to 8 11/16% two months; 8 13/16% to 8 11/16% three months; 8 3/4% to 8 5/8% four months; 8 11/16% to 8 9/16% five months; 8 5/8% to 8 1/2% six months.@@@@1@42@@oe@2-2-2013
22380032@unknown@formal@none@1@S@LONDON INTERBANK OFFERED RATES (LIBOR):@@@@1@5@@oe@2-2-2013
22380033@unknown@formal@none@1@S@8 3/4% one month; 8 3/4% three months; 8 9/16% six months; 8 9/16% one year.@@@@1@16@@oe@2-2-2013
22380034@unknown@formal@none@1@S@The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks.@@@@1@20@@oe@2-2-2013
22380035@unknown@formal@none@1@S@FOREIGN PRIME RATES:@@@@1@3@@oe@2-2-2013
22380036@unknown@formal@none@1@S@Canada 13.50%; Germany 8.50%; Japan 4.875%; Switzerland 8.50%; Britain 15%.@@@@1@10@@oe@2-2-2013
22380037@unknown@formal@none@1@S@These rate indications aren't directly comparable; lending practices vary widely by location.@@@@1@12@@oe@2-2-2013
22380038@unknown@formal@none@1@S@TREASURY BILLS:@@@@1@2@@oe@2-2-2013
22380039@unknown@formal@none@1@S@Results of the Tuesday, October 10, 1989, auction of short-term U.S. government bills, sold at a discount from face value in units of $10,000 to $1 million:@@@@1@27@@oe@2-2-2013
22380040@unknown@formal@none@1@S@7.63% 13 weeks; 7.60% 26 weeks.@@@@1@6@@oe@2-2-2013
22380041@unknown@formal@none@1@S@FEDERAL HOME LOAN MORTGAGE CORP. (Freddie Mac):@@@@1@7@@oe@2-2-2013
22380042@unknown@formal@none@1@S@Posted yields on 30-year mortgage commitments for delivery within 30 days.@@@@1@11@@oe@2-2-2013
22380043@unknown@formal@none@1@S@9.91%, standard conventional fixedrate mortgages; 7.875%, 2% rate capped one-year adjustable rate mortgages.@@@@1@13@@oe@2-2-2013
22380044@unknown@formal@none@1@S@Source: Telerate Systems Inc.@@@@1@4@@oe@2-2-2013
22380045@unknown@formal@none@1@S@FEDERAL NATIONAL MORTGAGE ASSOCIATION (Fannie Mae):@@@@1@6@@oe@2-2-2013
22380046@unknown@formal@none@1@S@Posted yields on 30 year mortgage commitments for delivery within 30 days (priced at par)@@@@1@15@@oe@2-2-2013
22380047@unknown@formal@none@1@S@9.86%, standard conventional fixed-rate mortgages; 8.85%, 6/2 rate capped one-year adjustable rate mortgages.@@@@1@13@@oe@2-2-2013
22380048@unknown@formal@none@1@S@Source: Telerate Systems Inc.@@@@1@4@@oe@2-2-2013
22380049@unknown@formal@none@1@S@MERRILL LYNCH READY ASSETS TRUST:@@@@1@5@@oe@2-2-2013
22380050@unknown@formal@none@1@S@8.33%.@@@@1@1@@oe@2-2-2013
22380051@unknown@formal@none@1@S@Annualized average rate of return after expenses for the past 30 days; not a forecast of future returns.@@@@1@18@@oe@2-2-2013
22381001@unknown@formal@none@1@S@Pension funds, insurers and other behemoths of the investing world said they began scooping up stocks during Friday's market rout.@@@@1@20@@oe@2-2-2013
22381002@unknown@formal@none@1@S@And they plan to buy more today.@@@@1@7@@oe@2-2-2013
22381003@unknown@formal@none@1@S@Rightly or wrongly, many giant institutional investors appear to be fighting the latest war by applying the lesson they learned in the October 1987 crash: Buying at the bottom pays off.@@@@1@31@@oe@2-2-2013
22381004@unknown@formal@none@1@S@To be sure, big investors might put away their checkbooks in a hurry if stocks open sharply lower today.@@@@1@19@@oe@2-2-2013
22381005@unknown@formal@none@1@S@They could still panic and bail out of the market.@@@@1@10@@oe@2-2-2013
22381006@unknown@formal@none@1@S@But their 1987 performance indicates that they won't abandon stocks unless conditions get far worse.@@@@1@15@@oe@2-2-2013
22381007@unknown@formal@none@1@S@"Last time, we got rewarded for going out and buying stocks when the panic was the worst," said John W. Rogers, president of Chicago-based Ariel Capital Management Inc., which manages $1.1 billion of stocks.@@@@1@34@@oe@2-2-2013
22381008@unknown@formal@none@1@S@Mr. Rogers spent half his cash on hand Friday for "our favorite stocks that have fallen apart."@@@@1@17@@oe@2-2-2013
22381009@unknown@formal@none@1@S@He expects to invest the rest if the market weakens further.@@@@1@11@@oe@2-2-2013
22381010@unknown@formal@none@1@S@Denver-based portfolio manager James Craig wasn't daunted when Friday's rout shaved $40 million from the value of the $752 million Janus Fund he oversees.@@@@1@24@@oe@2-2-2013
22381011@unknown@formal@none@1@S@"I waited to make sure all the program trades had kicked through," he said.@@@@1@14@@oe@2-2-2013
22381012@unknown@formal@none@1@S@Then he jumped into the market:@@@@1@6@@oe@2-2-2013
22381013@unknown@formal@none@1@S@"I spent $30 million in the last half-hour."@@@@1@8@@oe@2-2-2013
22381014@unknown@formal@none@1@S@Other money managers also opened their wallets.@@@@1@7@@oe@2-2-2013
22381015@unknown@formal@none@1@S@"I was buying at the close (Friday) and I'll be buying again because I know we're getting good value," said Frederick A. Moran, president of Moran Asset Management Inc., Greenwich, Conn.@@@@1@31@@oe@2-2-2013
22381016@unknown@formal@none@1@S@"There is no justification on the fundamental level for this crash."@@@@1@11@@oe@2-2-2013
22381017@unknown@formal@none@1@S@Unlike mutual funds, which can be forced to sell stockholdings when investors rush to withdraw money, big investors such as pension funds and insurance companies can decide to ride out market storms without jettisoning stock.@@@@1@35@@oe@2-2-2013
22381018@unknown@formal@none@1@S@Most often, they do just that, because stocks have proved to be the best-performing long-term investment, attracting about $1 trillion from pension funds alone.@@@@1@24@@oe@2-2-2013
22381019@unknown@formal@none@1@S@"If you bought after the crash, you did very very well off the bottom," said Stephen B. Timbers, chief investment officer of Chicago-based Kemper Financial Services Inc.@@@@1@27@@oe@2-2-2013
22381020@unknown@formal@none@1@S@The $56 billion California Public Employees Retirement System, for one, added $1 billion to its stock portfolio two years ago.@@@@1@20@@oe@2-2-2013
22381021@unknown@formal@none@1@S@"The last crash taught institutional investors that they have to be long-term holders, and that they can't react to short-term events, good or bad," said Stephen L. Nesbitt, senior vice president for the pension consultants Wilshire Associates in Santa Monica, Calif.@@@@1@41@@oe@2-2-2013
22381022@unknown@formal@none@1@S@"Those that pulled out (of stocks) regretted it," he said, "so I doubt you'll see any significant changes" in institutional portfolios as a result of Friday's decline.@@@@1@27@@oe@2-2-2013
22381023@unknown@formal@none@1@S@Stocks, as measured by the Standard & Poor's 500-stock index, have been stellar performers this year, rising 27.97% before Friday's plunge, excluding dividends.@@@@1@23@@oe@2-2-2013
22381024@unknown@formal@none@1@S@Even Friday's slump leaves investors ahead more than 20%, well above the annual average for stocks over several decades.@@@@1@19@@oe@2-2-2013
22381025@unknown@formal@none@1@S@"You could go down 400 points and still have a good year in the market," said James D. Awad, president of New York-based BMI Capital Corp.@@@@1@26@@oe@2-2-2013
22381026@unknown@formal@none@1@S@Mr. Awad, however, worries that the market "could go down 800 or 900 points in the next few days.@@@@1@19@@oe@2-2-2013
22381027@unknown@formal@none@1@S@It can happen before you can turn around."@@@@1@8@@oe@2-2-2013
22381028@unknown@formal@none@1@S@He said he discerns many parallels with 1987, including the emphasis on takeover stocks and the re-emergence of computerized program trading.@@@@1@21@@oe@2-2-2013
22381029@unknown@formal@none@1@S@"The only thing you don't have," he said, "is the `portfolio insurance' phenomenon overlaid on the rest."@@@@1@17@@oe@2-2-2013
22381030@unknown@formal@none@1@S@Most institutional investors have abandoned the portfolio insurance hedging technique, which is widely thought to have worsened the 1987 crash.@@@@1@20@@oe@2-2-2013
22381031@unknown@formal@none@1@S@Not really insurance, this tactic was designed to soften the blow of declining stock prices and generate an offsetting profit by selling waves of S&P futures contracts.@@@@1@27@@oe@2-2-2013
22381032@unknown@formal@none@1@S@In its severest test, the $60 billion of portfolio insurance in effect in the 1987 crash didn't work, as stock buyers disappeared and stock and futures prices became disconnected.@@@@1@29@@oe@2-2-2013
22381033@unknown@formal@none@1@S@Even without portfolio insurance, market conditions were grim Friday, money managers said.@@@@1@12@@oe@2-2-2013
22381034@unknown@formal@none@1@S@Neil Weisman, whose New York-based Chilmark Capital Partners had converted 85% of its $220 million investment pool to cash in recent months, said he was besieged by Wall Street firms Friday asking him to take stock off their hands.@@@@1@39@@oe@2-2-2013
22381035@unknown@formal@none@1@S@"We got calls from big block houses asking us if we want to make bids on anything," said Mr. Weisman, who, happy with his returns on investments chalked up earlier, declined the offers.@@@@1@33@@oe@2-2-2013
22381036@unknown@formal@none@1@S@Mr. Weisman predicts stocks will appear to stabilize in the next few days before declining again, trapping more investors.@@@@1@19@@oe@2-2-2013
22381037@unknown@formal@none@1@S@"I think it will be a rigor mortis rally," he said.@@@@1@11@@oe@2-2-2013
22381038@unknown@formal@none@1@S@Meanwhile, Friday brought a reprieve for money managers whose investment styles had put them at odds with the market rally.@@@@1@20@@oe@2-2-2013
22381039@unknown@formal@none@1@S@Especially gleeful were the short sellers, who have been pounded by this year's market climb.@@@@1@15@@oe@2-2-2013
22381040@unknown@formal@none@1@S@The shorts sell borrowed shares, hoping to profit by replacing them later at a lower price.@@@@1@16@@oe@2-2-2013
22381041@unknown@formal@none@1@S@The nation's largest short-selling operation is Feshbach Brothers, Palo Alto, Calif., which said last May that its short positions had shown losses of 10% for the year up to that point.@@@@1@31@@oe@2-2-2013
22381042@unknown@formal@none@1@S@All that now has changed.@@@@1@5@@oe@2-2-2013
22381043@unknown@formal@none@1@S@"We're ahead for the year because of Friday," said the firm's Kurt Feshbach.@@@@1@13@@oe@2-2-2013
22381044@unknown@formal@none@1@S@"We're not making a killing, but we had a good day.@@@@1@11@@oe@2-2-2013
22382001@unknown@formal@none@1@S@Food and Drug Administration spokesman Jeff Nesbit said the agency has turned over evidence in a criminal investigation concerning Vitarine Pharmaceuticals Inc. to the U.S. Attorney's office in Baltimore.@@@@1@29@@oe@2-2-2013
22382002@unknown@formal@none@1@S@Neither Vitarine nor any of the Springfield Gardens, N.Y., company's officials or employees have been charged with any crimes.@@@@1@19@@oe@2-2-2013
22382003@unknown@formal@none@1@S@Vitarine won approval to market a version of a blood pressure medicine but acknowledged that it substituted a SmithKline Beecham PLC product as its own in tests.@@@@1@27@@oe@2-2-2013
22382004@unknown@formal@none@1@S@Mr. Nesbit also said the FDA has asked Bolar Pharmaceutical Co. to recall at the retail level its urinary tract antibiotic.@@@@1@21@@oe@2-2-2013
22382005@unknown@formal@none@1@S@But so far the company hasn't complied with that request, the spokesman said.@@@@1@13@@oe@2-2-2013
22382006@unknown@formal@none@1@S@Bolar, the subject of a criminal investigation by the FDA and the Inspector General's office of the Health and Human Services Department, only agreed to recall two strengths of its version of Macrodantin "as far down as direct customers, mostly wholesalers," Mr. Nesbit said.@@@@1@44@@oe@2-2-2013
22382007@unknown@formal@none@1@S@Bolar, of Copiague, N.Y., earlier began a voluntary recall of both its 100 milligram and 50 milligram versions of the drug.@@@@1@21@@oe@2-2-2013
22382008@unknown@formal@none@1@S@The FDA has said it presented evidence it uncovered to the company indicating that Bolar substituted the brand-name product for its own to gain government approval to sell generic versions of Macrodantin.@@@@1@32@@oe@2-2-2013
22382009@unknown@formal@none@1@S@Bolar has denied that it switched the brand-name product for its own in such testing.@@@@1@15@@oe@2-2-2013
22383001@unknown@formal@none@1@S@The West German retailer ASKO Deutsche Kaufhaus AG plans to challenge the legality of a widely employed anti-takeover defense of companies in the Netherlands.@@@@1@24@@oe@2-2-2013
22383002@unknown@formal@none@1@S@The eventual court decision could become a landmark in Dutch corporate law because the lawsuit ASKO plans to file would be the first to challenge the entire principle and practice of companies issuing voting preferred shares to management-controlled trusts to dilute voting power of common stockholders.@@@@1@46@@oe@2-2-2013
22383003@unknown@formal@none@1@S@Up to now only specific aspects of these defenses have been challenged, though unsuccessfully, ASKO's Dutch lawyers noted.@@@@1@18@@oe@2-2-2013
22383004@unknown@formal@none@1@S@Should the courts uphold the validity of this type of defense, ASKO will then ask the court to overturn such a vote-diluting maneuver recently deployed by Koninklijke Ahold NV.@@@@1@29@@oe@2-2-2013
22383005@unknown@formal@none@1@S@ASKO says the Dutch-based international food retailer hadn't reasonable grounds to issue preferred stock to a friendly trust and thus dilute the worth and voting power of ASKO and other shareholders.@@@@1@31@@oe@2-2-2013
22383006@unknown@formal@none@1@S@Speaking through its Dutch lawyers, ASKO also disclosed it holds a 15% stake in Ahold.@@@@1@15@@oe@2-2-2013
22383007@unknown@formal@none@1@S@It was previously thought ASKO held a 13.6% stake that was accumulated since July.@@@@1@14@@oe@2-2-2013
22383008@unknown@formal@none@1@S@A spokesman for Ahold said his company is confident of its own position and the propriety of the preferred-share issue.@@@@1@20@@oe@2-2-2013
22383009@unknown@formal@none@1@S@He termed ASKO's legal actions as "unproductive" to international cooperation among European retailers.@@@@1@13@@oe@2-2-2013
22384001@unknown@formal@none@1@S@Chase Manhattan Bank Chairman Willard Butcher is a conservative banker and a loyal Republican, but on Friday morning he had few kind words for President Bush's economic policy-making.@@@@1@28@@oe@2-2-2013
22384002@unknown@formal@none@1@S@"There are some very significant issues out there, such as the fiscal deficit, the trade deficit, our relations with Japan, that have to be the subject of major initiatives," he said in an interview.@@@@1@34@@oe@2-2-2013
22384003@unknown@formal@none@1@S@"I'd like to see that initiative, and I haven't.@@@@1@9@@oe@2-2-2013
22384004@unknown@formal@none@1@S@There isn't a big shot, an agenda."@@@@1@7@@oe@2-2-2013
22384005@unknown@formal@none@1@S@A few hours later, the stock market dropped 190 points.@@@@1@10@@oe@2-2-2013