Takeover Game

John Brooks, Author Dutton Books $19.95 (390p) ISBN 978-0-525-24586-5
During the era that saw Japan's productivity dramatically increase, certain economic conditions in the U.S. (later enhanced by Reaganomic decontrol) undermined the financial stability of domestic corporations as hostile takeovers gutted their acquisitions of assets. Displays of short-term profits and remarkably high commissions ($126,582/hour in one case) masked over-leveraged buyout bankruptcies. These phenomena, responsible for transforming the ""courtesy-before-commission'' Wall Streeters into aggressively greedy wheeler-dealers, had their first documented success in 1974, triggered by the decrease in the profitability of securities underwriting; it was sustained with junk-bond financing. Fluctuating financial passions are detailed decade to decade in this genial survey with a historical perspective. Naming names, games, nomenclature and numbers, Brooks (Once in Golconda, etc.) sprinkles anecdotes throughout in a manner reminiscent of baseball's play-by-play recaps. A fair narration of the events corrupting genteel standards in the interests of doing dirty business. (September 29)
Reviewed on: 09/01/1987
Release date: 09/01/1987
Hardcover - 978-1-893122-36-9
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