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Wall Street investment banking firm Drexel Burnham Lambert Group, which pioneered the use of “junk bonds,” files for bankruptcy after the economy makes a turn for the worse and a government investigation results in a multi-million dollar fine.
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this crash was short lasted but important.
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The storm's greatest financial impact was seen on stringent new building codes that added $20,000 to the cost of new home. Insurance premiums surged 100% while coverage plummeted. Until Hurricane Katrina in 2005, Andrew was the costliest natural disaster in U.S. history, causing an estimated $30 billion in damage.
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Congress passes the Riegle-Neal Interstate Banking and Branching Efficiency Act, eliminating all barriers to establishing bank branches nationwide.
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AT&T announced that it would voluntarily break itself up into three different companies. The company's divide and conquer attitude was the brunt of many jokes in the business world. But when the company announced an 11% gain in their stock, AT&T was the one laughing.
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Designed to change the nation’s welfare system into one that requires work in exchange for assistance.
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Merger mania was in full swing as electricity and gas titan Enron Corporation acquired British-based Wessex Water, PLC for $2.2 billion—reportedly paid in cash. According to company officials, the deal signaled Enron's first move towards creating a global water subsidiary. In the wake of the deal, Enron's eyes were clearly fixed on a handsome payday in the not-too distant future. Just 3 short years later, Enron's demise gripped Wall Street.
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This allows commercial banks, investment banks, securities firms, and insurance companies to consolidate and gives banks the opportunity to open interstate branches.