CBS Evening News for Thursday, Dec 01, 1988
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(Studio: Dan Rather) Reports introd.
(NYC: Richard Roth) Takeover of RJR Nabisco by Wall Street firm of Kohlberg, Kravis, Roberts and Company featured. [Atlanta RJR Nabisco EMPLS. - fear they'll lose their jobs.] Takeover transactions outlined on screen; details given. [Columbia Univ. spokesperson Jim ROGERS - says prices of cookies will increase] Groups and indivs. benefiting from deal noted. [Ind. analyst Mary ENGLISH - says greed caused deal.]
(NYC: Harry Smith) Risks involved in leveraged buyouts examined. [Econ. Kathryn HARRIGAN - comments.] Money spent on leveraged buyouts since 1984 graphed; corporation debt figs. analyzed. [Econ. Michael SCHERER - says corporation debt contributed to crash of 1929.] [FDIC (Federal Deposit Insurance Corporation) chairperson William SEIDMAN - warns against leveraged buyouts.] Impact of deals upon empls. and consumers discussed. [Econ. Robert REICH - comments on greed.] Attys. and bankers noted making huge profits from deals. [HARRIGAN - criticizes transactions.]
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