| hq8f7l57ig | Date: Saturday, 2014-02-01, 07:59:43 | Message # 1 |
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| e had to find common cause, thanks to Johnstowns cursed history. A flood in killed , people, all but wiping the town off the map. A milder flood in ripped up sewers and roads, causing $ million in damage. Already hurting from cheap Japanese and Korean imports, Bethlehem Steel, the towns largest employer, slashed its payroll of , % and eventually shut down for good in . Johnstowns jobless rate shot up to %, the highest in the nation. Its population dropped % between and to ,. The demoralized city found help in John Murtha, a powerful dealmaker on the House Appropriations Committee. Murtha, a Democrat who
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he help of junk bond financing from Michael Milken, Hurwitz took over Simplicity Pattern Co., spiked the dividend, took cash out of its overfunded pension plan and sold assets. The resulting company was renamed Maxxam. When friendly buyouts didnt work, Hurwitz engaged in greenmail: The directors at Castle amp Cook, the Honolulu fruit and real estate company, fended off his hostile bid but were forced to pay a % premium on his s to be rid of him. The deal that got Hurwitz into real trouble was an investment in for just under % of United Financial, a banking company that owned a Houston savings and loan c
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