Bracing for More Bombshells

After the Boesky scandal, Wall Street wonders who will be next

Like residents of some bombarded city taking advantage of a lull in the shelling, Wall Streeters scrambled from underneath their desks last week and tried to get their morale and finances in shape. Stunned by the Ivan Boesky insider-trading disclosures of Nov. 14 and expecting more to come, investors pulled their money out of takeover-target stocks and instead poured their cash into stabler, less controversial shares. Nevertheless, takeover artists got back some of their nerve and launched a flurry of new merger bids. All the while, angry accusations flew back and forth as the players in the widening controversy -- investors,...

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