Financing The 90's

It's a fascinating spectacle. The people and institutions whose unrelenting use of debt fueled the Excessive Eighties are suddenly quiescent, even contrite. Once-mighty real estate barons are quietly filing into bankruptcy court. Even the Street's top names are on the defensive. When Salomon Brothers Inc. fessed up to manipulating government note auctions, it was a sign of the times that Chief Executive Warren E. Buffett broke with Wall Street's tradition of genteel defiance by making an elaborate, formal apology.

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