ECONOMIC CONDITIONS: Berlin Wall falls; US invades Panama
REGULATORY CHANGES: S&L crisis effectively ended via passage of the Financial Institutions Reform, Recovery and Enforcement Act of 1989; total estimated cost: over $160 billion
PRESIDENT: George Herbert Walker Bush
SECRETARY OF THE TREASURY: Nicholas F Brady
SECRETARY OF STATE: James Baker
SECRETARY OF DEFENSE: Dick Cheney
SUPREME COURT:
CONGRESS: Speaker, Jim Wright (D); Speaker, Tom Foley (D)
FEDERAL RESERVE CHAIRMAN: Alan Greenspan
NY FEDERAL RESERVE: E Gerald Corrigan, President
HIGHEST PAID CEO: Michael Eisner – Walt Disney
$40,100,000
Inflation adjusted: $68,336,000
BUSINESS ROUNDTABLE: Roger Smith, CEO & Chairman of General Motors
COUNCIL ON FOREIGN RELATIONS: Peter Peterson, Chairman
KEY BANK MERGERS: Boatmen’s Bancshares and Centerre; Security Pacific and Nevada National; Union Planter and Magna
KEY NON-BANK MERGERS: Ernst & Whinney and Arthur Young; Deloitte, Haskins & Sells and Touche Ross; Time Inc and Warner Communications; Federal Express and Flying Tiger Airlines; Sony and Columbia Pictures; Philip Anschutz acquires Southern Pacific Railroad
CORPORATE GOVERNANCE: Bob Monks leaves ISS to found what would become Lens Investment Management