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News
CNNfn's business top 10
December 8, 1998: 2:35 p.m. ET

1998 was a year of mega-mergers, continental buyouts, landmark trials
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NEW YORK (CNNfn) - Capping a year marked by merger mania and record stock market gyrations, CNNfn is airing a two-week series looking back on its picks for the top ten most influential business stories of the year.
     From the near-collapse of John Merriwether's Long-Term Capital Management and Exxon's record-breaking merger with Mobil to the dramatic comeback of America's favorite pastime, CNNfn has chronicled the year's business stories that rocked Wall Street and beyond.
     Billion Dollar Bailout: John Merriwether and the Nobel prize-winning economists at Long Term Capital Management built a problem of epic proportions matched only by the amount of money required to bail them out.
     Dunlap's Demise: "Chainsaw" Al Dunlap axed himself out of a job with questionable business practices at Sunbeam, and made a failure of his credo of success at any cost.
     U.S. v. Gates: A look at the historic implications of computer software titan Bill Gates' showdown with the Justice Department and how the government's trial against Microsoft will affect an already volatile industry.
     Big Oil: In a potential boon for consumers, cheap oil prices helped drive Exxon and Mobil together in the largest corporate merger in history, leaving the rest of the players scrambling for partners.
     Wal-Mart of the Web: Amazon.com has quickly become the online bookstore of choice, paving the way for consumer acceptance of e-commerce and transforming the way people think about and use the Web .
     Weill's Global Vision: In what is already a rocky marriage, Sanford Weill created a global financial supermarket with the creation of Citigroup, the largest financial products company in the world. But will it work?
     Upset of the Year: The business of baseball under Bud Selig, with help from McGwire and Sosa, proved strong enough to unseat the NBA as the odds-on favorite to capture the hearts and dollars of Americans nationwide.
     Rubin's Rumble: Pushed by Robert Rubin, the IMF went from the sidelines to quarterbacking a global financial rescue of unprecedented scale.
     The Bull Stumbles: From the vertigo of "Dow 9000," to the stomach-churning stock market drop on Aug. 31, investors in 1998 experienced volatility that left them breathless, and coming back for more.
     Atlas of the Nineties: Alan Greenspan, perhaps the most listened-to man in the world, gingerly steered Federal Reserve policy to blunt a mounting global economic crisis and keep the U.S. economy moving. Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.