NEW YORK -- Some big names in business were humbled by events in 1987, but others added stature and influence in the year the stock market collapsed.
Former stock speculator Ivan F. Boesky worked under an assumed name helping the homeless after pleading guilty to a criminal charge stemming from Wall Street's biggest insider-trading case.
The Supreme Court upheld the criminal conviction of former Wall Street Journal reporter R. Foster Winans and two others who profited from trading in stocks about which Winans was writing.
The Hunt brothers, Lamar and Nelson, joined their brother William in requesting bankruptcy law protection for their personal trusts. The wealthy Texans face lawsuits and investigations charging that they tried to corner the world silver market illegally in 1980.
Some business luminaries lost out in the boardroom.
Richard J. Ferris, who guided the diversification of the parent of United Airlines into a travel-and-lodging giant that adopted the name Allegis Corp., was replaced as chairman after the company's directors decided to sell its hotel and car rental businesses.
Chairman Don Johnston of the advertising giant JWT Group Inc. was unable to head off a takeover by WPP Group PLC, a small British services marketing firm headed by Martin Sorrell. Johnston left the firm quietly in autumn.
William Jovanovich, chairman of Harcourt Brace Jovanovich Inc., had better luck fending off a bid from British publisher Robert Maxwell although the textbook publisher took on a big debt doing so.
The chameleon award went to Florida Gov. Robert Martinez, who championed his state's imposition of a sales tax on services such as advertising but later persuaded state lawmakers to repeal it.
The Oct. 19 stock market collapse changed the fortunes of many people, including some wealthy folks.
Sam Walton, identified by Forbes magazine as the richest man in the United States, saw the value of his 38.6 percent stake in Wal-Mart Stores Inc. fall by more than $1 billion that day. That still left him with about $5 billion.
In the wake of the collapse, Australian financier Robert Holmes a Court was forced to sell assets in what was viewed as a bid to raise cash to service debts.
The market collapse thrust John J. Phelan Jr., the chairman of the New York Stock Exchange, to center stage. He got credit for how he handled the turmoil and for keeping the exchange open.
During those dark days, some Wall Streeters wished for the steadying influence of Paul Volcker, who decided not to seek a third term as Federal Reserve Board chairman and retired during the summer.
The collapse aftermath put Volcker's successor, Alan Greenspan, to an early test. David S. Ruder, who succeeded John Shad as chairman of the Securities and Exchange Commission, also had to learn the ropes quickly.
Treasury Secretary James Baker was at the center of international talks on the dollar. U.S. Rep. Richard Gephardt's proposal to retaliate against countries that have big trade surpluses with the United States was hotly debated in Congress and on the presidential campaign trail.
John S. Reed, chairman of Citicorp, blazed a trail for banking companies, taking the first big provision for loan losses in recognition of the chance that some Third World loans may not be repaid.
Carl Icahn, chairman of Trans World Airlines Inc., withdrew his offer for the minority stake in TWA that he doesn't already own following the collapse, but he later bought a stake in Texaco Inc. from the Australian Holmes a Court that made him the oil company's biggest stockholder.
Texaco's chairman, Alfred C. DeCrane Jr., and its chief executive, James W. Kinnear, shocked Wall Street by seeking bankruptcy court reorganization as part of Texaco's long-running fight with J. Hugh Liedtke, chairman of Pennzoil Co., over how to settle the multibillion-dollar court judgment Pennzoil held against Texaco.
Laurence A. Tisch, chief executive of CBS Inc., led the communications giant on a journey back to its roots in broadcasting as it shed two of its three core businesses, magazines and records.
Cable entrepreneur Ted Turner sold a stake in Turner Broadcasting System Inc. to a group of cable operators and talked with Robert Wright, president of National Broadcasting Co., about investing in TBS or a joint venture.