November 1998

November 1998

November 1998 was a month with thirty days.

The following events also occurred during the month:

  • In the largest civil settlement in United States history, a federal judge approves a US$1.03 billion settlement requiring dozens of brokerage houses (including Merrill Lynch, Goldman Sachs, and Salomon Smith Barney) to pay investors who claim they were cheated in a widespread price-fixing scheme on the NASDAQ.
  • The United Kingdom formally abolishes the death penalty.
  • Daimler-Benz completes a merger with Chrysler Corporation to form Daimler-Chrysler.
  • Theglobe.com goes public, opening up 1000% and setting a stock market record for highest rising IPO in history. This became one of the first and most widely publicized IPOs of the internet boom.
  • Iraq disarmament crisis: U.S. President Bill Clinton orders airstrikes on Iraq, then calls them off at the last minute when Iraq promises once again to "unconditionally" cooperate with UNSCOM.
  • Iraq disarmament crisis: According to UNSCOM, Iraq once again ends cooperation with the United Nations inspectors, alternately intimidating and withholding information from them.
  • America Online announces it will acquire Netscape Communications in a stock-for-stock transaction worth US$4.2 billion.
  • Deutsche Bank announces a US$10 billion deal to buy Bankers Trust, thus creating the largest financial institution in the world.
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