With a death toll of 1.5 million, the Iran-Iraq
War ends after 8 years.
In an attempt to remove dictator Manuel Noriega from power in Panama,
the U.S. indicts Noriega for bribery.
Investment firm Kohlberg Kravis Roberts pays nearly $30 billion for R.J.
Reynolds-Nabisco, which merged in 1985, in the largest leveraged buyout
ever. The investment deal will become the subject of a book and television
movie, Barbarians at the Gate.
King Hussein of Jordan renounces control of the West Bank in favor of
In Pakistan, General Zia ul-Haq dies mysteriously, and Benazir Bhutto
is elected prime minister.
Salman Rushdie publishes The Satanic Verses, enraging many Muslim readers
and prompting the Ayatollah Khomeini to put out a death warrant on Rushdie
the next year.
In movies, Dustin Hoffman nabs the Best Actor Academy Award for Rain Man,
which also wins Best Picture.
The Securities and Exchange Commission begins to investigate Michael Milken
of the investment firm Drexel Burnham Lambert for violation of securities
law. Milken has pioneered the use of high-yield ``junk'' bonds in the
`80s craze for mergers and acquisitions.
In Myanmar, a military coup seizes control of the government, suppressing
demonstrations in Yangon (Rangoon), the capital.
Vice-President George Bush wins the presidential election, defeating Massachusetts
governor Michael Dukakis.