SENATE'S PROXMIRE URGES CURBS ON TAKEOVERS

  Senate Banking Committee chairman
  William Proxmire called for curbs of hostile corporate
  takeovers and new restrictions on risk arbitrageurs.
      "At the very least, it is high time that we require all risk
  arbitrageurs to register seperately and specifically  with the
  Securities and Exchange Commission and that we consider
  precluding brokerage firms and their employers from investing
  in, or owning any securities issued by, third party risk
  arbitrage operations," Proxmire said at the start of a hearing
  on corporate takeovers.
      "A burning issue must be whether there ought to be a
  complete seperation in the future of risk arbitrage and
  investment banking," Proxmire said.
      He said he was concerned that hostile takeover attempts
  were hurting the economy, a view shared by corporate executives
  who tesitified at the hearing. "I believe that takeovers have
  become so abusive and so tilted in favor of the financial
  buccaneers that remedial action is required," USX Corp chairman
  David Roderick said. "For Congress to allow the takeover game to
  continue unchecked, would be economic suicide," Champion
  International Corp chairman Andrew Sigler added.
  

