The family’s accomplishments—Bond was the
descendant of a freed slave—did not insulate
him from prejudice. While at the George
School, a Quaker prep school at which he was
the only black student in the 1950s, Bond was
told by the headmaster not to wear his school
jacket on dates with white girls. The experience
scarred him yet awakened him politically. At
that time he also began developing a philosophy
of racial awareness and
PACIFISM, al ong with the
witty, penetrating style for which he later
became known.
In 1957 Bond entered Morehouse College in
Atlanta, Georgia. He did not receive his bachelor
of arts degree in English until 14 years later, but
intheinterim,hemadehistory.Bondwas
inspired by the civil rights movement and
particularly the philosophy of nonviolent change
espoused by
MARTIN LUTHER KING Jr. In 1960 Bond
helped found two influential student groups. The
first of these, the Committee on
APPEAL for HUMAN
RIGHTS
, succeeded in integrating Atlanta busi-
nesses and pu blic places. The second group, t he
Student Non-violent Coordinating Committee
(SNCC), grew into a national phenomenon,
becoming the leading civil rights organization
among young people in the mid-1960s. SNCC

The nomination was symbolic; he was too
young to serve and so withdrew his name. In
Georgia he served as a state representative until
1974 and as a state senator from 1974 to 1987.
During this period, he introduced some 60 bills
aimed at helping minorities and low-income
citizens; he also led a successful drive to create a
new congressional district in Atlanta representing
a black majority. He made an unsuccessful bid
for the U.S. House of Representatives in 1986.
During his career Bond has written about
and taught civil rights and has served in many
civil rights organizations. In 1971, he became
the first president of the
SOUTHERN POVERTY LAW
CENTER
,aNONPROFIT legal organization based
in Montgomery, Alabama, devoted to ending
discrimination. In the 1990s Bond served four
terms on the board of the National Association
for the Advancement of Colored People
(
NAACP). Bond has served since 1998 as national
board chairman of the NAACP.
A holder of 25 honorary degrees, Bond has
taught at Drexel University, Harvard University,
the University of Pennsylvania, and Williams
College. He serves as a distinguished scholar
at American University in Washingto n, D.C.
Horace Julian Bond 1940–

1967–74
Served in
Ga. House
1925
1975
1950
2000
GALE ENCYCLOPEDIA OF AMERICAN LAW, 3RD E DITION
78 BOND, HORACE JULIAN
and a professor in the history department at the
University of Virginia.
In the early twenty-first century, Bond
continued to be a prolific writer. His articles
and poems have appeared in numerous maga-
zines and newspapers, including The Nation,
Playboy, Ramparts, the New York Times, and the
Los Angeles Times. Bond has also continued his
work as a narrator and commentator and has
made appearances on television and in the
movies. In 2002 he received the
EUGENE V. DEBS
Award for his work with social justice issues and
also the presti gious National Freedom Award.
In 2009 he received the Spingarn Medal, the
NAACP’s highest honor.
FURTHER READINGS
Branch, Taylor. 1989. Parting the Waters: America in the
King Years, 1954–1963. New York: Touchstone.
National Association for the Advancement of Colored People.
Available online at (accessed

Junk bonds, for example, are high-risk, high-
yield bonds. Except for the high-risk variety,
bonds tend to be relatively solid, predictable
investments, with prices that vary less than those
of those of stocks on the
STOCK MARKET.Asa
result, LITIGATION because of unpaid bond agree-
ments has rarely proved necessary.
The most common type of bond is the
simple bond. This bond is sold with a fixed
interest rate and is then redeemed at a set time.
Several varieties of simple bonds exist. Munici-
pal governments issue simple bonds to pay for
public projects such as schools, highways, or
stadiums. The U.S. Treasury issues simple
bonds to finance federal activities. Foreign
governments issue simple bonds, known as
Yankee bonds, to U.S. investors. Corporations
issue simple bonds to raise capital for moderni-
zation, expansion, and operating expenses.
Conditional bonds do not involve capital
loans. Most of these bonds are obtained from
persons or corporations that prom ise to pay,
should they be come liable. The payment is
usually a nonrefundable fee or a percentage of
the face value of the bond. A
BAIL BOND is a
common type of conditional bond. The person
who posts a
BAIL bond promises to pay the court

increasing business activity in the 1980s led to
large-scale buying of these high-risk invest-
ments. Corporations successfully bought out
GALE ENCYCLOPEDIA OF AMERICAN LAW, 3RD E DITION
BONDS 79
the stock of other corporations by raising
money through the sale of millions of dollars
of junk bonds. (Junk bonds have been given low
ratings when measured by standard investment
criteria—hence the pejorative name.)
Troubles soon aro se from the shaky foun-
dation of the
JUNK BOND market. One of the
country’s leading figures in fostering junk bond
investments, Michael R. Milken, faced criminal
charges that he had manipulated bond prices,
Michael R. Milken: Genius, Villain,
or Scapegoat?
F
B
ew business personali ties have attracted as
much attention—both negative and positive—
as bond market financier Michael R. Milken. After
earning an estimated $1.1 billion in the 1980s as the
head of Drexel Burnham Lambert’s securities
branch, Milken fell fro m grace in the press and in
the eyes of many investors. In 1990 the Securities
Exchange Commission charged Milken with securi-
ties fraud. In U. S. district court, Milken was fined
$600 million, pe rmanently barred from engaging in

about ju nk bonds” (National Review 31 August
1992). Milken’s theory held that the high yields of
junk bonds would draw in vestors to purchase many
of them and that defaults on these securities would
be few. The intense corporate competition of the
1980s waned; however, and in later years, investors
moved away from ju nk bonds in search of other
investment opportunities. Follo wing his release from
prison, after serving two years of his ten-year
sentence, Milken was invited to lecture on ethics in
business at the University of California, Los Angeles.
To critics, however, Milken remained an icon of
the money-mad 1980s, a financial wizard driven by
the promise of vast wealth to push the limits of
securities law. The one-time billionaire reemerged
from prison with $300 million from his days as the
king of junk bonds, which h e used entrepren eurially
in the education market, most notably as the
brainchild behind Knowledge Universe, a company
that owned several other education training and
consulting companies, including the popular Leap-
frog Enterprises (makers of LeapPad learning aids).
Additionally, Milken became more visible in his
philanthropic endeavors, particularly favorin g pros-
tate cancer research and Mil ken creations s uch as
the Milken Family Founda tion, the Milken Institute,
and Mike’sMathClub.
FURTHER READINGS
Bailey, Fenton. 1992. Fall from Grace: The Untold Story of
Michael Milken. Secaucus, N.J.: Carol Pub. Group.

Problems have also arisen with bonds issued
by governments. For example, when Califor-
nia’s Orange County issued $169 million in
municipal bonds in June 1994, future taxes and
other general revenues were expected to pay for
the interest and principal of the bonds. But on
December 6, 1994, the county filed Chapter
Nine petitions in
BANKRUPTCY court. The county
could not pay the bondholders, because the
money that had been set aside for them had been
depleted. By 1995, losses in the Orange County
investment pools approached $1.7 billion.
Representatives of the county found themselves
in court, being sued by the company that
represented investors. In In re County of Orange,
179 B.R. 185, 26 Bankr. Ct. Dec. 1050 (Bankr.
C.D. Cal. 1995), the bankruptcy court denied
bondholders’ claims to county revenues derived
after the Chapter Nine filing. The interests of
bondholders were seriously injured.
Nevertheless, bonds continue as popular
investments. Junk bonds, especially, have
regained favor as a means for earning consid-
erable returns. The relatively high interest rates
of junk bonds have entailed risks for buyers,
but Wall Street analysts have argued that the
rewards of these investment vehicles outweigh
the dangers. Indeed, the bond market in
general has even thrived in times of economic

being liquidated. For example, if a corporation
has 100,000 shares of stock issued and out-
standing and its assets total $5 million and its
intangible assets and all liabilities total $1.6
million, its net
ASSET value is $3.4 million and
its book value per share is $34.
BOOKING
The procedure by which law enforcement officials
record facts about the arrest of and charges against a
suspect such as the crime for which the arrest was
made, together with information concerning the
identification of the suspect and other pertinent facts.
This information is written down on the
police
BLOTTER in the police station. The process
of booking may also include photographing
and fingerprinting.
BOOKKEEPING
The process of systematically and methodically
recording the financial accounts and transactions
of an entity.
Double-entry bookkeeping is an accounting
system that requires that for every financial
transaction there must be a debit and a credit.
When merchandise is sold for cost, there is a
debit to cash and a credit to sales.
GALE ENCYCLOPEDIA OF AMERICAN LAW, 3RD E DITION
BOOKKEEPING 81
BOOTSTRAP DOCTRINE

city located in southeastern Massachusetts.
According to local rumors, the Borden family
was not noted for its harmonious relationships.
Andrew Borden was a quiet, unpleasant man
who had two daughters, Lizzie and Emma, by a
previous
MARRIAGE, and who had married his
present wife in 1865. Neither Lizzie nor Emma
favored the union and animosity existed among
the three Borden women.
On August 4, 1892, the residents of Fall
River were shocked and frightened by the brutal
ax murders of Andrew Borden and his wife. The
killings were committed at the Borden home in
daylight. Emma Borden was out of town, but
Lizzie discovered her father’s body on the couch
in the living room; she immediately sent a
servant, Bridget, for help. Upon their return,
Bridget and a neighbor found the body of
Lizzie’s stepmother in an upstairs bedroom.
The town was in an uproar and the news-
papers seized the opportunity to sensationalize
an already lurid story. Lizzie became the prime
suspect, and throughout Fall River, sp eculati on
spread about her actions on that fatal day,
suggesting that Lizzie attacked her stepm other
and afterward carefully cleaned the ax and
changed her clothes. She then did her normal
housework until her father returned from town
to take a nap on the couch. While he slept,

subsequently arrested. The trial began in New
Bedford, Massachusetts, in June 1893, and
lasted 13 days. Those days were filled with
contradictory accounts of the crime, but the
main point of contention concerned Lizzie’s
assertion that she was in the barn at the time the
murders were committed, between 11:00 a.m.
and 11:15 a.m. An ice cream vendor corrobo-
rated Lizzie’s story by testifying that he had seen
the
DEFENDANT leaving the barn at the aforemen-
tioned time. The
DEFENSE attorney argued
brilliantly on his client’s behalf—the evidence
was mostly circumstantial—and the jury found
Lizzie Borden not guilty of the murder of her
parents.
Lizzie Borden was acquitted by the jury but
not by the public. After her death on June 1,
1927, in Fall River, she was still not exonerated
in the public mind; she is famous only in
connection with the bloody events of August 4,
1892.
FURTHER READINGS
Hoffman, Paul Dennis. 2000. Yesterday in Old Fall River:
A Lizzie Borden Companion. Durham, NC: Carolina
Academic.
Masterton, William L. 2000. Lizzie Didn’t Do It! Boston:
Branden.
Ortiz, Catalina. 1997. “Defense Has the Edge: New Trial,

enterprise research and laissez-faire economic
theory, convinced Bork that government should
not intervene in the economy.
Bork received his law degree in 1953. After
serving two hitches in the U.S. Marine Corps
he practiced for a large law firm in Chicago,
where he specialized in
ANTITRUST LAW. In 1962
Bork accepted a position teaching antitrust and
CONSTITUTIONAL LAW at Yale University. At Yale
he developed his doctrine of “original intent
and judicial restraint,” which stated that courts
can protect only the rights that are guaranteed
in the Constitution; all other rights are subject
to limitation by Congress and the legislatures.
In deciding which rights are to be afforded
constitutional protection, courts must be guided
by the
ORIGINAL INTENT of the Constitution’s
Framers. For example, the
FOURTEENTH AMEND-
MENT
was intended to grant EQUAL PROTECTION
under the laws to black citizens; therefore, Bork
argued, it cannot be used to approve or mandate
AFFIRMATIVE ACTION for women.
President
RICHARD M. NIXON appointed
Bork
SOLICITOR GENERAL in 1973. Later that year,

nominated to the Supreme Court to replace
retiring associate justice Lewis F. Powell Jr.
Over the years, Bork criticized many Su-
preme Court decisions. In a 1963 arti cle in
The New Republic, Bork attacked the proposed
Public Accommodations Act—which became
title II of the Civil Rights Act of 1964 (78 Stat.
2441, 42 U.S.C.A. § 2000a)—as an infringement
of the right of free association. Eight years later,
in an article in the Indiana Law Journal, Bork
summarized his view of the Constitution and
pointed out Court decisions that, in his opinion,
were unconstitutional. He declared that the
Constitution provided no unwritten protections
and therefore guaranteed no right to privacy,
contrary to what the Court had established in
GRISWOLD V. CONNECTICUT, 381 U.S. 479, 85 S. Ct.
1678, 14 L. Ed. 2d 510 (1965). Privacy, Bork
said, was a free-floating right not derived in
a principled fashion from the Constitution. If
no right of privacy existed in Griswold, then,
according to Bork, the landmark
ABORTION case
ROE V. WADE 410 U.S. 113, 93 S. Ct. 705, 35 L. Ed.
2d 147 (1973) was wrongly decided.
Similarly unprincipled, said Bork, were the
decisions of the
WARREN COURT that affected
voting practices and established the principle
of “one person, one vote.” Bork also said poll

Advancement of Colored People (
NAACP), Com-
mon Cause, People for the American Way, the
NATIONAL ORGANIZATION FOR WOMEN, the National
Abortion Rights Action League, and the
AMERI-
CAN CIVIL LIBERTIES UNION
, came together quickly
to fight the nomination.
LOBBYING efforts on
both sides of the struggle were aggressive.
Robert Heron Bork 1927–
▼▼
▼▼
◆
◆
◆
◆
2003 Coercing
Virtue published
1996
Slouching
Towards
Gomorrah
published
◆
1990 The
Tempting
of America
published

◆
1973 Appointed
solicitor general
by President Nixon
◆
1962
Joined
Yale Law
School
faculty
◆
1953 Earned
J.D. from U. of
Chicago Law
School; joined
the Marines
◆
1948 Earned bachelor’s
degree from University
of Chicago
❖
1927 Born,
Pittsburgh, Pa.
1950–53
Korean War
1961–73
Vietnam War
2008 A Time to Speak
published
2000

the Senate Judiciary Committee rejected Bork’s
nomination by a vote of 9–5. In a vote by the
full Senate on October 23, Bork’s nomination
to the Supreme Court was rejected by a margin
of 58 to 42.
Critics of original intent saw Bork’s rejec-
tion as a victory for the perception of the
Constitution as a “living” instrument, to be
adapted to human needs by a judiciary with
sufficient discretion to decide what public values
are important enough to protect from majority
rule. Bork’s supporters called him a victim of
liberal attacks.
Bork resigned from the court of appeals in
1988 and joined the American Enterprise
Institute for
PUBLIC POLICY Research, a prominent
Washington-based think tank. As a senior
fellow at the Institute, Bork continued to write
and comment on U.S. law and society. Bork
published numerous articles and has be en a
frequent legal co mmentator on various televi-
sion shows.
In books such as The Tempting of America:
The Political Seduction of the Law (1990), The
Antitrust Paradox: A Policy at War with Itself
(2d ed. 1993), and Slouching towards Gomorrah:
Modern Liberalism and American Decline (1996),
Bork espoused his strongly conservative views.
He advocated

Kutler, Stanley I. 1992. The Wars of Watergate: The Last
Crisis of Richard Nixon. New York: Norton.
Pertschuk, Michael, and Wendy Schaetzel. 1989. The People
Rising: The Campaign against the Bork Nomination.
New York: Thunder’s Mouth Press.
Sager, Lawrence. 1990. “Back to Bork.” New York Review of
Books (October 25).
v
BOSONE, REVA BECK
Reva Beck Bosone was Utah’s first woman judge
and the first woman elected to the House of
Representatives from that state.
Bosone was born April 2, 1895, in American
Fork, Utah, the only daughter among the four
children of Christian M. Beck and Zilpha
Chipman Beck. Her father was of Danish
extraction, and her mother was a descendant
of the 1847 Mormon pioneers and of the
Mayflower pilgrims. After attending elementary
and high schools in American Fork, Bosone
went to Westminster Junior College, in Salt
Lake City, and in 1919 received her bachelor of
arts degree from the University of California
at Berkeley. She married Harold G. Cutler
in 1920. They were divorced one year later.
IF A LEGISLATOR
IS A WEAKLING WHO
SUCCUMBS TO THE
LUSH CROONING OF
CERTAIN LOBBYISTS

of Bosone and Bosone in Helper, Utah. In 1932
Bosone became a candidate for the state
legislature. After conducting a door -to-door
campaign with her two -year-old daughter in her
arms, she was elected to the Utah House of
Representatives from Carbon County. Bosone
was reelected in 1934 and in 1935 was elected
majority leader. She became the first woman
member of the influential Sifting (Rules) Com-
mittee, as well as its chairman. As a member of a
group known as the “Progressive Bloc” Bosone
played an integral role in the passage of a
minimum wage-and-hour law for women and
children and of the Utah child labor
CONSTITU-
TIONAL AMENDMENT
. Her efforts in these areas were
aided by
FRANCES PERKINS, labor reformer and U.S.
secretaryoflabor,andfromEleanorRoosevelt,
wife of President
FRANKLIN D. ROOSEVELT.
After leaving the Utah Legislature in 1936,
Bosone returned to private practice for a short
time before being elected a Salt Lake City judge
in police and traffic court. In her judicial
position, to which she was reelected until 1948,
she instituted what were then extraordinary
traffic fines: $300 for drunken driving and
$200 for reckless driving. During her tenure on

Americans from government guardianship and
sponsored water and soil conservation initiatives
for the West.
Bosone ran for reelection in 1952 and in
1954 but was defeated both times by former
Reva Beck Bosone 1895–1983
❖
1895 Born,
American Fork,
Utah
◆
1919 Graduated
from University of
California at Berkeley
1914–18
World War I
◆
◆◆
1932 Elected to
Utah House of
Representavtives
1936 Elected to Salt Lake
City judgeship as Utah's
first woman judge
1939–46
World War II
1940 Won
reelection
to judgeship
1948–52 Served as

19751975
20002000
◆
◆
◆
◆
GALE ENCYCLOPEDIA OF AMERICAN LAW, 3RD E DITION
86 BOSONE, REVA BECK
incumbent Dawson. The campaigns, conducted
in the nervo us atmosphere of the COLD WAR,
were hard-fought with Bosone facing charges of
accepting kickbacks and being a Communist
sympathizer. After her loss in 1954 she returned
to
PRIVATE LAW practice until 1958, when she
became legal counsel for the Subcommittee of
Safety and Compensation of the House Com-
mittee on Education. In 1961 Postmaster
General J. Edward Day appointed her a judicial
officer and chairwoman of the Contract Board
of Appeals for the U.S. Post Office Department.
In this position, which she held until her
retirement in 1968, Bosone was authorized to
make final decisions for the department in
OBSCENITY cases and FRAUD case s.
Throughout her professional life Bosone
had a special interest in the problems of
alcoholism and juvenile delinquency. Her work
in these areas resulted in her being elected to
Utah’s Hall of Fame in 1943. In 1947 and 1948

Univ. Press.
Matthews, Glenna. 1994. The Rise of Public Woman:
Woman’s Power and Woman’s Place in the United
States, 1630–1970. New York: Oxford Univ. Press.
National Education Association Journal. 1949. April.
“Representative Reva Bosone of Utah.” Historical Highlights.
Office of the Clerk, U.S. House of Representatives.
Available online at />index.html?action=view&intID=301; website home
page: (accessed July 8, 2009).
“Utah History to Go. Reva Beck Bosone.” Available online
at />vement/revabeckbosone.htm; website home page:
(accessed July 8, 2009).
CROSS REFERENCES
Alcohol “Alcoholics Anonymous” (Sidebar); Perkins, Frances;
Roosevelt, Anna Eleanor.
BOSTON MASSACRE SOLDIERS
The Boston Massacre , March 5, 1770, was an
event that exemplified the growing tension
between the American colonies and England
that would subsequently result in the outbreak of
the Revolutionary War.
In 1767 the English Parliament had levied
an import tax on tea, glass, paper, and lead.
The duties were labeled the Townshend Acts—
part of a series of unpopular taxes directed at
the colonists without their representation.
The colonists retaliated with attacks on English
representatives and officials, and troops were
dispatched to America to restore order. The
agitation between the colonists and the English