Although the Bush administration doubled its estimate for bailing out the savings & loan industry to $130,000,000,000, congress appropriated half that figure.
Former Philippines first lady Imelda Marcos went on trial in the U.S. for fraud charges.
Michael Milken, the so-called Junk Bond King, was convicted for violating securities laws. He was sentenced to 10 years, fined $200,000,000 and ordered to pay back $400,000,000.
A House subcommittee determined that Americans were spending $30,000,000,000 a year on weight-loss products or programs that were ineffective or threatened their health.
Ivana Trump filed for a divorce from Donald Trump.
87 died when the illegal Happy Land Social Club burned in the Bronx, New York. Julio Gonzales was later convicted for arson and 87 counts of murder.
29 died in flash flooding in Ohio, Pennsylvania and West Virginia.
Fog was blamed for 75 collisions that killed 15 and injured 55 on Interstate 75 in Tennessee.
Former ambassador to the U.K., Walter H. Annenberg, donated $50,000,000 to the United Negro College Fund.
Operation Desert Shield consisted of 527,000 American military personel sent to Saudi Arabia and the Persian Gulf after Iraq invaded Kuwait.
Officials said the AIDS epidemic was spreading throughout all societal factions in America at an alarming rate. Act Up! members disrupted the opening of The CBS Evening News With Dan Rather, chanting, "Fight AIDS, not Arabs!" The opening segment was re-recorded for broadcast in the western time zones.
Paintings valued at $100,000,000 were stolen from Boston's Isabella Stewart Gardner Museum.
The Supreme Court ruled that police must stop interrogating a suspect after her or she requests an attorney be present.
"I've fallen and I can't get up!" became a catch phrase due to a frequently-running TV ad for Lifeline, an emergency call necklace marketed to seniors.
Puppeteer and Muppets co-creator Jim Henson died at age 53 from a strain of strep known as "the flesh-eating virus."
A Chorus Line wrapped up its run on Broadway after 6,237 performances ... nearly twice the run of the former record-holder, Grease.
James "Buster" Douglas knocked out Mike Tyson to receive the world heavyweight boxing championship, only to be knocked out 8 months later by Evander Holyfield.
Kevin Costner won Best Picture and Best Director Oscars for Dances With Wolves.
TV's Beverly Hills 90210 debuted. Cheers, thirtysomething and Murphy Brown were top-rated shows.
Hit songs included Escapade by Janet Jackson, Love Takes Time by Mariah Carey, Black Velvet by Alannah Miles, Step By Step by New Kids On The Block, It Must Have Been Love by Roxette and How Am I Supposed To Live Without You? by Michael Bolton.