January 27, 1989

LEAD: The recent wave of leveraged buyouts and other forms of corporate restructuring has probably crested, Alan Greenspan, chairman of the Federal Reserve, said today. He urged Congress to shun legislation to restrict such transactions.

LEAD: Math Education Criticized

LEAD: After a boom that lasted less than two years, the nation's semiconductor industry appears to be headed back into a slump.

LEAD: In response to growing outrage over rising property taxes in New Jersey, Gov. Thomas H. Kean proposed today that the state take over from the counties the costs of the welfare and state court systems to save those who pay property taxes more than $320 million.

LEAD: Moving away from Ronald Reagan's vision of an impregnable shield against missiles, the Secretary of Defense-designate said today that the Bush Administration did not consider it possible to ''devise an umbrella that can protect the entire American population from nuclear incineration.''

LEAD: His silver hair swept back, his glasses perched imperially on the bridge of his nose, Peter W. Rodino Jr. was doing what he has done for the last 40 years: instructing on the Constitution and the rule of law.

LEAD: It was supposed to be an exercise in reason, an effort to use electronic gadgetry to rise above the angry rhetoric of the past and examine issues of racism and housing in Westchester County.

LEAD: The American Telephone and Telegraph Company yesterday reported, as expected, the first annual loss in its 104 years in business.

LEAD: An American trade group has offered to buy the unfinished United States Embassy building in Moscow as office space, State Department officials said today. Washington halted construction on the building last year after concluding that it had been embedded with enough eavesdropping devices to turn it into an eight-story microphone.

LEAD: The East Village art scene may be defunct, but its legacy lives on deep in the complicated heart of SoHo, where art and money, glamour and real estate continue to mingle in evermore varied combinations. The move of galleries out of the East Village, which started in earnest last season, still continues and is in its second and probably final phase.

LEAD: SHALL WE DANCE? Ballroom dancing has enjoyed a recent resurgence of popularity as countless competitions, classes and clubs have been created for people seeking the romance of waltzing and fox trotting. A photographic chronicle of contemporary ballroom dancers of all ages in the United States, Canada and England is on view at the Midtown Y Photographic Gallery, 344 East 14th Street.

LEAD: If a drug addict says, 'Yes, I'll take residential treatment,'' counselors want to grab him and throw him in a program, pronto. ''The addict will say yes today - he'll say no tomorrow,'' said Kevin Frawley, who knows.