Word: chases
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...quest began at precisely one second past midnight on Jan. 1, 1979, when he spotted a barn owl in Florida City, Fla. His mission, admittedly, was in part a wild goose chase, but it was a snowy plover chase and a glossy ibis chase as well. For James Vardaman, 58, had decided that he would spend 1979-from New Year's Day to New Year's Eve-trying to become the first person to sight 700 different species of birds in North America within one year. "Hot damn!" he remembers saying when he thought of the idea. "That...
...inflation: the price-level during the past 30 years has become less and less firmly anchored in the real economy; increasingly, the economy behaves as if it were indexed. What that means is that wage rates tend to chase prices, and, in turn, push up labor costs, which in turn, push up prices--a "dog-chasing own-tail" inertial process that, once it becomes embedded in the economy at a certain speed, is very hard to slow down. If yesterday wage rates were rising at 9 per cent, with trend productivity increasing at 1 per cent and therefore labor costs...
Many European and U.S. bankers have been at odds since mid-November. It was then that Chase Manhattan and six other large U.S. banks in an eleven-member syndicate used their voting majority to declare a $500 million loan to Iran in default. That raised fears of still further defaults and sparked the rush to seize Iranian assets as compensation...
Pressure is mounting on Chase in Europe to reconsider and reverse the default. One reason: the bank apparently did not tell its European partners that Iran had asked for a transfer of its funds to pay the interest on the loan, but that this payment had been blocked by President Carter's freeze on Iranian assets one day before it was due. Some Europeans now charge that the U.S. banks are acting as mercenary scouts of the Carter Administration in its campaign against Iran and that they have stopped playing the banking game under the gentlemanly rules of prior...
West German bankers have been particularly angry. Morgan Guaranty, one of Chase's U.S. partners in the defaulted $500 million loan, went into a German court and attached Iran's 25% investment in two big German companies, Friedrich Krupp and Deutsche Babcock. Last Tuesday, a day after a terrorist bomb exploded outside the bank's Frankfurt office, Morgan obtained a second court lien on the same assets to cover yet a further Iranian debt. The German bankers had thought they would have first call on these assets if Iran failed to pay some of its German loans...