Word: controller
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Dates: during 1990-1990
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...other markets. Even today, Tokyo shares sell for an average of 45 times annual earnings, in contrast to a multiple of 15 in the U.S. Despite the difference, many investors believed Tokyo stocks would never plunge from those levels because the market was perceived to be much more carefully controlled and even manipulated by the Japanese government and industry. A handful of securities firms control most stock trading, the theory went, and they would be able to prop up prices should any serious selling begin. On Black Monday in 1987, such intervention helped keep Tokyo's losses under...
Sotheby's, understandably terrified of the results if Irises had to be auctioned again, repossessed the painting and began seeking a private buyer for it at $65 million, saying that though Bond "owned" it, they "had control" of its whereabouts. (Some Australian museum officials now believe, though they have produced no evidence publicly, that the picture exhibited as Irises on a tour of Australian state galleries in 1989 was a new copy, protected from close inspection behind double glass.) Efforts to sell it at the high price failed. Since informed art-dealing sources concurred late last year that the right...
Increasingly concerned that events might spin out of control, the Bush Administration stopped soft-pedaling its support for the Lithuanians and made it clear to Gorbachev that military intervention would seriously damage both perestroika and East-West relations. Said Bush: "Any attempt to coerce or intimidate or forcibly intervene against the Lithuanian people is bound to backfire...
...These moves were accompanied by a shower of anti-Lithuanian decrees from Moscow. The most ominous was a directive from Gorbachev ordering Lithuanians to turn in their firearms. He also instructed the KGB to step up security on the borders and asked the Foreign and Interior Ministries to tighten control over foreigners in the republic...
...stubbornly resistant economy. Under former President Jose Sarney, Brazil tried to implement three anti-inflation programs in four years. All failed, mainly because as soon as the reforms were announced, consumers rushed to buy goods, creating a new surge in inflation. They were betting that the government could not control prices, and they were right. Thanks to Collor's freezing of assets, that shopping surge seems unlikely to happen this time. But labor leaders have vowed to strike if the President follows through on plans to sell or close 188 state-owned businesses. The President's program would eliminate...