Word: frankfurters
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Dates: during 1970-1979
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...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...
...markets and in the process helped send the dollar into a renewed slide while pushing gold back up to more than $400 per oz. In the scramble, banks even wound up suing each other. Lamented one London finance man: "The situation is total confusion." Added a nervous colleague in Frankfurt: "The chaos is complete. You just do not know what to expect next...
Quality sells partly because so many women have gained paying jobs. Out in the working world, earning their own money, they have become more discerning, demanding shoppers. Another major factor is that many consumers are moving into a group that Stephen Frankfurt, director of creative planning for Kenyon & Eckhardt, has labeled the "maturity market." They are the folks in the 34% of U.S. households that are headed by adults aged 45 to 64. They have the highest family income in the nation. More important, they have worked hard for their wealth and do not want to waste it on tinsel...
...frozen Iranian assets, are located in the foreign branches and subsidiaries of U.S. banks. The funds are not under the jurisdiction of Washington at all, but of the banks' host countries. The key country is Britain, the major center for the Eurodollar market; banks in Paris, Frankfurt and Geneva also hold large Eurodollar deposits that technically lie outside U.S. jurisdiction...
Volcker's policy continues to earn raves abroad. The dollar's decline, which had precipitated the action, has been at least temporarily checked. Despite nervousness in world financial markets caused by events in Iran, the dollar has been strong for the past month. Typically, one Frankfurt banker says with a sigh of relief: "For the first time I can confidently see a stable rate for the dollar." Silver, platinum and copper markets, which had soared like comets in early October, have returned to some calm...