Word: groups
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Dates: during 1980-1980
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...that Nelson Bunker Hunt, one of the world's richest men (see following story), set out with some associates to accumulate immense hoards of silver last year. Their buying helped drive up prices from $6 per oz. in early 1979 to $50 two months ago. The Hunt group then seemingly borrowed against its silver profits to buy other commodities and stocks. But the $50 price of silver could not be sustained, and when it began to slip the whole pyramid began to tumble...
...Texan, of course. Who else could head a small investment group that loses $1 billion on paper in a single day and still has perhaps $2 billion left after that? A Saudi, maybe, and in fact there were three Saudi Arabian colleagues plus a Brazilian. But their leader, the man who shook the world's commodities markets and almost caused a financial panic last week, is an archetypal Texas wheeler-dealer, Nelson Bunker Hunt...
...quite. The Hunt group's own figures indicate that last week it owned only two-thirds of all the commercial silver that is not in government or industrial users' hands. But Hunt is surely the biggest commodity speculator in the country. He has been accused in the past of trying to corner the market in soybeans as well as silver. He has also made and lost fortunes in oil, directs the Hunt family's control of one of the nation's largest sugar-beet processors, and owns what may be the world's largest stable of race horses (600). Altogether...
...climax came on Thursday, when the Bache Group, which owns one of the nation's largest brokerage houses and is in turn 5.6% owned by the Hunt family, announced that it had issued a $100 million margin call on the Hunts and that they could not, or would not, put up this additional cash to protect their position. Wild rumors flew that Bache was about to go under. Stock and commodity prices went into a nosedive. Bache asked the Government's Commodity Futures Trading Commission to close to close the silver market. The commission refused. "Despite the seriousness...
...group said in a press release that since 1971, when Cornell adopted its affirmative action program, the number of women faculty has increased by less than one percentage point. Of Cornell's full-time tenured faculty, only 6.1 per cent are female, compared to a national average of 16.5 per cent, a spokesman said...