Word: moneymen
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Dates: during 1960-1969
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...decline, from a high of $43.80 as recently as last March, represented a resounding defeat for speculators and for theorists who had argued that the official price of gold should be raised and the dollar should be devalued. It was a victory for the U.S. and for those moneymen who believe that gold's power in world affairs should be diminished...
Rearranging the Portfolio. Moneymen expect that it will take the Vatican some time to shed all of its unwanted stock holdings. The church has retained a small number of Immobiliare shares, but recently sold its controlling interest in Italiana Condotte Acqua, a major construction firm, to a leading Italian holding company, Bastogi...
Shift to Realism. Moneymen seemed relieved that Germany would no longer try to keep the mark at the unrealistically low price that had allowed the country to pile up enormous trade surpluses to the detriment of the economies and currencies of other nations. As the mark rose, the French franc dipped, then climbed back at week's end. Traders saw new hope that the combination of the recent 12.5% French devaluation and an eventual German revaluation would add up to almost a 20% shift in the official values of the two currencies-making the difference in their formal exchange...
...conservative moneymen of Europe for years treated Bernard Cornfeld, the Brooklyn-bred magnate of mutual funds, as though he had financial halitosis. Many prophesied an early demise for his Investors Overseas Services, which flouted tradition and aggressively sold mutual funds to investors abroad, much as Fuller Brush men peddle house hold wares in the U.S. Now that the raff ish upstart has built I.O.S. assets to $1.8 billion, he has become too rich and powerful to deride. Investment hous es seek Cornfeld's favor, and continental bankers have begun imitating his sales methods. Last week I.O.S. brought...
...opposite of the disgrace that devaluation has often been thought to be. The financial world rang with praise of President Georges Pompidou's astuteness in cutting the franc when most of Europe was on vacation, in advance of any crisis, and to a level-18.0040-that most moneymen thought was about what the franc really is worth. Contrasting the months of turmoil that followed the 1967 devaluation of the pound with the calm reception of the French devaluation, the London Times concluded wistfully that "the differences show clearly the differences in political competence between the two governments...