Word: stocking
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Dates: during 1970-1970
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...Harvard student living in the Porcellian Club, trying to decide on a career, turns to dope with the aid of a roommate who is a big-time stock-market and sometimes drug broker...
History comes back. . . . Unlike my grandparents, I know nothing of front stoops and Stock Market Crashes and travelling around with a circus. And yet, the gulf does not seem so wide. The time that separates me from them is not oppressive. Is it clutching at straws to believe that some landscape in this universe is not eroding? I hope...
...uncle Sid gives a run-down of the history of the twenties, concluding with; "and then there was the so-called Stock Market Crash...
...that the corporation siphons funds from savings banks and savings and loan associations, which are prohibited by regulation from paying as much as Fannie Mae does to attract money from investors. Says Clarence Ostema, a Manhattan mortgage broker: "It is morally wrong for one Government agency to issue a stock when another Government agency, the Federal Reserve, can make it gyrate and allow speculators to make fortunes." Naturally, the Federal Reserve has no such intention, but changes in monetary policy do indeed affect the profits of the mortgage giant...
Former Fannie Mae President Raymond Lapin, a prominent California Democrat who was ousted last year by President Nixon, concedes that the low margin requirement on the stock is "a weird arrangement." Still, Lapin maintains that Fannie Mae has become so vital to home building that "if it got into real trouble the Government would have to rush in and bail it out." Considering the increasing political importance of housing, Lapin is probably right. Compared with their chances for a quick killing, Fannie Mae stock speculators are exposed to minimal risk. At a time when Washington may be called...