Word: banke
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Dates: during 1960-1969
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Complaints of Controls. What is bothering the businessmen? Answers President Tilden Cummings of Chicago's Continental Illinois National Bank: "There's too much arm-twisting, too many controls, too little effort to curb domestic spending, and too many things being done all at once...
...wage-price guides are unworkable and unfair in that they are applied unevenly and have not prevented wages from soaring in industries as varied as construction and textiles. Though he endorses many of Johnson's other policies, Gaylord A. Freeman Jr., vice chairman of the First National Bank of Chicago, criticizes the guideline policy because "it's not good substituting the rule of man for the rule of law." Adds Ford Motor Chairman Henry Ford II, usually a Johnson supporter: "In effect, we are moving toward a kind of informal and very spotty price and wage control...
...Because of the political picture, Johnson is not being realistic," says Ralph Lowell, former chairman of Boston Safe Deposit & Trust Co. "You can't do all this spending in Government and at the same time spend for Viet Nam." President Mark Wheeler of the New England Merchants National Bank is "disenchanted" because the Government is asking business to contain spending but is not doing so itself. "It's not cricket," says he, "to have business act in a fiscally responsible manner and not the Government." Banker David Rockefeller last week called not only for federal budget reduction...
...mysterious form of currency to many, Eurodollars flit about the Continent by the billions, escaping a precise definition by economists and an exact count by statisticians. Most simply a Eurodollar, or E$, is an American dollar that has been deposited in a European bank or the European branch of an American bank...
Soviet Aid. Ironically the Russians helped create the Eurodollar ten years ago, and probably gave it its name. Soviet-controlled banks in Western Europe began accumulating dollar balances and, fearing that they might be frozen if deposited in the U.S., loaned them to other European banks. The cable address of the Soviet-backed bank in Paris was "Eurobank," and so financiers began asking for "Eurobank dollars" and finally just "Eurodollars...