Word: banke
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Dates: during 1960-1969
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...suit filed in a federal district court, the SEC alleged that Harvard Fellow Thomas S. Lamont '21, a director of Texas Gulf and also of the Morgan Guaranty Trust, informed one of the bank's other officers of the discovery. Then, this man bought 8000 shares of Texas Gulf for the bank's clients, the SEC charged...
...Negro unemployment now stands at about 10%, more than double the white rate, and that figure soars to 23% among teen-age Negro boys, 31% among teen-age girls. The civil rights drive is resulting in increased hiring of skilled and semiskilled Negro workers-Boston's First National Bank last year hired its first Negroes as white-collar employees-but many of that race's unemployed are unskilled and uneducated, have little chance of being placed. Though the thriving economy decreased teen-age unemployment slightly last year, the percentage of teenage unemployed (now 14%) is gradually rising...
Supercharged Bank. As the system now stands, the Western world suffers from the lack of a truly international money. In recent years, it has used dollars and pounds to finance almost all of its growth in trade. When the U.S. and Britain run big payments deficits, they pump out plenty of dollars and pounds for the world to use. When other Western countries accumulate a lot of dollars and pounds, on the other hand, their bankers start to complain of inflation and tend to trade in some of that money for U.S. and British gold. There is constantly a dilemma...
...oldest and perhaps most radical plan for reform, first suggested by Britain's Lord Keynes, is to turn the IMF into a supercharged world central bank with powers to create its own money. Yale Economist Robert Triffin revived and modernized this idea in 1959, and it has been embraced-in one form or another-by such experts as Prime Minister Wilson, former British Exchequer Chancellor Reginald Maudling, Greece's Central Bank Chief Xenophon Zolotas and Bank of Italy Governor Guido Carli. Wilson's version of the plan would work this way: 1) the IMF would create certificates...
...monetary system largely intact but limit the amount of dollars and sterling that countries can hold in their reserves. He calls for a ratio of one-third currency, two-thirds gold. Blessing is basically endorsing an idea conceived by Suardus Posthuma, former managing director of The Netherlands' central bank-but Posthuma proposes a 60-40 ratio in favor of gold. Either proposal would prevent countries from accumulating big, inflationary piles of dollars, would also head off crises by forcing all countries to cure their deficits before they grew dangerously large. Reason: countries would have to dip into their limited...