Word: banker
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...vice president of the Goldman Sachs investment firm and an economic adviser in four Administrations: "The markets have made a mistake if they think the White House may have more influence on the Fed. It will be the other way around." Hormats' reasoning: Volcker's commanding manner and banker's jargon may have been off-putting to Reagan. Greenspan, on the other hand, has a gift for rendering economic concepts in the kind of uncomplicated language beloved by the folksy President. Greenspan may try to coax Reagan, for example, to accept a tax increase in the fight...
FOOTNOTE: *The other governors: Kansas Banker Wayne Angell, 59; California Economist H. Robert Heller, 47; Manuel Johnson, 38, a former U.S. Treasury official; Houston Businessman Edward Kelley, 55; Martha Seger, 50, a former Michigan bank regulator. One board seat is currently vacant...
...suffered a relentless run on its deposits after word got out about its immense pile of bad loans. To stave off a crisis, Volcker helped assemble a package of $4.5 billion in fresh commercial-bank loans for Continental. "This is a very historic thing," remarked a New York City banker. "This is the first time the Fed has been party to any kind of statement that 'nobody is going to lose.' " While the Federal Deposit Insurance Company had to take over and reorganize the bank, Volcker's eagerness to get involved in the rescue was a confidence-building signal...
When inflation-free economic growth returned to the U.S., Volcker's image underwent a transformation. The central banker became a folk hero of sorts. Citizens started approaching Volcker on the street and thanking him for what he had done. Volcker was sitting in a coffee shop during an outing in Montana when a local rancher in a Stetson and faded jeans suddenly recognized him and ( ambled up. It looked as if the cowboy might be aiming to pick a fight over monetary policy, but instead he pulled out a $10 bill and asked Volcker to autograph...
Nervousness swept through world financial markets as President Reagan announced Paul Volcker was stepping down as Federal Reserve Board chairman. For eight years, the central banker has literally and figuratively towered over his peers. His soft- spoken successor will face increasing political pressure as the 1988 presidential election draws near. See ECONOMY & BUSINESS...