Word: banker
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...years as U.S. Ambassador to France, Evan G. Galbraith has achieved something of a reputation for making undiplomatic remarks about his hosts. Last week the former banker and Reaganite turned his scorn on the State Department. After announcing that he would resign in July, Galbraith told the New York Times that career diplomats are overly timid "liberals." Said he: "There's something about the foreign service that takes the guts out of people. The tendency is to avoid confronting an issue." Galbraith's broadside incensed Secretary of State George Shultz, who declared, "Somebody ought to tie his tongue...
...largely the creation of Geneen, who became ITT's president in 1959 and chairman in 1964. He took what was basically a telecommunications company and transformed it into a vast empire that Author Anthony Sampson dubbed the Sovereign State of ITT. Says Felix Rohatyn, who as an investment banker with Lazard Freres helped put ITT together: "Under Harold Geneen, ITT was a company that essentially knew no limits. He thought anything was manageable." The result was a corporation that in 1979 had 370,000 employees in more than 100 countries. Among its multitude of ventures, ITT is currently manufacturing radar...
...MITI had other ideas. The ministry had previously ruled that only crude oil, not gasoline, may enter Japan. Refining is done domestically. When word of Satoh's purchase got out, MITI Minister Keijiro Murata sent him an "advice" that bluntly warned, "Do not import that gasoline." Satoh's friendly banker warned him to heed MITI. That did it. Said Satoh: "I had no choice but to surrender...
Nonetheless, American officials are not totally happy about the overly strong dollar. During the past year alone, the U.S. currency has risen an average of 15% against those of its trading partners. Says one key Federal Reserve official: "As a central banker, I like a strong currency. I also like chocolate sundaes, but that doesn't mean that I want one every hour." The high dollar value has hurt U.S. exports of farm and industrial goods, pushing up the U.S. trade deficit...
...part of Abraham's rite of passage to tenure. Wehler disliked what he called the dogmatic framework of the book and would not recommend tenure. Turner, meanwhile, circularized colleagues, sending them several of Abraham's quotations, together with underlying source documents that seemed contradictory. For example, Abraham cited Banker Hjalmar Schacht as calling the Nazis "the positive force" and telling associates "we should contribute to them and their efforts." Actually, Schacht did not use the word "positive" or urge direct contributions...