Word: bankers
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Rubin has had his star turns as well. In late 1997 he probably single-handedly stopped a panic about Korean debt from avalanching into a U.S. market crash by working the phones, convincing international bankers that they should cut Korea a break. It was not a welcome pitch. "This is a hell of a Christmas present," one banker moaned to Rubin on Christmas Eve. But Rubin's scheme saved the banks billions because if Korea had crashed, the banks could have lost everything. "It was Bob who actually got the banks to see how it worked to their benefit," Greenspan...
...these three men need a carrot at all? If markets work so well, why were they burning their vacations on the phone trying to convince central bankers 10,000 miles away that the world depended on a little self-restraint? The problem, the men say, is that the markets are encumbered by all kinds of imperfections. Even tiny flaws create problems. A Thai banker who breaks the rules by passing $100,000 to his brother-in-law puts the whole system at risk...
There are many challenges to face between now and then. Japan, which, as a banker and buyer, is crucial to any plans for a recovery in Asia, continues to struggle with economic reform. And in the U.S., growth is more dependent than ever on the stock market--which has been powered to new highs on the back of Greenspan's interest-rate cuts during the fall. The link between the Dow and the GDP means that a major correction in the stock market could send the trio's fondest hopes into the dustbin. "They have done a masterful...
...aging, creaky-kneed Ewing, still seeking his first NBA title in his 14th season, then hit a banker in the lane and the Knicks had their second victory in a row after starting...
...hamsters have brought Lotze more than fan mail--they may win him a job as well. He's heard from a banker at Goldman Sachs, where he will apply for a summer job, and a senior economic analyst from the United Nations, who offered Lotze a summer job in Austria over e-mail...