Word: bankers
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...Swiss banks mounted a weak defense. In May they agreed to set up a commission to examine Jewish accounts, headed by American banker Volcker, then said the investigation would take five years. "Holocaust survivors can't wait five years," snapped D'Amato. By early February, New York lawmakers proposed kicking Swiss banks out of the state if they failed to open their banks to local auditors searching for Jewish accounts. New York's Governor warned that Swiss banks could lose their operating licenses, and the state comptroller halted overnight deposits in Swiss banks. New York's city council threatened...
...hardest part of facing history is accepting guilt--not as individuals but as a nation. "Switzerland never said, 'We're sorry,'" says a Swiss banker. "We didn't do the worst things, but we did things we are not proud of--awful things. No one today has any guilt relating to that time. But we must acknowledge that the Swiss made mistakes, say we're sorry, then make the proper gestures...
While Ovitz is unlikely to settle for a mere job, investment banker Herbert Allen, head of Allen and Co., has told inquiring moguls that he thinks Ovitz would have no trouble raising money to acquire a midsize company--and Allen's clearly a guy who would know--though no obvious candidate springs to mind. And Gordon Crawford of the Capital Group, which controls major stakes in Disney and Time Warner, says he would consider investing in an Ovitz venture. After all, he observes, "the guy was very successful in one career." He's referring, of course, to Ovitz's work...
Within the White House, however, advisers joked about the "corporate board" lined up against her, like Treasury Secretary Robert Rubin, as well as Jordan, who was on the transition team, and the new chief of staff and former investment banker Erskine Bowles. Albright's opponents argued that she was not "serious" enough, ill-prepared to manage the immense State Department superstructure and better at selling a strategy than forming...
...traditional retail brokerage is headed for extinction. Plenty also think this merger won't work. Mack denies it, but he's fuming over Purcell's getting the top job. And I'd like to be there the first time a working-stiff broker from Dean Witter tells a millionaire banker from Morgan to set aside 100 shares of a hot new-stock deal for one of his piddling accounts. The culture gap is vast. At Dean Witter, their Discover cards are dull from use--not gleaming tickets to Main Street...