Word: bankes
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Dates: during 1970-1979
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...dollars for other currencies. And since their arcane business is little understood, they inevitably come under suspicion of abetting the recurrent panics that often cause the dollar to plunge further than any reasonable calculation of its purchasing power would warrant. As Otmar Emminger, head of the West German central bank, complains, "The currency markets have become absolutely irrational...
Surprisingly, many of the money traders agree, though they are making profits out of the irrationality, which they blame on their clients. Asks André Scaillet, chief money trader in Europe for First National Bank of Chicago: "Can you tell me if it's logical to have a 7½% [downward] movement of the dollar against the Swiss franc in a single day? It's out of this world!" Money traders worry quite as much as any finance minister about what the drop in the world's central trading currency is doing to the global structure...
...BANKS. They execute most of the orders for companies and also trade on their own account. An American tourist exchanges $100 for marks at a bank in Frankfurt; the bank can hold the dollars or sell them for other currencies, as it chooses. More important, a French cooperative, for example, deposits in Credit Lyonnais $1 million received from U.S. importers for Bordeaux wine; the bank can sell those dollars for other currencies if it wishes. Banks have a cold-blooded view of the potentialities. Says Jean Bourg, head of the currency department at Credit Lyonnais: "We take advantage of small...
...orders descend on the cambists - some working in money-trading firms, many employed by banks, a growing number directly for multinationals. Though they work on order, they have some latitude. If a multinational orders its bank to sell, say, $1 million for German marks on a particular day, in Europe it is up to the bank's trader whether to let them all go at once or sell $500,000 in the morning, the rest in the afternoon. In New York, a trader must execute the order at a time and price that the client specifies...
...folks at Universal, the toga fad simply means more money in the bank. Hit with many requests for assistance from toga-party organizers, studio officials are supplying free records, T shirts and posters to further the craze. The payoff: long lines of ticket buyers-many repeat customers and some bedecked with togas-at moviehouses...