Word: bermudas
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...financial razzle-dazzle artists. A graduate of Georgetown University's School of Foreign service, he picked up a Ph.D. in economics from the University of Basel in 1957, then landed a job doing long-range forecasting for the Stanford Research Institute. Later he became a V.P. for a Bermuda-based investment company, then a co-founder of a small Swiss bank. The bank flourished, was subsequently bought out by United California Bank, and Erdman found himself wheeling and dealing in multimillion-dollar projects around the world. But in 1970 several officers in the bank's trading department illegally...
Remarkably few of the new rich live with great ostentation. Most have no perceptible hubris. They do not notably bid for Rembrandts, breed horses or skipper their own one-tonners in the Bermuda race (all of which tend to be the pursuits of old wealth). By and large, they are not socialites. None of the dozens of new plutocrats interviewed by TIME is a gourmet, a connoisseur, a collector of fine furniture, old wine or (for the most part) new lovers-though they do tend to like fancy cars. Their relative austerity suggests not only that they are very busy...
...sand traps of Sotogrande are filled with pure white sand, specially crushed in Andalusian quarries. It was also the first course in Europe to use Bermuda grass for fairways. A nursery from which all the fairways were sown established with only two bags of seed from Tifton, Georgia...
...appeals court last month invalidated a government ruling that had disallowed Laker's original permit to operate the shuttle. In effect, Skytrain now has a green light in Britain. But the British government is in the midst of an attempt to renegotiate with the U.S. the so-called Bermuda Agreement divvying up transatlantic air traffic between the airlines of the two countries (TIME, Aug. 23). Skytrain is unlikely to get off the ground, if it does at all, before a new agreement is reached-and that may not be until the end of next summer...
...studies in suburban Washington, D.C., named after George Meany (see BUSINESS & ECONOMY). The gruff AFL-CIO boss began dabbling with a paint-by-numbers set 21 years ago, and was soon devoting an hour a day to landscapes and still lifes of his own. He got the idea for Bermuda Race from a newspaper photo; Merry Christmas was inspired by a clown on a greeting card. One red, yellow and blue abstract dubbed Unfilled originated as a doodle. Meany confessed that it was created "during a deadly dull meeting of the President's Commission on Productivity...