Word: bond
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Dates: during 1960-1969
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Without a surtax, Washington maintains that it will be forced to borrow as much as $22 billion in the bond market next year to finance the federal deficit. And economists in and out of the Government agree that there will be too little money to meet the demands of private borrowers as well. While the Federal Government and the country's bigger corporations will snare what they need, bond experts figure that housing, auto finance, small businesses and state and local governments will be starved for funds. This year, the Federal Reserve Board's policy of monetary ease...
...program of voluntary restraints on the flow of U.S. investment abroad in 1965, hitting the European capital market through a Luxembourg holding company came into vogue among U.S. companies. Mobil Oil, the first to be enticed, organized Mobil Oil Holdings, S.A., and in June 1965 floated a $28 million bond issue to finance foreign operations. Uniroyal, Bankers Trust, Du Pont, Alcoa, Honeywell, ITT, and Standard Oil (Indiana), among others, followed Mobil's lead...
Luxembourg is delighted. About $10 million in tax revenue has been collected from holding companies so far, and that is insignificant compared to the benefits reaped by Luxembourg's banking community. Local banks often participate in underwriting consortia, manage bond issues and act as paying agents. Says Professor Jean Blondeel, president of Kredietbank Luxembourgeoise, which has trebled its staff since the boom got under way: "We are the Switzerland of the Common Market...
Willing as they are to go into debt as consumers, as voters Americans tend to pinch pennies. Just a year ago, in an atmosphere of general uneasiness over inflation and rising interest rates, they voted down fully half of the $2.3 billion in proposed public-bond issues that were on the ballot across the nation. Not this year. Facing a staggering $3.5 billion in bond proposals at the polls last week-second highest total in U.S. history-voters enthusiastically turned thumbs...
...change of electoral heart? One powerful reason was offered by New York's Governor Nelson Rockefeller, who had argued for his big bond issue on grounds that the alternative could be a "major tax increase." Many voters, already fretting over the prospect of rising federal taxes, trekked to the nation's polls with the thought that taking on a public debt with bonds would at least put off local tax increases...