Word: bonding
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Phone Demon. Simon enters the Cabinet after only 17 months in Washington; Shultz spirited him away from a Wall Street bond-trading career that had made him a millionaire to take the No. 2 job at Treasury in December 1972. In that post, and later as energy czar, the 46-year-old Simon acquired a reputation for candor, accessibility to the press and to Congress, and a fierce independence. He has clashed publicly with other top Administration officials, and even found himself at odds with the President last winter when Simon ridiculed some energy-crisis observations by the Shah...
Crimson club president and flyhalf Mike Noble came home with 16 points to his credit (four tries), while kicker and fullback Gary Bond floated eleven points (three two-point conversions and a penalty kick) through the crossbars...
...tips were pure gold, but seldom freely proffered. Woodward and Bernstein received no sudden revelation of Watergate's wider dimensions, used no James Bond wiles to score their scoops. They dug out the story in tortuously mined fragments, relying on shrewd hunches, dogged legwork and constant checking. Their efforts paid off on the night of Sept. 28, 1972, when a phone call from an unidentified Government lawyer steered Bernstein to a Tennessee state official, Alex Shipley, who said that he had been approached in June 1971 by Donald Segretti, an Army pal from Viet Nam days. Segretti wanted Shipley...
...startling rise in interest rates has left big bond-underwriting houses with huge, expensive inventories that they cannot sell profitably. The brokers stocked up on bonds, expecting to make a profit as yields dropped and prices rose. Instead, as soaring short-term rates attracted ever more investors, yields on bonds, too, have had to be boosted substantially-and even then have not been high enough in some cases to attract buyers. The situation has become so grim that one of Wall Street's most venerable investment bankers, Lehman Bros., announced last month that it would sharply reduce its bond...
...most powerful figures are grabbing for the sweeping economic policymaking authority once wielded by departing Treasury Secretary George Shultz. The contenders are Roy Ash, 55, once president of Litton Industries, now director of the Office of Management and Budget, and William E. Simon, 46, a former Wall Street bond trader, now federal energy czar. Simon is on the verge of winning an early round: President Nixon this week is expected to name him to succeed Shultz at Treasury, a job that apparently Ash wanted. But neither man is likely to get Shultz's other titles of Economic Counsellor...