Word: broker
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Dates: during 1980-1989
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What would be fulfillment enough for almost any violinist-to be one of the world's leading virtuosos-is for Stern merely a starting point. He is also a tireless advocate of causes, a godfather to young talent, a lobbyist, a fund raiser and a supreme power broker in the music world, albeit a rather puckish, cherubic one. "I've never been able to live in a cocoon," he says. "I have a long buttinsky nose." In Yiddish-one of the six languages he either speaks or understands -the expression is a kochleffl (a stirrer...
Million by million, though, the Hunts have put together a sizable care package for themselves. In January and February a ten-bank consortium loaned a subsidiary of the Bache Group, the brothers' main broker, at least $233 million, which was backed by 17.5 million oz. of silver. By early April Placid Oil, the Dallas oil company owned jointly by Bunker, Herbert and the four Hunt children of their father's first marriage, was negotiating a nine-year $1.1 billion loan...
...that is what some shell-shocked silver traders were saying even as the market recovered last week to close at $14.65 per oz., up over $4 for the week, but a far cry from its January high of $50.35. Says Thomas Herzig of P.R. Herzig, a Wall Street metals broker: "The play on the silver market was the beginning of deflation. Hunt's situation was not an isolated thing. Silver isn't the only commodity going down; so are platinum, copper and gold. This is part of a general collapse...
...weekend bankers' convention, Hunt was busy tidying up business deals. The silver baron woke up last Monday morning with IOUs scattered all over Wall Street. Chief among them: $33 million to Bache Halsey Stuart Shields; $10 million to Paine Webber and $4 million to St. Louis Broker A.G. Edwards. The biggest debt was owed to Engelhard Minerals and Chemical Co. Hunt had contracts to buy 19 million oz. of silver from the firm at $35 per oz. Fulfilling that agreement would have meant paying $665 million for silver worth only $270 million in the market that day. Following...
Watson became that man the slow way, working up through the ranks during golfs boom era. The son of a wealthy Kansas City insurance broker, Watson decided to make golf his career before he graduated from Stanford in 1971. By then the PGA had established a qualifying school in which the pros have to survive a hair-raising Shootout before earning the right to compete on the tour. After that they become "rabbits," harried journeymen who must scramble through early morning rounds to qualify for each individual tournament. Freedom from this grind is granted only to those...