Word: broker
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...five major political machines within the party. Each machine has its own leader, its own views and its own funds. Feuding is chronic. Nakasone won only after he had got the nod from former Prime Minister Kakuei Tanaka, who remains the party's mightiest power-broker even though he is now on trial for accepting $2 million in bribes...
...today's traffic jams or boardrooms. "The fight-or-flight emergency response is inappropriate to today's social stresses," says Harvard Cardiologist Herbert Benson, an expert on the subject. It is also dangerous. Says Psychiatrist Peter Knapp of Boston University: "When you get a Wall Street broker using the responses a cave man used to fight the elements, you've got a problem...
...gloomy last week as characters in a bleak Ingmar Bergman movie. The Stockholm stock exchange was still and silent, idled temporarily by a total breakdown in an electronic system for registering trades. Millions of transactions being processed at the time of the crash were suddenly in limbo. Said Broker Sven Hagströmer: "It's a scandal. You can't get your money, and you can't get your stocks." Nothing so disastrous had happened to the exchange since it shut down during a financial panic in 1932 after Match King Ivar Kreuger went bankrupt...
...biggest celebrations after earnings reports were announced occurred on Wall Street. The bull market has pushed up trading volume and the level of broker commissions. Paine Webber's earnings rose 525%, to $23 million; E.F. Hutton's increased more than twelvefold; First Boston's jumped 81%. After more than two years of mostly terrible corporate profits, last week's earnings results signaled that the worst of the recession is over...
Merrill Lynch, which has more IRA and similar Keogh accounts than any other firm (700,000), found the rush breathtaking. A fortnight ago the broker signed up 39,000 customers in a single five-day period. Then last week it nearly tripled that by entering 100,000 accounts. Merrill Lynch helped stimulate business by holding last-minute seminars in New York, Chicago and 70 other cities to explain the various kinds of IRAs. In the offices of the E.F. Mutton brokerage firm last week, $20 million per day went into new accounts. Said Gary Strum, head of pension services...