Word: brokering
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Dates: during 1980-1989
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...investments that have already increased greatly in value. But taxpayers might be foolish to dump an investment that is in the middle of a growth spurt. Future profits might be worth far more than the tax advantage gained by selling them now, notes Wallace Turner, a New York City broker for the investment firm of Smith Barney. Says he: "Our culture has put such value on tax breaks that even the savviest investors wonder whether they should dump their best-performing stocks." Wall Streeters hope that any widespread selling urge on the part of small investors will be offset...
...Thursday drop "shell-shocked" Houston Accountant Jerry Anhalt and hundreds of others in the financial community around the U.S. and kept Wall Street bartenders busy long after the close of trading. "So many people bailed out we couldn't keep track of what was happening," said one Big Board broker. "They would scream 'Sell everything!' before you could say hello on the phone." Not even the New York Stock Exchange computers could keep up with the activity, and transactions were running 30 minutes behind at noon...
Caught unawares, brokers were at a loss as to what to tell clients, if clients would listen at all. "This is just sheer crazy," said Arthur Randall, a broker with E.F. Hutton. "You try to be cool and counsel patience. But what do you tell a client when in the course of the minute he's been on the phone with you the Dow has fallen 20 points?" Said Alan Klein, an investment-minded dentist from Roslyn Heights, N.Y.: "It was like a two-day root canal without anesthetic. You find me a patient who can keep cool under those...
...suffered a heart attack. Most of the other rumors involved speculation about renewed inflation and higher interest rates, the traditional enemies of stocks. At one point, word spread that two governors of the Federal Reserve believed interest rates, on a long two-year slide, had bottomed out. One broker was so confident of the information, which turned out to be false, that he told a client to call back in a few minutes for a full text of the Fed governors' remarks...
...Ayatullah Ruhollah Khomeini seems increasingly confident and active. Earlier this month Tehran persuaded its partners in the Organization of Petroleum Exporting Countries to limit oil production and thus push up the price. Last week it received two high-level envoys from Syrian President Hafez Assad, the most influential power broker in the Arab world, who called the alliance between the two countries "invulnerable." Now Iran is negotiating with France for the return of $1 billion in Iranian funds that were frozen by Paris after the Ayatullah came to power...