Word: brokering
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When the Democrats took over the Senate last June, Louisiana's senior Senator, John Breaux, became chairman of the Special Committee on Aging. A moderate, Breaux has become a key broker, bridging gaps between the White House and Congress on controversial issues like tax cuts, education and medical care. Earlier this month, he sat down with TIME congressional correspondent Douglas Waller to discuss issues affecting the elderly...
...loss of business weren't bad enough, outsiders are now saying that Calcutta's brokers were not just victims of the March crash, but among its instigators. The Securities and Exchange Bureau of India (SEBI) concluded in a May report that the city's traditional broker families and their old-fashioned way of doing business?the very things that people like Changoiwala hold so dear?helped turn their bourse into a magnet for hot money and market manipulators. Foreign pundits are even less forgiving. "A cesspool," is how John Band, the Bombay-based CEO of investment bank ASK-Raymond James...
...There's no doubt that Calcutta's exchange was operating under a different set of rules in the months leading up to the crash. More than 90% of the city's brokers are descendants of Marwari traders who emigrated from Rajasthan in the 19th and early 20th centuries. Contrary to the broker communities in Bombay and elsewhere, the Marwari are a tight-knit clan, often linked by marriage. They had few qualms about trading stocks among each other on the basis of a handshake. Finance for trades could be had from a number of Marwari lenders holding small fortunes, usually...
...There is not a broker in Calcutta who will deny what was going on. Indeed, most passionately defend it. Changoiwala's brother, Kanta Prasad, gushes that the relationships forged by families who traded with one another in the gray market gave "touch and feeling" to Calcutta's bourse that was "absolutely unique." Mention unofficial finance to Mahajan, the former exchange vice president, and he gets so excited that his arms flail like the rotors of a distressed helicopter. "Nobody ever failed to pay up," he coos. "It served Calcutta for 100 years. It was a beautiful system. It was something...
...hands of the wrong people, however, it became lethal. For months Calcutta's brokers have been pointing fingers at a Bombay operator named Ketan Parekh, a.k.a. the Big Bull. Parekh is a major-league broker who, starting last September, was taking mammoth positions in several high-profile tech stocks. When his positions topped the maximum allowed by regulators, he allegedly began placing orders through a group of Calcutta operators, including Dinesh Singhania, a local broker widely disliked for his lavish tastes and arrogance. Since most of these orders were financed with gray money, they couldn't be traced back...