Word: cash
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Dates: during 1960-1969
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...some remote corner of the stadium, immune to the blare of the band and the frenzy of the fans, the professional football scout sits with notebook and binoculars, looking for tomorrow's men among today's boys. Last week, as they prepared to back their choices with cash (and lots of it) in the annual players draft, the scouts of both professional leagues took time out to compile their dream team of the nation's top prospects. TIME's pro-picked 1963 All-America...
...never came. Instead, as the Soviet wheat deals ran into difficulties, the futures market in vegetable-oil dropped. DeAngelis' firm was faced with $19 million in margin calls-demands that he pony up enough cash to make up the drop in price of the commodities. Unable to pay, DeAngelis last week took refuge in bankruptcy, leaving his hapless brokers stuck with his immense debt. His action shattered the well-established brokerage firms of Ira Haupt & Co. and J. R. Williston & Beane, triggered a Securities and Exchange Commission investigation and raised once more some serious questions about how Wall Street...
DeAngelis was into Ira Haupt for at least $18 million, and Williston & Beane for $1,610,000. When the oil prices fell sharply and DeAngelis could not meet his margin calls, neither firm had the ready cash to pay off his debts. The New York Stock Exchange-and later the American Exchange-ruled that since neither firm could meet the capital requirement to do business on the exchange, both would be barred from all trading. After two days of scurrying about, Williston & Beane raised the money it needed and won reinstatement. At Ira Haupt, the situation was much more desperate...
...staff, rushed into too many new projects too soon. The result was that he ran Eastern into a $39 million net loss in four years, the line's first deficit since its incorporation in 1938. Said one senior Eastern executive: "The directors began to wonder, what with the cash flow Eastern has, why some of it never sticks...
Business School students who regularly eat at Kresge may eat only in the Union. They will be expected either to present board cards or to pay for their meals in cash...