Word: cromer
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Dates: during 1960-1969
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...corporations have often found it difficult to recruit top foreign talent for their overseas executive suites. Lately, however, laboring for the Yankee dollar has begun to lose its stigma. Last week, in one of the year's more remarkable personnel coups. International Business Machines landed the Earl of Cromer, former governor of the Bank of England, as chairman of its subsidiary IBM United Kingdom holdings...
...came to the Old Lady of Threadneedle Street directly from secondary school in Wands-worth, a lower middle-class section of London, O'Brien worked his way up in 39 years from clerk to chief cashier and deputy governor. Harold Wilson picked him to succeed Lord Cromer, who left at the end of his five-year term to resume his partnership in the famed banking house of Baring Brothers. The O'Brien appointment was calculated to offend neither the financial community of "the City," which would have resented the traditional selection of a Treasury aide, nor Labor...
...shift in public opinion is doubtless due to Wilson's tough austerity measures intended to save the battered pound sterling. At week's end London was swept by rumors that the U.S. was withdrawing support from the pound and that the Bank of England's Lord Cromer had threatened to resign if the pound was not devalued. Wilson labeled the rumors false and "highly neurotic." Before setting off on a holiday in the Scilly Islands, he fired a Parthian shot at devaluation and Ted Heath. "I gather he has no plans to devalue the pound when...
...names, nip off to Paris, Basel or London as a matter of routine and keep in constant touch by telephone, cable and personal visits. On a recent visit to Britain, William McChesney Martin Jr., chairman of the Federal Reserve Board, spent three hours tramping through the fields with Lord Cromer, the governor of the Bank of England, at his country home in Kent. "It makes a big difference," says Martin, "if you feel that you can call on a colleague in another country to get some advice...
...fall into three major groups. Enjoying fairly independent positions in their governments, the central bankers those who run national banking systems -feel the freest to criticize and sound alarms. The U.S.'s Martin, for example, keeps reminding Washington that the U.S. is dangerously close to inflation, and Lord Cromer has publicly lectured the Labor government. The finance ministers, on the other hand, are politi cal appointees who are less likely to pick a fight with their governments, but their greater awareness of political realities can be invaluable in international negotiations. The solid core of the moneymen-and the real...