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...trading also involves flocks of individual entrepreneurs, who often make their main living by cutting stones for manufacturers. A typical diamond cutter last week sat in his office, high above 47th Street, and dealt with an elderly broker standing before him. The cutter examined a packet of raw stones with his loupe. He shook his head, wrapped the packet up and handed it back to the broker. The old man wearily placed it in his old leather pouch, held together with tape and rubber bands, and produced another packet. The two haggled for a moment in Yiddish and then...

Author: /time Magazine | Title: Nation: Diamonds Are Forever | 4/2/1979 | See Source »

...growing problem on the street is that the traditional codes revered by the Hasidim are not as deeply ingrained in what they refer to as the street's "new element." There has been an influx of younger, Middle Eastern Jews into the trade. Says one oldtime cutter: "They are aggressive, irresponsible, not steeped in tradition." Broker Pinchos Jaroslawicz, 25, made the mistake of trusting one of these new diamond workers, a young Israeli named Shlomo Tal. Jaroslawicz took along his pouch of diamonds one day in September 1977, when he went to call on Tal. The young Israeli...

Author: /time Magazine | Title: Nation: Diamonds Are Forever | 4/2/1979 | See Source »

...only through the solid heavy ice but through once broken ice refrozen in crazy-quilt patches the Coast Guardsmen call "brash." Moving through brash, says Hall, "is like trying to punch yourself through a room full of marshmallows." The Mac copes differently with ice 2 ft. thick. The old cutter does not exactly knife through it. She just sort of squashes the stuff, bit by bit. As we hit a swath of virgin ice half a mile wide, out in the bay, the twin screws in the stern force the ship's nearly 2-in.-thick tempered-steel...

Author: /time Magazine | Title: On the Great Lakes: A Mackinaw Dance for U.S. Steel | 3/19/1979 | See Source »

...sheer immensity of the amount may be partly to blame. Bo Cutter, the man from the Office of Management and Budget who directs the preparation of the budget, has made it a point to remind his staff repeatedly that a million dollars is a lot of money. In the hundreds-of-billions environment, a million dollars can be lost like a rolling penny heading for a sewer grate. Cutter has had his staff calculate some other reminders: a million dollars' worth of quarters stands almost as high as Mount Everest; the number of stacked quarters in this year...

Author: /time Magazine | Title: THE PRESIDENCY: 531,600 Tons of Dollars | 2/5/1979 | See Source »

...seizure, flew over and dropped a note giving directions for a rendezvous with a cabin cruiser. The officers dressed up as deck hands, kept the appointment with the yacht, sold three 80-lb. bales of grass, and then arrested the American buyers. For each such capture, the Coast Guard cutter gets to display a marijuana leaf on its hull...

Author: /time Magazine | Title: The Colombian Connection | 1/29/1979 | See Source »

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