Word: deake
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...Perera Co. Inc., money dealers, are thronged with tourists seeking to buy foreign money, or traveler's checks denominated in ten foreign currencies, before they go overseas. They worry that if they take dollars, the price in foreign money will sink farther before they reach their destinations. Nicholas Deak, head of Deak & Co. Inc., which owns the Perera offices, wonders how Perera's staff will get through the summer. "They are already exhausted, and the peak tourist season has not yet started," he says. Gold, the traditional refuge of people who suspect any paper money, soared...
...also collects rents for owners of foreign properties, buys up blocked accounts at bargain prices, or, on occasion, the inheritance of an heir who has trouble getting his money out of a foreign country. In such cases, Deak is in effect betting that he can get the money unfrozen later or turn a profit by using the funds inside the country. He has the right connections for it. Occasionally, governments buy and sell their own currencies through Deak, creating an artificial demand that boosts the exchange rate and balms national pride...
Constantly operating on the fringe of politics, Deak often gets subtle warnings of impending events. In 1962 millions of dollars worth of Indian rupees that Deak held were suddenly scooped up in Hong Kong, Beirut and Kuwait. They were purchased by agents of the Red Chinese, who used the rupees for folding money when they invaded India soon after...
Holding the Bags. Privately owned Deak & Co. issues no earnings reports. But Nick Deak happily admits that he has more than made good his boast to a wartime OSS comrade that he would open a small foreign-currency exchange, steadily expand and become a millionaire. His route to riches was, and is, tricky. Dealing in all currencies except four that are proscribed by the U.S. Government (Cuban pesos, Red Chinese yuan, North Korean won and North Vietnamese dongh), Deak always risks being caught with funny money. But he rarely loses...
...Deak once sat atop a bundle of old Israeli pounds that had been called in by Israel and were thought to be worthless. He managed to dispose of them in -of all places-Arab Lebanon. What happened to the money after it reached Beirut? In Deak's business, one does not ask such questions...