Word: directives
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Dates: during 1980-1989
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...telephone switchboard in almost 50 investment banking firms on Wall Street, stock traders know that the nation's richest university wants to do some business. At Harvard Management Company (HMC) in Boston's financial district, one of the four traders simply places a call on one of the 90 direct lines to the money moguls to ask, "What's your market in stock X, Y, or Z?" Through such second-long transactions, Harvard traders shuffle around an average of $4 million each day. In the last three months, under HMC's care, the endowment raked in a 10-cent profit...
According to Dean Hilzenrath, vice president of Morgan Stanley, his firm has direct lines to about 150 clients around the country. Harvard is one of these clients. "Harvard is on the list of large institutional clients of major investment banking firms; for sure it's in the top 200," says a senior partner at one Wall Street investment firm who asked not to be idenitified. "Major investment firms all have major trading relations with Harvard just like any major managers," he notes...
After the analysts wade through the research and determine which securites to add to the investment portfolio, the Wall Street-HMC connection moves to the trading floor. Traders buy and sell securities via direct lines to brokerage houses, making between 50 and 75 calls each day and fielding more than 100 calls...
...apprehension over travel to Europe and the Mediterranean is a direct result of the recent rash of bloody attacks directed against U.S. citizens in Italy and West Germany, of rioting in Egypt and of random bombings in France. Last week travelers had further cause to be spooked by the harsh words and bellicose gestures flying between the U.S. and Libya. Reasons other than the terrorism scare, such as a sharp decline in the value of the U.S. dollar abroad and an abundance of cheap gasoline at home, are also involved in the shuffle of itineraries. Even so, says Sam Massell...
...however, now adopt elaborate precautions. One ploy is to fly into airports at cities such as Milan, Brussels or Amsterdam, which are considered relatively safe from terrorist attack, then drive or take trains to such final destinations as Rome or Paris. Tourists can further reduce risk by traveling on direct flights between the U.S. and their final destination, rather than changing planes at overseas airports, and by avoiding routes that originate in unstable parts of the world like the Middle East. While in airports, travelers are advised to stay clear of locker areas and unsecured waiting rooms...