Word: euromarket
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Dates: during 1980-1989
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Hayes said that a global market for capital is evolving rapidly. He described the Euromarket as "a market of money that is like satellite debris circling the Earth...
...Euromarket and interconnected national markets are on the way to becoming the 'sun' around which we all orbit," Hayes said...
...wonder that the Japanese have a yen for the deregulated Euromarket. Since the U.S. Occupation after World War II, Japan has had one of the world's most tightly regulated financial systems. To prevent the concentration of capital in a few hands, the Japanese put into their banking law a word-for-word translation of the American Glass-Steagall Act, which prohibits banks from underwriting corporate securities. In addition, the Japanese have restrictive rules on the interest rates that banks can pay depositors. Says Nobuya Hagura, president of Dai-Ichi Kangyo: "The regulations are outdated, and they inhibit business performance...
George A. Craddock '84 applied to the Association Atlantique expecting to spend his summer in France at a teller's window. Instead, he found himself in the currency-trading department of the Kuwaiti-French Bank, getting "exposure to the Euromarket" and as many days off as he wanted...
...Panamanian companies were the ultimate recipients of between $1.2 billion to $1.4 billion raised in the Euromarket by Banco Ambrosiano and two of its subsidiaries. The firms, presumably under orders from Calvi, subsequently used some of the borrowed funds to buy up perhaps as much as 10% of the stock of Banco Ambrosiano. The missing funds were discovered during a special audit of the bank's books...