Word: floating
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...being paid for the check by the Federal Reserve, a bank may wait several days, or in some cases a couple of weeks, before permitting the customer to use his own money. During that time, the bank invests the money and earns interest, a strategy known as "playing the float." In essence, the customer often unwittingly gives the bank a free loan. Says New York State Senator Franz Leichter: "I think it's the biggest consumer scam going on in America today...
...punning proved misguided. The crisis fizzled with a whimper, euphemistically dubbed a "minor realignment" of the exchange rates crucial to European trade. Yet the image lingers: French Finance Minister Jacques Delors attacking the "arrogance and insensitivity" of his German colleagues while threatening to leave the European Monetary System (EMS), float the franc, and follow a franc and jolt France's trading posture into chaotic disrepute...
...instance, figures the initial expense at $3 million. Smaller banks, which have fought the hardest for repeal, say their cost per account would be higher because they have fewer depositors to share the expenses. Bankers contend that only a fraction of the outlay can be recovered on the "float," the interest banks can collect on withheld funds before the money is passed along...
Director/Set designer Paul Warner '84, too, seems to want the audience to think. His set is more cerebral than realistic: In the wings, chairs float above the floor; on stage is a clutter of props and a telephone hanging down from the ceiling. By an occasional gesture within the play, Warner raises his own questions about the reality of theater: WOMAN pours MAN a drink of something from a while prop bottle and actually spills liquid onto his hand through his make-believe wine glass. Mostly, however, Warner plays it straight, competently choreographing MAN and WOMAN'S sexual tangle...
Admitting that "I wasn't really qualified anyway," New York Senator Allophones D'Amato resigns his seat. In a special election for the vacant spot, former heavyweight champion Muhammad Ali defeats Republican drugstore heir Lewis Lehrman handily. Ali runs on the slogan: "Float like a butterfly, sting like a bee/ Lehrman got whapped once before, now I'll put him down in three...