Word: grantham
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...Wall Street money manager Jeremy Grantham recently wrote shareholders that he thought the Volcker rule would eliminate conflicts of interest at financial firms. Citigroup's current chief executive Vikram Pandit, too, has said he believes banks need to start curtailing their riskier activities. In November, speaking to business students at Washington University in St. Louis, Mo., Pandit said that unlike with other financial crises, proprietary trading played a much bigger role than underwriting in the recent credit crunch that nearly brought down his firm. "It makes sense to me that you don't take deposits as an institution and turn...
Above all, the election was a resounding personal triumph for Margaret Hilda Thatcher, 57, the grocer's daughter from Grantham, Lincolnshire, whose arrival at 10 Downing Street in 1979 was considered by many in her party to be a fluke. Emerging from far outside the ranks of the Tory Establishment and claiming only four years' experience in a minor Cabinet post (as Education Secretary in the early 1970s), Thatcher was virtually untutored in the art of governing, untested under fire. But in four years' time she earned the nickname "Iron Lady," as a tough, gritty leader who seemed to relish...
...Thatcher program is rooted in her right-wing instincts. She stirs the hearts Of many with her call for a return to capital punishment and greater powers for the police. Thatcher has become, according to Tory M.P. Julian Critchley, the spokeswoman for a new middle class, "the Rotarians of Grantham who, dissatisfied with much that they see, welcome the Prime Minister's call for radical change...
That preference for the arriviste should not be surprising, for Margaret Thatcher is an exemplar of the new Tory. From her earliest days in Grantham, where she and her family lived above her father's grocery store, she seems to have been infused with a Girl Scout Handbook of virtues. "I'm a born hard worker," she told a reporter. "I watched my mother work like a Trojan in the shop and house." She sometimes repeats one of her grandmother's favorite homilies: "If a thing is worth doing, it's worth doing well...
...business. Don't count on that happening forever--today's jitters do probably presage something worse. "Rather like a brontosaurus that has been bitten on the tail and most of the body hasn't noticed it yet, the signal is working its way up the vertebrae," says Jeremy Grantham, chairman of Boston money manager GMO. But even the bearish Grantham doesn't see the reckoning coming tomorrow or even necessarily next year. And in the meantime, something with far more impact on most Americans' lives than a stock-market correction has already happened...