Word: hubbub
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During all the hubbub, one influential group of bystanders seemed ominously quiet. They were the clients: the food companies and soapmakers that had grown accustomed to undivided attention from the ad agencies. Now that the merger mania is over, many clients are passing loud and painful judgment on the results. Their verdict so far: bigger is not necessarily better. An unprecedented parade of coveted clients has quit the two supergroups for smaller agencies. One such advertiser is RJR Nabisco, which took away $32 million in accounts (example: Fleischmann's margarine) from Omnicom and $96 million from Saatchi & Saatchi/Ted Bates. Declared...
...others, the whirlwind of activity seems more like a new variation on Mark Twain's Gilded Age, a time of reckless speculation and profiteering. Amid the hubbub of buying and selling, a host of probing questions are being asked about the stock market and its relationship to U.S. capitalism in general. Has the market become more volatile, risky and perhaps more irrational than ever before? Is it suddenly too treacherous for the ordinary investor? Is the very function of the market changing, as fast-buck artists crowd in to pursue big quick returns that have little or nothing...
Much of the capacity to do that is invisible behind the traditional pillared facade of the New York Stock Exchange. There is still plenty of human hubbub on the trading floor, but less than there used to be in the pre- electronic '60s. Glowing cathode-ray screens now festoon the marble columns of the venerable hall. Overhead, gold-painted tubes conceal telephone and computer cables. Some 450 specialists stand guard at 14 trading posts, a few more than in older days, matching buy and sell orders from stockbrokers...
Whatever other effect the CBS hubbub had, noted an ABC vice president, it "gave the impression of a shop being out of control." In this rival view, a new problem began to loom for Wyman and his lieutenants: "What was at stake here was the perception of the ability to govern." The attacks on Wyman's authority, in other words, were hurting, particularly as they gathered media attention...
...Amid the hubbub, some British financiers fret that Big Bang will eventually become a big bust for purely local firms. British investment houses, they note, are badly undercapitalized compared with their American and Japanese rivals. Britain's largest merchant bank, Morgan Grenfell, has a market capitalization of only $988 million, in contrast to Nomura's ($34 billion) or Salomon Brothers' ($6.6 billion). The worry is that unbridled competition will force many more old-line British houses to merge or go out of business. Says Ian Kerr, a British executive with Kidder, Peabody International: "The City of London has handed itself...