Word: lateraling
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Dates: during 2000-2009
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JULY 24 The Arctic Sea reports an assault by gunmen but says the attackers fled 12 hours later...
...Interpol issues an alert. A day later, the ship fails to arrive at its destination in Algeria...
...whose clients are driving a resurgent trading and risk-taking business. Goldman has a tradition of taking trading risks. In the postwar era, the firm's DNA has always combined the interlocking strands represented by two of the world's foremost risk arbitrageurs - first Gus Levy and later Robert Rubin - with the investment-banker pedigree of former senior partners, including Sidney Weinberg, John Weinberg, John Whitehead, Stephen Friedman and Paulson. "We would never let our reputation as the key M&A adviser ebb in favor of being a principal," Blankfein says. "We're very self-conscious that our franchise hinges...
...million trade - then the largest of its kind Goldman had ever handled - for a Muslim client to comply with the religion's rules against receiving interest payments. In 1984, Goldman partner and J. Aron chief Mark Winkelman put Blankfein in charge of a group of foreign-exchange salesmen and later in charge of all foreign-exchange business. Rubin, then on the firm's management committee and responsible for both risk arbitrage and J. Aron, had advised Winkelman against it. According to Charles Ellis' 2008 book about Goldman, The Partnership, Rubin told him, "We've never seen it work...
...multimillion-dollar bet with the firm's money that the dollar would rise against the yen. Blankfein's bet - one of his favorites - paid off, and he impressed his partners as a prudent risk taker. He would do the same thing - exhort them to take greater risks - 10 years later and then persuade them to reverse course after December...