Word: lender
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Politics and policy rend a big lender...
...legislation has helped women advance in some areas. One example: the federal Equal Credit Opportunity Act of 1974 makes it illegal for a lender to deny a person credit on the basis of sex or marital status, a practice that often had made it difficult for women to get mortgages or personal loans. On the other hand, legislation for federal subsidy of child care centers for working mothers is stalled in Congress. Most important of all, the Equal Rights Amendment is still three states shy of ratification, with only 16 months left before the proposition expires...
Creation of the "Witteveen facility," as the emergency pool has already been dubbed, will greatly expand the IMF's rapidly growing importance as lender of last resort to countries about to go on the rocks -and demander of unpopular economic steps that nations must take to qualify for their loans. That is a role that was never planned for the Fund when it was created at the Bretton Woods, N.H., international monetary conference in 1944 and would have seemed unlikely even four years...
...role as international lender is a creation of circumstances and Witteveen, in about that order. The Fund is a giant institution: 131 member countries, substantially all of the non-Communist world; 20 executive directors representing geographic blocs; a Washington headquarters outfitted with teak-paneled walls and leather-tufted elevators. Yet for almost three decades, it was content to monitor the system of fixed exchange rates of member countries. Among other things, it put up short-term cash that nations could use to buy or sell their own currencies, keeping the values within the narrow band specified by IMF rules...
...happy thought for the salesman: though his loan would be unsecured-since a vacation cannot be foreclosed or repossessed-he would have little trouble getting it. Only one lender, People's Finance Co. of Somerville, Mass., expressed reluctance. If the salesman were salaried, he would get $1,000-the company's maximum to anybody-at 18% interest. If he worked on commission, Manager Edmund Naddaff would turn him down flat. Why? Like many people in the business, Naddaff has his own intriguing theory: a commission salesman, he says, is likely to be "manic-depressive as a person...