Word: moneymen
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...first the skirmish prompted a bit of anxiety among moneymen, especially when Seger declared that the board was no longer Volcker's "one-man show." Financiers feared that the Reagan appointees might lower the Federal Reserve's guard against inflation and bend too much to the Administration's eagerness to expand the economy. Said Norman Robertson, chief economist at Pittsburgh's Mellon Bank: "Any pretense of the Fed being nonpolitical is now gone...
...long ago, moneymen started to look upon Latin America's ominous $370 billion debt load as the crisis that went away. The borrowers were gamely trying to make their payments and shape up their economies. But last week several Latin countries sent out new distress signals. Mexico's Finance Minister Jesus Silva Herzog, whose country's financial condition has been devastated by falling oil revenues, rushed to Washington to seek aid in closed-door meetings with Federal Reserve Chairman Paul Volcker, Secretary of State George Shultz and Treasury Secretary James Baker. Meanwhile, Peru suddenly withdrew its gold, silver and cash...
...dollar seemed to be going into orbit. While American consumers enjoyed cheap imports and luxuriated in foreign travel bargains, U.S. manufacturers complained bitterly that they were being clobbered by overseas competitors. But early last year the dollar bailed out, with a slight push from anxious international moneymen. At first the decline was a gentle drift, but it is now showing signs of becoming a free fall. Since December the dollar has dropped by 19% against the Japanese yen and 8% against the West German mark. It dipped last week below 180 yen for the first time since October 1978, when...
Washington's top moneymen seemed to disagree last week about the best course for the dollar. Treasury Secretary James Baker told Congress that the Reagan Administration "would not be displeased" with further declines, provided that they were "orderly." But Federal Reserve Chairman Paul Volcker testified that the currency has already "fallen enough." Added Volcker: "I don't want to see a loss of confidence in the dollar...
...float junk bonds. Under a ruling likely to take effect in January, the Fed would limit the size of many junk-bond issues to 50% of the amount offered for a company. The move could cause a slowdown in takeovers and buyouts, at least until ingenious Wall Street moneymen devise new methods of raising funds...