Word: moneymen
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...husband Richard, a retired postal worker, had accounts in Molitor Loan & Building. "My stomach just rolls over. They have got my whole life in that bank." The financial suffering in Ohio rattled consumers across the U.S. and worried foreign investors as well. In a classic sign of anxiety, moneymen bid up the price of gold by $35.70 last Tuesday, to $339 an ounce. At the same time, the rocketing dollar took a nosedive as traders fretted about the stability of the U.S. banking system and the strength of the economy...
Once he is ready to launch the final takeover battle, Pickens sets up a command post at New York City's Waldorf-Astoria or Helmsley Palace hotels. From there, he directs the action like a general, keeping in round-the-clock touch with allies and moneymen across the country. "He's incredibly well plugged in," says a Wall Street financier. "One of his great strengths is that he has more sources than anyone." Notes an investment banker: "He's an absolutely brilliant poker player, though there's a little chess in his game...
...Wall Street investors, 1984 ended with a weary sigh rather than the tooting of horns and tossing of confetti. Moneymen conducted more business than last year but made a lot less money. The New York Stock Exchange traded a record volume of 23.1 billion shares, a 6.9% increase over 1983. Stock prices, though, declined for the first time in three years. The Dow Jones industrial average closed on New Year's Eve at 1211.57, a drop of 47 points, or 3.7%, from 1983. Last year had begun with bull-market bravura that sent the Dow to a peak...
...founding fathers put little faith in the stability of banks. Wrote Thomas Jefferson in 1816: "I sincerely believe that banking establishments are more dangerous than standing armies." Andrew Jackson, who never concealed his distrust of powerful moneymen, told a group of them, "You are a den of vipers and thieves. I intend to rout...
...problems in the banking industry these days emerge one after another like the details in a messy scandal story. Moneymen have almost resigned themselves to new disclosures about bad loans and questionable practices at banks that were once considered above reproach. Last week came another surprise. Two of the ten biggest banks in the U.S., Bank of America and First Chicago, said that federal regulators had forced them to shore up their financial structure. Comptroller of the Currency C. Todd Conover ordered both institutions to increase their level of capital, which is the pool of money that belongs...