Word: moneymen
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...banking since the Ottoman Empire find happiness working for American Express? The answer seems to be no. In 1983, American Express bought Edmond J. Safra's Trade Development Bank for $520 million in cash and securities. Lebanese-born Safra is one of the world's most respected moneymen. He built a banking empire by giving meticulous attention to the accounts of wealthy Middle Easterners. What better way for American Express's bank to hit world-class status than to hire a world-class banker? Safra was offered the company's top banking job, and he moved...
When Chicago's Continental Illinois collapsed last July into the arms of federal rescuers, moneymen across the country began nervously worrying about problem loans at other big banks. But they at least could take heart in the fitness of banks like Continental's archrival, First Chicago (assets: $40.5 billion). Located just three blocks from Continental in the downtown financial district, First Chicago seemed like a monument of strength. While many other big banks were posting shaky profits, it announced in July a second-quarter earnings gain of 23% over 1983. Last week, however, First Chicago made a stunning...
Just the workaday production of Lewis is superlative, but in conserving his strength so calculatedly over the four-medal haul, he never completely strained either his own talent or anyone else's imagination. And the effect was not enhanced by his omnipresent moneymen or the press releases and voice tapes he sent to the victory conferences in lieu of himself. In a humorous snag, Lewis charged that he was "misquoted" by newspapers reporting his declaration: "If someone had jumped farther, I would not have come back." It was on his cassette...
...wants to suffer the pain that will be involved in any solution to the debt crisis. Banks are not eager to write off the bad loans and take the earnings loss, while governments in the developed countries are reluctant to halt economic growth just to please foreign moneymen. Thus, no sudden solution is likely to emerge. Says one IMF official: "It is a negotiating process that will run through most of the 1980s." Mexican Finance Secretary Silva Herzog last week recalled Economist John Maynard Keynes' dictum: "Men will do the rational thing, but only after exploring all other alternatives...
While the Andean country's borrowings are dwarfed by those of such neighbors as Brazil ($96 billion) and Argentina ($43.6 billion), the Bolivian action nonetheless shook moneymen. Phone calls from anxious foreigners flooded embassies, newspapers and government agencies in the capital city of La Paz. On Wall Street, prices slid further on a bond market still edgy over last month's near collapse of Chicago's Continental Illinois...