Word: moneymen
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...spark for the late-week recovery came from Washington as the White House, increasingly alarmed about the disarray in financial markets, tried to restore confidence among moneymen. President Reagan abruptly abandoned his pledge to spare Social Security retirement payments from the budget ax; he proposed reductions in old-age and other benefits that will trim Social Security payouts by 10% and shave $46 billion in the next five years. Lawrence Kudlow, chief economist at the Office of Management and Budget, promised that more spending cuts and deferrals were on the way and hinted that the Administration might scale back slightly...
Walter B. Wriston, 61. Already well known as the chairman of Citibank, the U.S.'s second largest bank ($102 billion in assets), Wriston has replaced David Rockefeller as the premier spokesman for America's moneymen. A graduate of Tufts University's Fletcher School of Law and Diplomacy, Wriston has pushed Citibank into the forefront of the banking revolution symbolized by automatic teller machines. Low interest rate ceilings on passbook deposits, he maintains, discourage the savings that are desperately needed to spur investment. Says he with characteristic bluntness: "We're being forced to rip off the public...
...least some of the dollar's appeal and gold's weakness is coming from what European bankers are calling the "Reagan euphoria." Just as the value of the dollar fell because world moneymen did not believe that Jimmy Carter was serious about battling inflation, it is now rising because the new Administration looks more determined. Said Beryl Sprinkel, the Under Secretary of the Treasury-designate for Monetary Affairs: "We're getting on top of this inflation problem, and the markets are beginning to believe...
...world of nervous money, the dollar's new strength and gold's weakness could pass quickly. If the world's moneymen decide that the Reagan Administration's inflation policy is too weak or that it will be killed in Congress, the recent currency adjustments might change again. Said Mohammed Ali Abalkhail, the Saudi Arabian Finance Minister, last week: "We are still looking for clearer indication of what policy Reagan will really follow. That will determine whether the current surge in the dollar is a temporary phenomenon. " - By Christopher Byron...
...wearily out of the Citicorp Center onto 53rd Street. "Whew," said one as he rubbed his eyes and ran his hands over the stubble on his face. "That's the most nerve-racking period I have ever spent." In cooperation with some 300 banks round the world, the moneymen had just completed the largest and most complex financial transaction in history. They had helped achieve an agreement that would lead to the freeing of the 52 American hostages in Iran...