Word: moneymen
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Cautious but well heeled, Arab moneymen enter world finance...
...ploy to hook up with the Georgia good-ole-boy network. The Saudi financier bought from President Carter's former Budget Director and confidant Bert Lance most of his shares in the National Bank of Georgia for $2.4 million, a price far above the market value; other Arab moneymen reportedly arranged a loan for Lance of about $3.5 million. In another case, a group of Arabs, led by a shadowy sheik named Kamal Adham, the former chief of Saudi internal intelligence, touched off a confusing imbroglio in Washington by trying to take over 55-year-old Financial General Bankshares...
...slowly into banking. Considering the complexity and high risks involved in modern international finance, they acted with commendable prudence. As the first petrodollars began to flood in, almost no Arab monetary agencies knew how to protect their new-found riches from the ravages of inflation. Many of the top moneymen had scant training for their high posts. Hence the Arab officials wisely turned to sure things: U.S. Treasury bills and mammoth deposits in the big international American and British banks...
...they linked up with established financial institutions. Starting about 1976, a number of partnerships were created, including the Saudi International Bank. Union des Banques Arabes et Franchises and the European Arab Bank. At the same time, Morgan Guaranty, Citibank and Chase Manhattan launched joint ventures with Middle East moneymen and began teaching scores of young Arabs complex arts like organizing loan syndicates on the Eurodollar market...
...weekend after Silver Thursday, they showed up uninvited at the Reserve City Bankers Association convention in Boca Raton, Fla., to plead for help in meeting their debts. The brothers supposedly told leading bankers that they probably owed about $1.7 billion. Over cups of coffee and cold cheese sandwiches, the moneymen debated long into the night whether to give the Hunts a loan. Federal Reserve Chairman Paul Volcker made an appearance wearing a shirt over his pajama top and kept an eye on the proceedings. But finally the Hunts were told...