Word: moneymen
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...issues in the international monetary crisis are too complex, and the divisions between the U.S. on one side and Europe and Japan on the other too deep, for anyone to have expected a full resolution to come out of last week's series of meetings among international moneymen. There had been hope, though, that at least some hard bargaining could start. Instead, the key meeting, a midweek gathering in London of finance chiefs of the world's ten richest industrialized nations, deteriorated into a testy confrontation that left the officials unable even to agree on what they will...
Ever since Playboy invented its formula of sex and pop hedonism in the 1950s, moneymen have wondered just how much cash the magazine and its many offshoots have earned for Hugh Hefner. The answer came last week as Playboy Enterprises, Inc. prepared to make its first public stock offering and filed required financial statements with the Securities and Exchange Commission. The underwriter, Loeb, Rhoades & Co., set a "maximum offering price" of $25, meaning that the stock will probably go on the market in November for that amount or slightly less. If it is close to $25, Playboy's creator...
...Moneymen looked forward to a rosy future. In the Radio Act of 1927, Congress merely demanded that the United States would have ultimate control over all channels, and that licenses would be granted according to the standard of "public interest, convenience, or necessity." There would be no censorship, and no provision for guaranteed educational airtime or wavelengths. The Coolidge era was hitting its final swing, with advertising its new religion; Bruce Barton wrote of Jesus as the "founder of modern business." Gradually, "public service" ballyhoo was revealed as lip-service to informed opinion. Even sentimental traditions faltered; the "Silent Night...
...actions that would stanch the dollar drain and would be desirable on other grounds as well. An end to the Viet Nam War is the most obvious. Domestically, the Nixon Administration could try to fight inflation by issuing guidelines for acceptable pay and price increases. Europe's moneymen have urged the U.S. to adopt such an "incomes policy," and have lost faith in the dollar partly because of Washington's failure to heed their advice. The Government could also stimulate recovery from recession by cutting taxes rather than relying as heavily as it now does on expanding...
...Most moneymen are betting that rates will fall a bit farther. "The prime rate will probably go to 5%," predicts John Bunting, president of First Pennsylvania Banking & Trust Co. One reason is that other short-term interest rates have fallen even more sharply. The yield on three-month Treasury bills has dropped from a peak of about 8% a year ago to just above 3%; commercial paper is down from nearly 9% in January 1970 to less than...