Word: moneymen
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...ONETIME poor boy from Brooklyn, 5-ft. 5-in. Bernard Cornfeld causes quite a stir in almost everything he does. Despite the persistent antagonism of conservative European moneymen, some foreign governments and the U.S. Securities and Exchange Commission, he has built his Investors Overseas Services into one of the 20th century's great financial empires. Geneva-based I.O.S. has prospered primarily by selling mutual funds outside the U.S., and Cornfeld has proved himself to be a master salesman. Today he manages some $2.2 billion of other people's money, and his personal fortune amounts to about $140 million...
...revaluation, which would raise Japanese export prices. For example, the government has increased the amount of foreign currency that Japanese firms can invest overseas without specific permission. So far, speculators have shown no tendency to buy yen in anticipation of a boost in its official value. But moneymen foresee a distinct possibility that speculation will soon begin...
...decline, from a high of $43.80 as recently as last March, represented a resounding defeat for speculators and for theorists who had argued that the official price of gold should be raised and the dollar should be devalued. It was a victory for the U.S. and for those moneymen who believe that gold's power in world affairs should be diminished...
Rearranging the Portfolio. Moneymen expect that it will take the Vatican some time to shed all of its unwanted stock holdings. The church has retained a small number of Immobiliare shares, but recently sold its controlling interest in Italiana Condotte Acqua, a major construction firm, to a leading Italian holding company, Bastogi...
Shift to Realism. Moneymen seemed relieved that Germany would no longer try to keep the mark at the unrealistically low price that had allowed the country to pile up enormous trade surpluses to the detriment of the economies and currencies of other nations. As the mark rose, the French franc dipped, then climbed back at week's end. Traders saw new hope that the combination of the recent 12.5% French devaluation and an eventual German revaluation would add up to almost a 20% shift in the official values of the two currencies-making the difference in their formal exchange...