Word: moneymen
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...conservative moneymen of Europe for years treated Bernard Cornfeld, the Brooklyn-bred magnate of mutual funds, as though he had financial halitosis. Many prophesied an early demise for his Investors Overseas Services, which flouted tradition and aggressively sold mutual funds to investors abroad, much as Fuller Brush men peddle house hold wares in the U.S. Now that the raff ish upstart has built I.O.S. assets to $1.8 billion, he has become too rich and powerful to deride. Investment hous es seek Cornfeld's favor, and continental bankers have begun imitating his sales methods. Last week I.O.S. brought...
...opposite of the disgrace that devaluation has often been thought to be. The financial world rang with praise of President Georges Pompidou's astuteness in cutting the franc when most of Europe was on vacation, in advance of any crisis, and to a level-18.0040-that most moneymen thought was about what the franc really is worth. Contrasting the months of turmoil that followed the 1967 devaluation of the pound with the calm reception of the French devaluation, the London Times concluded wistfully that "the differences show clearly the differences in political competence between the two governments...
...months, international moneymen have been trying to solve a nagging mystery: What could South Africa be doing with the enormous quantities of gold -77% of the non-Communist world's output-that it mines? The question is much more than an intellectual game for economists. It involves such practical matters as the future of the South African economy, the value of the U.S. dollar and the whole intricate mechanism of international gold trading...
...take all the gold that South Africa has offered. The Bank of Portugal has broken the central-bank boycott and bought some of the rest at the official $35 price. The Lisbon bankers took about $145 million worth in 1968 and another $120 million worth early this year. Johannesburg moneymen also believe that South Africa has loaned some gold to other African nations...
...decision to go ahead. Other economists recall that Special Drawing Rights-so-called "paper gold"-took five years to move from the status of a radical academic idea to a reform that the 111 IMF nations are actually about to institute. However long reform may take, more and more moneymen regard the crawling peg as an idea whose time has come...