Word: mutually
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Dates: during 1980-1989
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...closed-door discussions in the centuries-old Hradčany Castle overlooking Prague, the Soviet-led military alliance unveiled a "new grand peace proposal." Noting that nuclear war would have "catastrophic consequences," the Warsaw Pact leaders urged the Western alliance to join with them in a "treaty on the mutual nonuse of military force and the preservation of peaceful relations." The nonaggression pact also called for a ban on nuclear testing, chemical warfare and neutron weapons...
...scramble began with the introduction of the money-market accounts on Dec. 14. Congress authorized these savings plans to help banks and S and Ls recover a part of the $231 billion that had been diverted to money-market funds operated by mutual-fund management companies and brokerage houses. The new money-market savings accounts offer high interest, allow unlimited withdrawals and even permit depositors to write up to three checks a month. Moreover, the deposits are federally insured, unlike the shares in a money-market mutual fund...
...dozen years ago, hot dogs and peanut butter were about the only affordable fare for Bruce Bent and Henry Brown, the inventors of the money-market mutual fund. Their creation, registered in 1971 as the Reserve Fund, offered big yields to small savers for the first time and eventually spawned a $200 billion industry. At the outset, the idea yielded Brown and Bent little besides frustration, but nowadays they are a couple of happy millionaires...
...market instruments, whereas consumers were earning only 5% in passbook savings accounts. The hitch was that most people did not have the $100,000 or so that it took to buy higher-yielding investments, such as commercial paper and certificates of deposit. Brown and Bent's solution: a mutual fund that would allow lots of people to pool their money and get into the higher-yielding market. They worked out details while facing each other across their back-to-back desks...
...much of the income back into the business over the years, investing some $11 million in computer hardware and software. Says Brown: "We could declare ourselves nice, huge salaries and go out and buy yachts, but that's not our inclination." Like the managers of other money-market mutual funds these days, however, they often dream of buying a bank...