Word: reposing
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Dates: during 1980-1989
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Basically, Drysdale's traders, headed by President Richard Taaffe and Chairman David Heuwetter, used an accounting quirk in the way Treasury securities are valued in so-called repurchase deals. These are short-term transactions in which a bank or brokerage house raises cash by selling a Treasury security to...
Drysdale's special twist was to acquire arepo from, in most cases, Chase Manhattan and then resell it on the open market at a premium price that reflected its accrued interest. Immediately thereafter, Drysdale would turn around and buy a replacement Treasury security of identical face value, but one...
Francis H. Burr, a member of the seven-man Corporation for 28 years, said in a press release yesterday that he will leave this spring to devote more time to his duties on several other corporation boards and to his position as a senior law partner in Harvard's consulting...
Savings institutions saw the A.s.C. as a potential bonanza that could yield $250 billion in new deposits, and they began offering the big interest bonuses as a way to sign up customers early. The key to the deal that the bankers used was an obscure financial instrument known as repurchase...