Word: schreyer
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Breaking All the Rules If there were an Olympic event for irrelevant rulemaking, the E.U. would easily take gold. Last week, two attempts to revamp and reassert regulations were in theory endorsed but in practice ignored. E.U. budget Commissioner Michaele Schreyer had proposed scrapping the U.K.'s 20-year-old rebate from Brussels, worth an average $5.7 billion annually. The payback was negotiated in 1984 by then Prime Minister Margaret Thatcher, when Britain was one of the club's poorest members. The U.K. has since enjoyed unparalleled economic growth - and newer, poorer E.U. members...
...arguably need the money more - so you can see Schreyer's point. But last week Britain refused to budge, calling the rebate "unnegotiable." The dissent has teeth: Britain has the power to veto any proposed changes to the structure of E.U. funding. "I suspect the U.K. will be able to retain the rebate," says Robert Prior-Wandesforde, a European economist at HSBC. Last week the European Commission also celebrated a court ruling confirming that members must abide by the stability and growth pact, which mandates that euro-zone countries keep deficits under 3% of GDP. Germany and France - the euro...
Merrill Lynch had an unexpected shake-up at the very top last week. Chairman Roger E. Birk, 54, the company boss since 1981, announced he would step down July 1 as chief executive officer to make way for the firm's president, William A. Schreyer, 56. The move reflected troubles in the Merrill Lynch herd. Only about a year ago, the Merrill Lynch bull was snorting with satisfaction. Propelled by a booming stock market, company profits for the first half of 1983 jumped to $239 million, 3½ times as high as in the same period...
...Schreyer, who is known for being decisive, will need to be. The company has been rocked by bad ventures. Last year Merrill Lynch spent $88 million to satisfy customers to whom it had sold annuities issued by Baldwin-United, which later went bankrupt. A career-long employee whose father was a Merrill Lynch broker in Williamsport, Pa., Schreyer recently led an extensive study of the company's problems. Dubbed SWAT, for Schreyer Working Team, the group found the firm had tried to serve too many different types of customers...
...portraits, 135 copies of celebrated pictures, and 436 original paintings by modern artists. Of great interest are the historical portraits nearly all of which are of persons who have been prominent in American political affairs. Among the modern artists represented by important works in the collection are Gerome, Schreyer, Bouguereau, Van Marcke, Verboeck-hoven, Coomans, De Haas, Constant, and Richter. The pictures by Bouguereau, Schreyer, Van Marcke, Constant, and Verboeckhoven are among the most notable works of these artists. -[Nation...