Word: selloff
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Dates: during 1970-1979
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...weeks ago that U.S. Treasury Secretary W. Michael Blumenthal had met secretly in Paris with European monetary officials, currency traders assumed that a dollar-propping agreement would be announced at last week's monthly meeting of central bankers in Basel, Switzerland. None was forth coming, and the selloff of dollars started anew. By midweek the herd instinct had taken hold, and in Switzerland the dollar lost 1.5% in value in a single day, one of its largest one-day drops. That will make Swiss vacations more expensive for American tourists - if they can find anyone to exchange dollars...
...investors in Four Seasons' seemingly golden growth. In fact, says the indictment, part of the company's earnings were based on sales of nursing homes that were reported in company documents and certified in accounting statements but had never really occurred. Another ruse, it said, was the selloff, at inflated prices, of some of Four Seasons' losing properties, which unnaturally increased the company's earning power. Actually, says the indictment, the buyer was Four Seasons Equity Inc., a firm that was secretly owned by the parent company. The company had bought its own losers...