Word: springborn
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...player in the drive to bring the highflying U.S. dollar down to earth, Fred Springborn starts his day early and ends it late. Arriving at his ^ cramped Treasury Department office at about 6 a.m., the foreign-exchange specialist scans a Reuters video monitor through bleary eyes, checking the latest U.S. dollar prices from Bonn to Bangkok. After conferring by phone with colleagues at the Federal Reserve Bank of New York, Springborn heads down two flights of stairs to brief his boss, Treasury Secretary James Baker, who normally arrives before 7:30. In consultation with Federal Reserve Chairman Paul Volcker...
...Springborn has been an early riser for years, but there is now special urgency to his work as director of the Treasury's office of foreign-exchange operations. Since last week's meeting of finance ministers from the five largest industrial democracies, reining in the dollar has become a matter of passionate U.S. concern. Unlike stocks, bonds or even pork bellies, currencies are not traded in one or two large buildings in a few major cities. The foreign-exchange market is a worldwide network of private banks, linked by phones and computers, that buy and sell money round the clock...
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