Word: stockings
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Dates: during 1980-1989
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...likely to void any relaxation of Glass-Steagall by the Federal Reserve Board this week. But major banks fully intend to test the limits of how far they can move toward investment services. Last month, for example, Chase Manhattan introduced a deposit account with a yield tied to the stock market's performance. That measure provoked the mutual-fund industry to file a lawsuit alleging violation of Glass-Steagall. In short, the battle between investment bankers and their commercial rivals will continue to intensify, and the pressure on the beleaguered U.S. banking system will continue to grow...
...interest in the firm. CTS then invoked a state law governing so-called control shares, defined as the number of shares an investor must purchase to gain control of a target company. Under the Indiana statute, the voting power of such shares must be ratified by "disinterested" owners of stock -- shareholders other than management or the investor in question. The law gives the company up to 50 days to call a shareholders' meeting to consider the issue...
Quantum's great leap in profits began with the move upward by the Dow from a level in the mid-1300s in August 1985. Soros caught the market wave by investing heavily not only in U.S. stocks but also in very volatile stock- index and currency futures. These can multiply returns many times over, or, conversely, produce huge losses. Now the largest so-called hedge fund, Quantum uses its stock and bond portfolio as collateral to buy more stocks and securities...
Soros has an uncanny knack for switching successfully between stock, bond and money markets. In September 1985 he made what he calls the "killing of a lifetime" -- about $150 million -- by switching from dollar investments into Japanese yen. He took the plunge after learning that top officials of the five largest industrial countries (Britain, France, Japan, West Germany, the U.S.) had met at Manhattan's Plaza Hotel. Soros' guess: the five would lower the value of the dollar against other major currencies...
Born in Budapest, Soros moved to Britain in 1947. He subsequently attended the London School of Economics. In 1956 he moved to the U.S. and worked for ten years as a broker and stock analyst. In 1969 Soros started the fund that became Quantum with only $250,000. Members of the Rothschild family and other rich Europeans soon kicked in an additional $6 million. Since then the fund has grown mostly through reinvested profits. Because Quantum is registered outside the U.S., Soros and a few members of his Manhattan-based management team are its only American investors...