Word: trader
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...crooked broker might receive an order, for example, to buy 250,000 bu. of soybeans at $5.85 a bu. He could easily execute his own order to buy 50,000 bu. first. Later, when the market reacted to the larger order by pushing prices up to $5.95, the trader could sell his contracts, pocketing $5,000 in profits. A second illicit practice uncovered by the feds was "curb trading," in which brokers conspired to consummate deals outside legal market hours "on the curb." Many brokers even "busted" losing trades by simply destroying evidence of the transaction. Such practices represent "more...
Another revealing glimpse into Montana's vivid past is on display at the glorious Deer Lodge Valley in the northern Rockies, ten miles west of the continental divide. The Grant-Kohrs Ranch, started by Canadian fur trader Johnny Grant in 1862, became the center of open-range cattle operations owned by German immigrant Conrad Kohrs. The ranch ran herds on more than 10 million acres in four states and Alberta, an area nearly the size of Switzerland. "Grant was the last mountain man, and Kohrs the first cattle baron," says Lyndel Meikle, a park ranger who has spent twelve years...
Ferruzzi says its purchases -- a reported 30 million bu. of soybeans in the past 18 months -- were a legal effort to ensure adequate supplies for its customers. Many traders believe Ferruzzi's two largest U.S. rivals, Archer Daniels Midland of Decatur, Ill., and Cargill of Minneapolis, felt the pinch from rising prices and complained to the c.b.o.t. Said one trader: "Older, established firms ganged up on the new, foreign kid on the block." With prices taking a near panic dive, Ferruzzi has already lost an estimated $10 million. Harder hit may be U.S. soybean farmers, who last week...
...same could not be said of whip Tony Coelho, who had hoped to bump up a notch to majority leader. The Justice Department is reportedly in the preliminary stages of a criminal investigation of Coelho's investment in a $100,000 junk bond sold by indicted inside trader Michael Milken's firm, Drexel Burnham Lambert. Late Friday, after Common Cause asked the ethics committee to determine whether the bond deal was a favor, Coelho could see what lay ahead. He announced that he was quitting his leadership post immediately and resigning from Congress on June 15, his 47th birthday...
...that America's standing as the leader of the free world has slipped. "America is scared to death of not being No. 1 any longer," says a foreign banker in Japan. Jagdish Bhagwati, a professor of economics at Columbia University, talks of the "diminished-giant syndrome." A committed free trader, Bhagwati warns that the impulse of declining empires is to throw around their diluted power with such potentially self-damaging measures as trade barriers...