Word: trader
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...floor of the NYSE, traders had been edgy for days. It didn't help matters that on Friday, the U.S. market fell even though Hong Kong's battered Hang Seng index had rebounded sharply. That rebound was widely dismissed as a "dead-cat bounce," a graphic trader's term that refers to the notion that even a dead cat will bounce a little if it falls far enough. Arthur Cashin, vice president of PaineWebber and director of the firm's floor operations, concluded that "there was more work to be done on the downside...
...uneasy silence settled over the floor when trading ended Monday. Normally, traders work for an hour or more after the exchange's closing to process transactions, but activity had stopped dead. Traders and clerks looked stunned, and some wandered the floor trying to figure out what had just happened. Said Frank Racanelli, a floor trader for Elton Securities, "It was orderly, very orderly. There was never any real panic. I think you will see some good buying opportunities on Tuesday...
...former Wall Street bond trader, Rubin remains untroubled by the political conundrum he has created for his bosses Clinton and Al Gore. He spent nearly two hours last Wednesday on the phone with Representative Rob Portman of Ohio, the bill's major Republican sponsor, but the two couldn't bridge what Portman described as their "fundamental philosophical divide." Rubin argues that giving citizens authority over the IRS "raises very serious issues of accountability and conflict of interest." In other words, as another top Administration official put it, "you don't want IRS agents reporting to the chairman of GM." Even...
...Alan Greenspan had just been named head of the Federal Reserve, and green he was. Over at Treasury, the politically savvy but market-naive James Baker spooked traders every time he moved his lips. Today we have the same Fed chairman, but he could not be a more adept helmsman. At Treasury, Robert Rubin, America's foremost fixed-income trader in his days at Goldman Sachs, can coldcock a decline in the dollar with a few choice words...
...Harrods, so they threw mud at me," he once said. But acquaintances of his in Alexandria also describe the Fayeds as a modest family: al Fayed's father was a language teacher, and al Fayed grew up on the rougher side of town. He started as a small-time trader there, selling Singer sewing machines and Coca-Cola. In the early 1950s the future Saudi billionaire Adnan Khashoggi offered al Fayed a share in a Khashoggi business that exported Egyptian-made furniture to Saudi Arabia. The company took off, and not long after, al Fayed married Khashoggi's sister Samira...