Word: traders
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Dates: during 1970-1979
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Collaborating with Iker on that last-minute effort was Associate Editor George J. Church, a TIME Business writer since 1969 who wrote this week's cover story with the help of Reporter-Researchers Bonita Siverd and Gail Perlick. Like former Bond Trader William Simon, Church got his start on Wall Street, first as a correspondent and later as a front-page editor for the Wall Street Journal (which is singled out in this week's Press section as one of the ten best newspapers in America). No skeptic about the reality of the energy crunch, Church...
Another vital change is the substitution of Simon's driving administrative approach for the slow, cautious methods of his predecessor as energy czar, former Colorado Governor John A. Love. On Wall Street, Simon throve as a bond trader who regularly had to make quick decisions on deals involving many millions of dollars, with painful penalties for failure. A long-hours man who regularly lunches at his desk (on enormous delicatessen sandwiches), Simon does not believe in large formal meetings that seek to form a consensus among those attending. He prefers to get information and advice from close aides...
Simon's grasp of the seriousness of the problem is the more surprising since he had no special background in the oil business when he entered the Government. He was then known on Wall Street as a bond trader who had an uncanny sense of when to buy and sell. Simon, a New Jerseyan, started his career as a brokerage-house trainee in 1952, a year after graduating from Lafayette College. By the time President Nixon tapped him for the Treasury in December 1972, he had become a senior partner of Salomon Brothers, one of the nation...
...first choice of rookies. He accomplished this by selling a reliable veteran center, Ralph Backstrom, to the Los Angeles Kings, who were struggling with the Seals to stay out of last place. Backstrom's arrival kept the Kings out of the cellar. Pollock is such a shrewd trader that the Canadiens consistently come up with a spectacular crop of rookie stars; as a result, Montreal has won the Stanley Cup six out of the past nine years. "Expansion," says Pollock, "has been a great thing." What is great for Pollock, however, is not necessarily great for hockey...
...also the home of the or ganization's leader, a hefty adventurer whose Swiss passport bears the name of Hans Lenzlinger, but who is more widely known as "the People-Smuggler of Zurich." Now 44, Lenzlinger used to be a big-game hunter in Africa and a trader in animal skins. Then he opened a massage parlor in Zurich in the late '60s. After the parlor ran afoul of the vice squad, he switched to the business of selling freedom. In two years, he claims, he has helped 152 East Germans, Hungarians, Czechs and Bulgarians flee to freedom...