Word: valardel
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Dates: during 1964-1964
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Idle Cash. The company that is introducing stocks to the Argentine boondocks is the Deltec organization, a many-faceted (paints, petrochemicals, motor scooters), hemisphere-ranging investment house that specializes in Latin American finance. Deltec set up and controls an affiliate known as Valardel, formed to tap idle cash in the hinterlands, where owners have had little to invest in except land. Deliberately staying out of the big cities and concentrating on rural customers, Valardel has sold stocks in twelve Argentine companies, including a steelworks, several auto firms and a paper maker...
...Valardel's boss is Deltec Vice President Julio Nuñez, 38, a Cuban-born U.S. citizen who was educated at Georgetown and Harvard Law, served as assistant U.S. Attorney in the Eisenhower Administration and was tapped to prosecute the Puerto Rican nationalists who, in 1954, shot up the Congress. Operating out of a Buenos Aires office decorated with a scarlet rug, wildly abstract art and carved African statuettes, Nuñez has set an ambitious goal: to make Valardel the Merrill Lynch of Argentina. "We have reached the point," says reform-minded Nuñez, "where...
...design or accident, Valardel is breathing the first sobriety into a financial atmosphere that has never known much but get-rich-quick schemes, boom and bust. It has re-established underwriting as a service for Argentine corporations for the first time since Juan Perón squeezed private underwriters out of business 17 years ago. And from the standpoint of Argentine companies, the stock sales are an excellent hedge against future expropriation; the small investors who consider a company theirs constitute an effective vote bloc...
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