Word: volckerism
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...Arthur Andersen just get its call from the governor? Former CEO Joseph Berardino resigned last month convinced that the Justice Department's decision to indict the firm had been its death warrant; former Fed chief Paul Volcker, appointed earlier this year to oversee a restructuring effort, thought so as well. And the I-word has sparked a stampede of clients and overseas partners...
...Andersen seems likely to take. The news came as the firm tapped an acting CEO - Andersen Worldwide Board of Partners chairman Aldo Cardoso, whose primary job will be to sell off as many overseas affiliates as he can - and a new adviser, investment bank Gleacher Partners, to carry out Volcker's plans...
...Sachs and the man in wraparound shades coordinate a variety of public events and conferences designed to raise consciousness of debt relief. Bono met with a huge variety of economic heavyweights, from former Fed chairman Paul Volcker and Treasury Secretary Robert Rubin to President Clinton. "He's extremely sophisticated about this issue," Sachs said. "He's met all the major stakeholders in policy." The rocker's huge commitment to the issue has drawn the attention of writers intrigued by the idea of a man wearing huge boots and leather pants discussing fiscal policy with the most powerful...
...most of his time at the Fed, Greenspan hasn't had to do much more than jawbone. The bond market has taken his hints and moved accordingly. A couple of years ago I ran into Greenspan's predecessor, the aggressive inflation fighter Paul Volcker, and asked him what he thought of Greenspan's performance. Volcker, a financial heavyweight, wouldn't grade Greenspan, but he voiced a mock complaint that Greenspan was getting a lot of credit for prosperous times without having to break a sweat. The vigilantes were doing it for him. When traders whiffed inflation, they chased long-term...
...appears that the investigation into unclaimed bank accounts of Holocaust victims may cost the Swiss banking establishment a billion-plus francs (say $800 million)--perhaps more than the total value of the original deposits. The international investigating commission under PAUL VOLCKER, former chief of the Fed, says it needs until June 1999 to finish its work. The Volcker Commission has 500 chartered accountants combing through tons of archives at 63 banks, and those sleuths don't come cheap. The bankers are livid about the expense and time; some of the smaller banks are threatening to throw out the commission...