SOUTH AFRICA BARS FINANCIAL TRADING AS UNREST GOES ON

A leading anti-apartheid activist, the Rev. Allan Boesak, was detained by the South African authorities yesterday, a day before he was to lead protesters to the prison to demand the release of the jailed black nationalist Nelson Mandela. Dr. Boesak was seized by plainclothes policemen and was told that he was being detained under the Internal Security Act. In Washington, the United States formally protested Dr. Boesak's arrest. [Page A4.] 'Abnormal Pressure' Cited ''These steps have been taken so that South Africa can continue to meet all international obligations,'' South Africa's Finance Minister, Barend du Plessis, said in announcing the suspension of trading. His statement was made late in the evening in Pretoria, the country's administrative capital, long after markets there had closed and as the currency trading rooms in New York were emptying in the late afternoon. Such moves ''accelerate the problems,'' the banker said. ''They don't create an environment conducive to foreign investment. They create an environment of getting out before they put even more controls on.'' Capital flight ''is the highest it has been since the beginning of apartheid,'' said Benjamin Weiner, president of Probe International, a research firm in Stamford, Conn., that provides political and economic information to multinational corporations. ''It's currently between $2 billion and $3 billion a year, probably closer to $2 billion,'' he said.

Full text: New York Times, Aug 28, 1985

forex trading system

Dollar's Slide Halted - U.S., Japan Reportedly Intervene

Officials at the Federal Reserve Bank of New York, which handles currency trading, and the Treasury Department would neither confirm nor deny intervention. But currency traders with knowledge of the Fed's activities said it was aggressively selling yen and buying dollars. As for the size of the Fed's intervention, most traders said it was not terribly significant, but Masakazu Miyamori, the chief currency trader at the Sanwa Bank in New York, said the Fed had sold huge amounts of yen to buy dollars for its own account.

Full text: San Francisco Chronicle (pre-1997 Fulltext), Mar 25, 1987

forex trading system

Bankers Trust Currency Trader Quits After Helping Division Post Record Gains

Bankers Trust Co. said Andrew Kreiger, a top currency trader and big contributor to its record fourth-quarter foreign exchange earnings, resigned. His resignation raises questions whether Bankers Trust can maintain its winning streak in the currency market. In 1987's fourth quarter alone, Bankers Trust earned $337.7 million from its currency trading before taxes and expenses -- making foreign exchange the bank's most lucrative area. Mr. Kreiger couldn't be reached for comment, and Bankers Trust denied that Mr. Kreiger left over a compensation dispute. His pay last year was significantly more than what bank Chairman Charles Sanford earned.

Full text: Wall Street Journal, Feb 25, 1988

forex trading system

PRU-BACHE WINS MOST SUIT POINTS

The dispute arose out of a foreign currency trading program that collapsed in January 1987 leaving Pru-Bache holding millions in unpaid debit balances rolled up by investors with accounts in the firm's Richmond and Lynchburg offices. [Thomas V. Blanton Jr.], 43, who was one of Pru-Bache's top salesmen when the bubble burst, ultimately filed a Chapter 11 bankruptcy petition in early 1988. Blanton's lawsuit against the firm and James E. Trice, one of its regional managers, was in part an attempt to recover about $1.2 million in his deferred compensation account. Pru-Bache said it was holding the money because it wanted to use it to set off Blanton's outstanding indebtedness to the firm of more than $1.9 billion. The point that Blanton won related to his claim that Pru-Bache breached a fiduciary duty to him when it failed to withhold enough money to pay his taxes when the money was being withdrawn from the deferred compensation account. The judge directed the firm to pay $383,000 to the Internal Revenue Service to cover the two 1987 withdrawals and to make appropriate tax payments on the $1.2 million it continues to hold.

Full text: Richmond Times - Dispatch, Jun 1, 1989

forex trading system

Dollar Climbs on Fears of Mideast War, Belief Treasury May Support Currency

The dollar rose sharply Nov 3, 1990, sustained by fears of a war in the Middle East and propelled through chief resistance levels by suspicions that major monetary officals may seek to prevent further depreciation of the US currency. Late in the New York trading day, the dollar was quoted at 1.5144 German marks and 134.79 yen.

Full text: Wall Street Journal, Dec 4, 1990

forex trading system