wall-cross
v.— «Wells Fargo wanted to be among one of the first banks to get to the market before fund managers and investors became overwhelmed by the supply of stock. Being first also carried the risk that the offering could be too big, or badly priced, which would drain investor appetite and trigger a lot of trouble for future offerings. Speed was the key. Thursday, J.P. Morgan and Wachovia started calling select investors–many of them previous investors in Wells Fargo—to in Wall Street parlance—”wall-cross” them, following the same playbook Wells and J.P. Morgan used last fall to raise equity. The deal was opened publicly to investors just after 4 p.m.» —“Wells Fargo and Morgan Stanley: How to Raise $7.5 Billion in Stress-Test Money” by Heidi N. Moore Wall Street Journal: Deal Journal May 8, 2009. (source: Double-Tongued Dictionary)
Further reading
In 1971, when a new public library opened in Troy, Michigan, famous authors and artists were invited to write letters to the city’s youngest readers, extolling the many benefits of libraries. One of the loveliest was from E.B. White, author of...
The archaic English word ruelle means “the space between a bed and the wall.” It’s adapted from French ruelle meaning “a small alley or lane.” This is part of a complete episode.
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