BANKING: Mother-in-Law Trouble

Like a bride left waiting at church, the World Bank was still looking for a president. Worried over its loss of prestige, the Bank last week desperately ogled another candidate: John Jay McCloy, 51, high-priced Manhattan lawyer who had been an efficient Assistant Secretary of War under Henry L. Stimson.

McCloy liked the president's title and the $30,000-a-year tax-free salary; he was on the point of saying "I do." But, like other eligible candidates before him, he got nervous when he saw the bride's family. The Bank's twelve full-time executive directors wear the Bank's pants—like twelve mothers-in-law. The president (under...

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