BANKING: Good Risk

World Bank President Eugene Black thought it was time for a celebration. Ignoring the rule against liquor in the bank's Washington headquarters, he broke out carafes of sherry and poured glasses for sariclad Vijaya Lakshmi Pandit, ambassador from India, and friends. Madame Pandit had just signed up for a $34 million World Bank loan, the first such loan to any country in Asia. Glowed President Black: "It is [also] the first occasion that the bank has had the happy privilege of entering into a contract executed by a lady."

Both sides had reason to be pleased. From the World Bank's...

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