BANKING: In the Nick of Time

For many a month, the World Bank had dangled over a precipice like a melodrama heroine. Last week, while financiers cheered lustily, the Bank was snatched from disaster's clutches. Its rescuer was no wavy-haired glamor boy, but John Jay McCloy, 51, a bald and chunky Manhattan corporation lawyer who had done a bang-up administrative job as Assistant Secretary of War.

Jack McCloy did not become a hero by the simple act of accepting the Bank's presidency (salary: $30,000 a year, tax-free). What made McCloy look good to businessmen was the efficient way he...

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