Although the origin and early development of the Eurodollar market is attributed, in part, to a desire by holders of dollars to avoid U.S. regulations, including the Regulation Q interest rate ceilings, that market subsequently became a useful source of short-term financing - complementary to the commercial paper market - for large corporations seeking alternatives to more costly domestic commercial bank loans.36 Second, the 1950s and 1960s were characterized by a sharp rise in the importance of large institutional investors especially pension funds - in the stock and bond markets.
Successful community development projects require vision, commitment, tough choices, and hard work. Indeed, these are the qualities that each of the projects honored here tonight share.