Word: assets
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...Massachusetts has retained it, and at the time of Bridget Neville's accident the city provided only $15,000 worth of maximum liability coverage for each of its police officers. So O'Brien, 65 and recently retired, was threatened with the possible auction of his sole significant asset-an unmortgaged $18,700 house-in order to help pay for the court judgment. That prospect prompted Boston police to issue a counterthreat, vowing to refuse to drive squad cars citywide unless public funds were used to pay O'Brien's debt...
...marriages at Goldman,, Sachs, because many managers of giant companies find that "it is cheaper to buy than to build." Their own companies are flush with cash, and as they look around for expansion possibilities, they find numerous companies not much smaller than their own selling for less than asset value per share-so that they can afford to make an offer well above market price and still pick up a company relatively inexpensively...
Otherwise, the committee barely laid a glove on Lance. Summed up Ohio Senator John Glenn: "I think we've gone ethics-happy up here. It's beginning to reach the point where cash is the only acceptable asset for a public official, and you have to keep it at home because if you put it in a bank it might be affected by your decisions...
...fiduciary relations with the fund; 55 loans were classified as "uncollectible" and 26 were in outright default. A generous proportion of the loans was granted on especially favorable terms, with minimal payments for years and a big 'balloon" upon termination. On one $4.8 million loan to a fund asset manager, Alexander Butcher, repayment of $4.2 million is deferred until...
Equitable and the new managers must also face the unpleasant fact that the fund, which pays out about $21 million every month to 74,000 retirees, may be actuarially unsound. According to Daniel Shannon, who supervised asset management for a short period, long-term commitments to the union's 384,000 fund participant members may exceed assets by as much as $5 billion. To close the gap, says Shannon, employers must increase their contributions by 20%, to $37 a month, while the rank and filers will have to work 30 years instead of 20 to gain their maximum pensions...