Word: bankers
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...Last summer, I mentioned that I was seriously considering an acting career, but over the course of the year they realized I did not want to be an investment banker," he said. "Their main concern was that I find work...
...second Clinton Administration is rearranging its priorities. "He gets it," says Vice President Al Gore, a longtime friend, who recruited Raines for the job. "In a relatively short time as OMB director, he has acquired perfect pitch." It comes in part from his training as an investment banker, which he shares with the two other prominent members of Clinton's negotiating team, Treasury Secretary Robert Rubin and White House chief of staff Erskine Bowles. Theirs is a culture in which winning is cutting the deal and the politician's concept of a strategic defeat--to fail...
Social Security is scheduled to start spending more than it collects in about 2012, just as the huge baby-boom generation begins to retire. By 2029, even the so-called Social Security trust funds would be depleted. Thanks to men like Kerrey and investment banker Pete Peterson, president of the Concord Coalition, more and more Americans understand that the Social Security "trust fund" is a myth. Every week's collection of Social Security payroll taxes first goes to pay benefits to today's retirees; then the surplus (currently about $565 billion) is immediately used to finance other federal spending. What...
...mother Mary was "a remarkable woman," Bill Sr. says. A banker's daughter, she was adroit in both social and business settings, and served on numerous boards, including those of the University of Washington, the United Way, USWest and First Interstate Bancorp. After her death in 1994, the city council named the avenue leading into their neighborhood after...
...raises for the Main Street crowd--the rest of us--have been on a six-year decline. In 1990, raises averaged 5.5%; next year they will hit only about 4.3%. The U.S. median income of $34,076 wouldn't cover the tax bill of this year's investment banker. "Wall Street is totally out of context with general industry," says Johnson. "The average person is worried about the increase in the cost of living, and Wall Street is taking a quantum leap. It is so out of touch with the environment people work...