Word: cash
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...Reuther was an early advocate of universal health-care coverage, which was not going to fly in Washington. So he willingly traded small pay raises for deferred compensation in the form of pensions and retirement health care. The Big Three gladly signed on because the trade-off held down cash wages - and because they were lushly profitable companies, controlling 90% of the U.S. car market. Executives never conceived of a day they might run out of money. One result, though, is that GM has paid out more than $100 billion in retiree and health-care costs over the past...
...would one day not be able to meet their obligations. That that day is here is one reason the UAW made yet another concession. It reached an agreement with Ford to change the way the company contributes to the retiree health-care fund administered by the UAW. Instead of cash, Ford now has the option of issuing stock to fund up to 50% of the Voluntary Employee Beneficiary Association, or VEBA. It means that the health of UAW members is tied directly to the health of Ford. "Our bargaining team stepped up to confront numerous challenges," said UAW vice president...
...able to feed itself. Funding for global agricultural research has dwindled in recent years, in the wake of the great success of the Green Revolution of the 1950s and '60s, which vastly increased global crop yields through intensive fertilizer use and irrigation. Bananas are one of the most important cash crops in the world, for example, yet Fowler notes that there are just six banana breeders on the planet...
...reality to a common experience. Who knew a little banking crisis could make such a stir? Prior to the recent downturn, those in creative businesses—that is, the clothing designers, the restaurateurs and chefs, the advertisers–were certainly conscious of the extent to which the cash flow of the moneyed can affect their lives. Lower Manhattan eateries and boutiques, the large part of which stake their livelihood on the profligate spending of be-bonused Wall Streeters, were sent reeling in the wake of September 11.Consciousness does not, apparently, conflate preparedness. More and more, it appears that...
...nation’s banks with little positive result. The consequences of the Japanese—and hence our—rescue plan, according to Adam Posen of the Peterson Institute of International Economics, “is that the banks’ top management simply burns through that cash, socializing the losses for the taxpayer, grabbing any rare gains for management payouts or shareholder dividends, and ending up still undercapitalized.” A different course of action is necessary...