Word: cash
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...birth of the "Urban Hermit Financial Emergency Rotgut Poverty Plan": While the rest of his fellow Yale alums enjoyed high-profile jobs and piles of cash ("It was the nineties, dammit, and they were getting rich. Just like everybody else"), MacDonald did his best to shirk responsibility - including his tax-paying duties. After several IRS agents came calling to collect nearly $2,000 in back taxes, MacDonald began to ponder questions like, "In basic animal terms, what does it take for a human being to survive? Maybe I didn't need to swallow up half of the Rolling Rock...
General Motors' recent 10-Q financial report, filed with the Securities and Exchange Commission, details the company's slide toward insolvency, indicating GM had only $16.9 billion in ready cash reserves in place as of Sept. 30. Buried in the same voluminous report is a note indicating that GM has tucked away another $13.5 billion, in trust, to pay for health care for current and future blue-collar retirees covered by labor contracts with the United Auto Workers...
...spokeswoman Renee Rashid-Merem says the money is kept separate from the company's cash reserves under an agreement approved by the U.S. District Court in Detroit, which resulted from a "friendly" lawsuit that was part of the process that created the trust. The money can't be used for anything other than retiree health care. "We can't access it," she says...
Both Ford Motor Co. and Chrysler LLC also have large pools of untapped cash reserved specifically to cover retiree health care under the terms of contracts signed in the fall of 2007 that were supposed to remove the retiree-health-care burden from company balance sheets. Meanwhile, new workers eventually hired to replace GM's, Ford's and Chrysler's current employees will no longer be eligible for postretirement health benefits. For the automakers, the costly transition is worth it, because it eliminates one of the major uncertainties they have faced over the years - the soaring cost of health care...
...Lwanga hired and coached children, some as young as 14, to rush the security guards, grab the box and make their getaway, while he watched from a little way off. His haul was $200,000 in just a few months, and Lwanga thought his only problem was laundering the cash. In fact, the police were already on to him; they just couldn't prove it. Until, that is, he was picked up with banknotes and clothing that under ultraviolet (UV) light glowed green with splashes of SmartWater, a forensic marking liquid sprayed by a device fitted to four...