Word: chileanizing
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...year-old retirement system is being adopted by a number of other nations, including Argentina, Australia and Sweden, that have graying populations and overburdened pension plans. The enforced savings and investment features of the new system are already credited with one remarkable outcome: the net worth of the average Chilean--$21,000--is almost four times the worker's average annual salary. By comparison, the average American has a net worth just about equal to the average U.S. salary...
...replaced it with a small, flat stipend, funded out of the government's general revenues, that goes to only the poorest pensioners. Everyone else is required to put 12% of salary into one of 24 large investment funds that the government tightly regulates. The results, say boosters of the Chilean solution, are all on the upside. Individual Chileans now enjoy retirement benefits that are 40% higher than those paid under the old system. The Chilean economy gains as well. Assisted by the assets stashed away under the pension plan, the nation's once anemic savings rate...
...jury is still out on whether Chile's social safety net for the elderly poor is sufficient or will prove enduring in the face of other budgetary priorities. But in October the World Bank released an international study of pension systems that deemed the Chilean approach instructive not only to the developing countries the bank serves but also to advanced industrial nations with troubled government-financed pension systems, such as France, Germany, Italy--and the U.S. Social Security scholars assert that there is not the same urgency for change in the U.S. But, says Robert Genetski, a Chicago-based economic...
...death beneath a train last May after he lost $128 million of the company's money by using derivatives to play the foreign-exchange market. In Chile a derivatives trader named Juan Pablo Davila lost $207 million of taxpayers' money last fall, instantly earning himself a place in Chilean infamy, by speculating in copper futures for the state-owned mining company. In Germany the giant conglomerate Metallgesellschaft dwarfed even those losses when it dropped $1.3 billion last year by betting the wrong way on oil-futures contracts. Only a last-minute bailout by the company's banks saved it from...
...range from the competing personalities of a international all-star cast (Jeremy Irons, Meryl Streep, Glenn Close, Winona Ryder, Vanessa Redgrave, Antonio Banderas, and the list goes on), to the diverging interests and interpretations of a Danish director (Bille August), a German producer (Bernd Eichinger) and a Chilean novelist...