Word: crediteers
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...past, the IBMs and GEs of the world have not had to worry about underfunded pensions," says Williams. Now, though, successful firms with undervalued obligations may have to accumulate additional cash, amid the credit crunch, just to prop up their pension accounts. That's in part because evolving accounting standards - including those established in the Pension Protection Act of 2006 - prevent companies from getting too far underwater on their obligations to retirees. Public pensions have also been hit hard. State and local governments' pension funds support some 27 million Americans, and many have lost a fifth of their value this...
...foie gras. Meyer, who owns seven New York City eateries, says lines are longer than ever at his Shake Shack. But business is off 5% at two of his nearby, higher-end eateries, both of which are on the first floor of the New York headquarters of financial firm Credit Suisse. One of the restaurants, Eleven Madison Park, features a duck-liver terrine with pineapple and pearl onions on a rum-raisin brioche. The appetizer costs an additional $20 on top of the restaurant's normal $88 tasting menu. But few are buying. "I call it the AIG effect," says...
...index level of 35.6. Any reading below 50 means the city's economy is contracting. The index stood at 59 just a year ago. "Managers say business conditions are bad and will stay that way for at least the next six months," says Jonathan Basile, a Credit Suisse economist who compiles data for the survey...
...credit, Microsoft has done a swell job of keeping us hooked with offers like a free 60-day trial and discounted versions of Office that sell for as low as $80 online. For most users, however, free Web apps are really all you need...
...used to be that if we got an allocation of tax credits, say a million dollars, we could actually get out of the investor about $900,000,” said CHA Director of Planning and Development Terry Dumas. “Now we probably get 780,000, so we’ve lost almost 14 percent of the power of the tax credit program...