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...thousands of UAW retirees are probably going to get a lot less health coverage. The outlines of a plan are likely to be drawn up by Bloom, a pioneer in the voluntary employee beneficiary association (VEBA) approach. In a VEBA, the union agrees to accept a cash payment to fund a new health-care system that trustees administer, thus taking future liabilities off the company's books. That's what happened at Ford, where the company negotiated a deal in which half the VEBA will be funded in the form of stock rather than cash. GM may need even more...
...Bono and Geldof represent themselves and others who want to see the world's richest governments keep the commitments they have made to Africa. These two have also argued that trade and investment will be more important than aid. But while business grows, African leaders at the International Monetary Fund conference in Tanzania in March made clear that development assistance is still needed too, for now. Kathy McKiernan, Global Communications Director, One, WASHINGTON...
...Schwarzman, unlike several Wall Street kingpins at his party, remains gainfully employed. His pay at Blackstone dropped to $350,000 in 2008 from $180 million the year before, but he'll manage. The failure of a hedge fund run by Carlyle Group, another big private-equity firm, played a bit part in the March 2008 minipanic that brought down Bear Stearns, but Carlyle as a whole is still chugging along. Private equity may not be thriving, but it is at least still standing. (See 25 people to blame for the financial crisis...
...Henry Kravis and Carl Icahn borrowed lots of money on the junk-bond market built by financier Michael Milken and used it to finance takeovers - sometimes hostile ones - of struggling corporations. During the recession of the early 1990s, the LBO business faltered, and many predicted its demise. But buyout funds re-emerged under the more genteel moniker private equity, eschewed hostile takeovers, reliably outperformed the S&P 500 and grew to be a far bigger force than they ever were in the 1980s. From 2005 through mid-2007, PE firms - loaded with cash from pension funds, college endowments and sovereign...
...International Monetary Fund is the biggest beneficiary of the first set of measures. Its $250 billion reserves will be tripled to enable it to better help stricken countries in the developing world - as well as others, like Mexico, who are nervous that their economy could be swept up in the global turmoil through no fault of their own. The leaders also agreed to provide an additional $250 billion in guarantees for export credits and other trade finance, which have dried up in the past few months and led to a drastic drop in global commerce. The size of these packages...