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...leave them penniless in retirement, one class of employees has no such concerns: top federal officials. It's not just that their benefits are guaranteed by the U.S. Treasury and thus protected from the economic shocks that have wrecked some company plans. Thanks to a generous cost of living index scheme that would be extremely rare in private industry -- a plan that the U.S. Congress designed mainly for its own benefit -- many former federal officeholders actually make more for not working than they ever did on the job. Some even outearn incumbents in the offices they once held. "Congressional pensions...

Author: /time Magazine | Title: Public Service: The Golden Rocking Chair | 6/10/1991 | See Source »

When West German President Richard von Weizsaecker was invited to speak at the 1986 Harvard Commencement, Dershowitz staged a one-man protest against the appearance. (The index entry reads "Dershowitz, Alan, protests Nazis honored at Harvard, 90-91.") Weizsaecker's crime? As an attorney, he defended his father, a high-ranking Nazi diplomat, in a war crimes trial. Representing an unpopular criminal defendant! Why of all the heinous, rotten, despicable acts...

Author: By John L. Larew, | Title: Oy, Vey! Dershowitz Has a Lot of Chutzpah in Chutzpah | 6/4/1991 | See Source »

...legal goal of Scientology is to bankrupt the opposition or bury it under paper. The church has 71 active lawsuits against the IRS alone. One of them, Miscavige vs. IRS, has required the U.S. to produce an index of 52,000 pages of documents. Boston attorney Michael Flynn, who helped Scientology victims from 1979 to 1987, personally endured 14 frivolous lawsuits, all of them dismissed. Another lawyer, Joseph Yanny, believes the church "has so subverted justice and the judicial system that it should be barred from seeking equity in any court." He should know: Yanny represented the cult until...

Author: /time Magazine | Title: The Thriving Cult of Greed and Power | 5/6/1991 | See Source »

...could be on a brass plaque near the trading floor: on Wednesday, April 17, the Dow Jones industrial average closed above 3000 for the first time in history. But what does the long-anticipated bench mark really mean? Statistically, the Dow's performance was a thing of wonder. The index first closed at more than 1000 on Nov. 14, 1972, took more than 14 years to close above 2000, then raced to last week's record-breaking 3004.46 close in little more than four years, barely missing a beat even during the crippling crash in October 1987. The milestone demonstrates...

Author: /time Magazine | Title: FINANCE: Another Thou For the Dow | 4/29/1991 | See Source »

...hoopla, many Wall Streeters don't much care about the Dow, based on a mere 30 blue-chip stocks. More broadly based market measures such as the Standard & Poor's 500 and the Nasdaq composite index have already hit record highs. The breaching of the 3000 barrier may have more psychological than economic significance. "The Dow is purely the public's index. No money manager whom I know pegs his or her results to the Dow Jones," says Wharton School finance professor Jeremy Siegel. When adjusted for inflation, even the Dow has seen more spectacular days...

Author: /time Magazine | Title: FINANCE: Another Thou For the Dow | 4/29/1991 | See Source »

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