Word: mid-1970s
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Chile's earlier pension system was based on the American model. By the mid-1970s it faced a financing meltdown that presented the government of General Augusto Pinochet with two familiar options: cut benefits or raise taxes. Instead Pinochet scrapped the payroll tax-financed system altogether and 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...
...first thing to know about Sporkin, 63, is that any time his role isn't big enough to suit him he won't hesitate to expand it. In the mid-1970s, when he headed the enforcement division of the Securities and Exchange Commission, he wasn't content to police Wall Street by the book. He effectively rewrote it by going after companies that made illegal political payoffs and paid bribes to foreign governments-ethical lapses that his predecessors had overlooked...
...seems likely, but the question then will be whether it spells out a coherent Mexican financial policy. Felix Rohatyn, a senior partner at Lazard Freres & Co. in New York and an unrivaled expert on financial bailouts--he headed the one that saved New York City from bankruptcy in the mid-1970s--complains that ``Mexico hasn't come up with any strategy at all'' and adds, ``I`m very worried.'' Financiers complain in particular that Mexico has not decided what to do about the peso--whether to let its price float or try to stabilize it within some range...
...Labrador Retriever Club Inc. for changing the breed standard to favor slimmer, longer-legged animals over the traditional stockier, shorter ones -- thereby devaluing the out-of-date model. And some owners of a relatively rare dog called the Havanese, which arrived in this country from Cuba in the mid-1970s, are actively seeking AKC recognition, despite worries by other owners that they are inviting overbreeding and genetic problems...
Kwanzaa has been spreading as a tradition since the mid-1970s, when it was conceived by Maulana Karen ga, a professor at University of California at Long Beach. It is still mostly celebrated "by the intelligentsia [since] that is how information disseminates," said BSA Treasurer Joshua D. Bloodworth '97. The numbers observing are still growing very rapidly, Bloodworth added...