Word: moneys
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Dates: during 1990-1999
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...GWYNNE usually operates from Texas as TIME's Austin bureau chief, but for the past few weeks he's been stationed in New York City reporting on laundered Russian money and its alleged appearance at the Bank of New York. An international banker before joining the magazine in 1988, Gwynne brings rare insight into the world of global finance. And he needs it to follow the tangled trail of tainted cash as it trundles through the world's banks. Of the current situation he says, "I think we're just seeing the tip of the iceberg of how much illegal...
Factoring in inflation, the $70 million that Cablevision spent on the renovation is almost exactly what the entire building cost when new. But while most of us are gaping at Hardy's delicious restoration, Cablevision CEO James L. Dolan will be focused on where the bulk of the money went--into an entirely new electrical system engineered to transmit high-definition-television versions of Music Hall spectaculars over his company's cable systems. But what Dolan can't wait to see, he says, is the HDTV view of that other great work of Music Hall art--the Rockettes...
...money held in tax-deferred accounts like a 401(k), this isn't a big deal. But more than half of all stock-fund assets are in taxable accounts, where the annual distribution is a long-standing sore point. Fund managers can minimize the hit by cutting down on trades, but with this year's heavy redemptions, even tax-conscious managers can't avoid a deadly double whammy...
...balance, investors continue to pump a lot of money into stock funds--$103 billion more than they took out through July. But last year that figure was $144 billion. And on the redemption side (ignoring new money coming in) the bloodletting has rarely been so extreme. At the current pace, investors will cash out $732 billion from stock funds this year, equal to 22% of the industry's $3.4 trillion in stock-fund assets. That percentage has run in the middle teens since 1990, according to the Investment Company Institute, a trade group. Why all the selling? Possibly online stock...
...fascinating story, though somewhat disgusting, all around, from a moral point of view, being mostly about money and therefore--considering all the ambient death and suffering--weirdly beside the point. It is a little difficult, despite Orey's exertions on behalf of the antitobacco lawyers, to find heroes in the drama. Riches are redistributed from one class of the venal to another. Mississippi's Medicaid legal team is awarded fees of $1.43 billion. Dick Scruggs, a leader of the team, buys himself a bigger private plane and a $200,000 Bentley; he trades in his 61-ft. motor yacht...