Word: paines
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...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 year. Virginia's retirement fund and California's Calpers have each fallen 20% in just the past four months. The pain is both broad and deep...
...firms that bet most aggressively on stocks have been especially hard hit. For example, about 80% of Harley-Davidson's pension assets were invested in equities at the end of last year. Johnson & Johnson's (79% equities) and Exxon's (75%) funds have also been bruised. But the pension pain may be most acute for smaller outfits, some of whose obligations amount to more than 100% of their market capitalization. That category includes companies like Circuit City, whose obligation now amounts to 336% of its market capitalization, OfficeMax (271%) and Goodyear...
...pain is hitting real estate too. Hamptons realty agent Rick Hoffman of Corcoran says his market usually gets an infusion of Wall Street money this time of year - thanks to the bonus payouts - but he isn't expecting a pickup in slow sales anytime soon. He says he is seeing the weakest prices in years on the east end of Long Island, where Wall Streeters have traditionally bought their weekend homes. For example, last week a seller dropped the price on a five-bedroom, 6 1/2-bath, 7,000-sq.-ft. home, located on an acre of land, to just under...
...pain is spreading well beyond the Big Apple. According to the Securities Industry and Financial Markets Association, these days only 21% of all so-called Wall Street jobs are based in New York City, down from 38% three decades ago. Stamford, Conn., mayor Dannel Malloy says his city is sure to suffer from Wall Street's swoon. In the past few years, a number of large financial firms, including UBS, have moved thousands of investment-banking and trading jobs to the city. Already, a proposed Ritz-Carlton hotel and convention center has been put on hold, and city officials...
Epstein added that the findings show that healthcare providers should be more attentive to patient’s needs. Alleviating pain or maintaining a quiet hospital environment, for example, are important issues doctors and nurses sometimes do not take into consideration, he said...