Word: payes
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Dates: during 1980-1989
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Bilzerian is leaving Singer, a defense contractor that manufactures weapons- control systems, in poor financial shape. To pay off more than $1 billion he borrowed to acquire the company, Bilzerian sold eight of the company's twelve divisions. A group of 9,000 retirees has filed a $235 million lawsuit against the company, accusing Bilzerian of plundering Singer's pension plan. The U.S. Government is suing the company for defense-contract fraud, seeking $231 million in damages...
...some businesses has been eroded during the 1980s by the greedy tendencies of corporate leaders and Wall Streeters. Takeover battles and buyouts have eviscerated hundreds of companies and cost thousands of employees their jobs while lining the pockets of many CEOs and investment bankers. From 1977 to 1987, executive pay and bonuses jumped 120%, vs. 80% for factory workers' wages. Says Elmer Johnson, a retired executive vice president of General Motors: "The best minds are not creating wealth but just transferring and churning...
...sure," said three of his creditors, who had heard it all before. They forced him into bankruptcy over $60,000. Six months later, he got a quarter of a million dollars bonus and paid off all his creditors except the three. When his rage at them subsides, he may pay them too. I hope...
...Senate approved an ambitious Democratic plan, dubbed the Act for Better Child Care, or ABC, that would vastly expand the Federal Government's role, at a cost of $8.75 billion over the next five years. The bill would authorize $1.75 billion each year to help low-income parents pay for child care. Parents would receive 70% of the funds directly; the remaining 30% would go to the states to expand day-care services...
...decision, the Justices rule that the freedoms symbolized by Old Glory include the right to desecrate it. -- Stung by public outrage over its last attempt to raise its pay, Congress mulls trading a raise for major reforms. -- Whose art is it? Cancellation of an exhibit by a controversial photographer triggers a debate over whether the Government is funding pornography...