Word: payments
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Dates: during 1970-1979
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Nervous that years of underfunding by corporate managers and abuse of pension funds by some union bosses may have left millions of workers helpless, Congress in 1974 passed the Employee Retirement Income Security Act, which set up the Pension Benefit Guaranty Corporation to assure the payment of vested pensions. The aim was to prevent situations like the one that arose in 1964 when Studebaker stopped production and workers were left with little or no benefits. Now the pension protector is itself troubled. Twice the Pension Corporation has asked Congress to postpone putting into effect new provisions on multiemployer pension funds...
...Jimmy Carter discovered the National Education Association--an uncommitteed and potentially powerful block of votes. So Carter promised the NEA a department of its very own and the NEA gave Carter its first endorsment of a presidential candidate. The president has tried to keep his promise--a down payment for the NEA's support in the 1980 election...
...tilled the land, and, like many Cubans, was able to work only sporadically. Now he is a member of the self-contained rural cooperative Jibacoa, a dairy farm outside Havana with its own shops, schools, and health care facilities. Farmers who decide to join these rural communities receive payment for the sale of their farms and move to the state farms, where they are paid by the state...
...down payment, Richie must go to the Mafia, where he is quickly impaled on the meat hooks of 243-lb. Albert ("King Kong") Karpstein, a.k.a. The Animal, a.k.a. Milky, for his diet of Milky Way chocolate bars. A part-time enforcer for Joe Hobo, a.k.a. Joe Hoboken, a.k.a. Joseph lacovelli, the simian Karpstein is a semidemented Jew whose appeal to his Italian bosses lies in the imagination and diligence he brings to his work. He would as soon see his creditors default as pay, for the added diversion of carving them up. But Milky is also an independent Shylock...
...other sacrifices, common stockholders will have to wait a long time for dividend payments to resume. Top managers could well announce token salary cuts* and the sale of the company's three corporate jets. Bankers may have to accept deferred payment and lower interest. A committee representing Chrysler dealers has offered to lend the company $50 for every car they receive-a deal that ultimately could amount to an interest-free credit totaling $120 million. lacocca has already confirmed that certain suppliers have agreed to extend terms of payment. Chrysler has also asked some to cut prices...