Word: pension
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...much room to maneuver. Raised in Boston as one of six children of a welfare mother, McCall leveraged his personal success story and reputation for rectitude to become the first black man elected to statewide office in New York. As the sole trustee of the state's $105 billion pension fund (up from $56 billion when he took charge in 1993), he has more responsibility for investing pension money than anyone else in the country--and lately that is what has got him into trouble. The New York Post revealed late last month that McCall had a habit ofwriting letters...
ALTMAN: Every time I increase our pension benefit to fight companies that have stock options in Silicon Valley, my younger employees go crazy because they couldn't care less about the pension...
...much room to maneuver. Raised in Boston as one of six children of a welfare mother, McCall leveraged his personal success story and reputation for rectitude to become the first black man elected to statewide office in New York. As the sole trustee of the state's $105 billion pension fund (up from $56 billion when he took charge in 1993), he has more responsibility for investing pension money than anyone else in the country - and lately that is what has got him into trouble. The New York Post revealed late last month that McCall had a habit ofwriting letters...
...annual premium income, are correspondingly huge. Yet the insurers' financial crisis is partly self-inflicted, and raises serious questions about the security of an industry whose very job is to manage and mitigate risk. How did insurers get into this mess? Holger Dock, the chief executive of AP Pension, a small Danish insurer with 47,000 clients, has a typical explanation: his company's problems stem from the high life insurance payouts that consumers were guaranteed twenty years ago. Back then, interest rates were in double digits and a Danish life policy carried a 4.5% after-tax rate. That...
...voluntarily adopt the "Spitzer principles" imposed on Merrill Lynch, and now requires officers of public companies who get IPO shares through Citi to tell their shareholders about it. Citi says it will give its independent directors bigger roles, count stock options as a business expense and lower its assumed pension-plan rate of return to 8% from 9.5%. Citi still faces as much as $10 billion in potential costs stemming from settlements, fines and shareholder lawsuits, Mayo estimates. At the same time, the bank is dealing with souring investments in Argentina and Brazil and is under a cloud for lending...