Word: pension
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...dollar is falling. Stocks are in a swoon. Foreigners are calling home capital. Corporate insiders are dumping shares by the bucketful. Individuals are redeeming mutual-fund shares. Pension funds are getting socked. Banks are taking loan-portfolio hits. This is all a direct result of the spreading collapse of confidence in U.S. companies and the executives and board members who run them--a crisis that threatens to untrack a fragile economic recovery. Speaking at an economic summit in Canada, President Bush said he was "concerned about the economic impact of the fact that there are some corporate leaders who have...
...losers include pension funds and mutual-fund investors across the country. And, as at Enron, WorldCom's 401(k) plan was full of company stock, socking employees with greatly diminished savings just when they are likely to need them the most. Says John Alexander, 31, a former WorldCom benefits manager: "Everything they ever told us was, 'We're making money hand over fist.'" Alexander lost $180,000, a large chunk of his life's savings...
...READ THE FINE PRINT I invariably read a company's report from back to front. The stuff they don't want us to find is buried in the back--starting with the footnotes. Read about the company's pension plan; if its projected annual rate of return is more than 7.5%, a shortfall could bite into future earnings, and "you should be concerned," says Lehman Bros. accounting expert Robert Willens. Watch for off-balance-sheet liabilities, a fancy term for financial risks that the company hopes will never come home to roost, and for development costs that are capitalized instead...
...Taufik the opportunity to put those loyal to him in key positions, politicians and analysts say. The perception is that people linked to him?many of them men from his hometown of Palembang in Sumatra?run everything from key committees in parliament to agencies such as the state workers' pension fund to the debt recovery agency. And if his opponents are to be believed, hardly a major policy decision can go through the Cabinet without his approval. The practical benefit of having friends in important government positions was vividly displayed last week in a July 4 ceremony presided over...
...from real estate to palm oil to telecommunications. Lately, the Bakries have experienced difficulty raising capital due to the underperformance of the conglomerate as a whole. When Bumi Resources needed $150 million to buy Indonesia's second largest private coal company, it received it from the state-run workers pension fund?Jamsostek?and the country's largest bank, Bank Mandiri. A businessman intimate with the deal says Taufik supported Bumi's funding requests. Not so, says a spokesperson for the Bakrie Group of companies, and when asked about the transaction, Taufik told TIME: "I don't have any business with...