Word: pension
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...more than a month. And it just keeps getting harder. Always conscious that the president gets blamed for a weak economy (See Bush I, chapter '92), the administration started the process hoping to merely calm a jittery stock market and reassure Americans that the economy - and their 401(k) pension plans - were sound. "We needed to do something to settle the uncertainty," says one senior official. But before the White House could address the string of scandals that have sapped confidence in American business, it has had to answer old questions about the president's own run-ins with...
...president, Fields shuttered a factory in Mazda's hometown of Hiroshima, slashed the white-collar payroll by 20% and tied bonuses for directors and middle managers to year-end targets. To improve Mazda's balance sheet, he wrote off a $1.3 billion pension liability. And he had all salaried workers attend a two-day off-site, at which they were told that "Mazda must change or die." Says Katsumi Yoshitake, a 10-year veteran: "We knew we were in bad shape, but it seemed abstract." At the off-site, "a lot of it was bad news, but it made...
...Adelphia, Dynegy--that have recently been tainted by scandal, visibly damaging the confidence of investors and weighing on the stock market. "People have real fears and concerns about the integrity of the marketplace," says Patrick McGurn, vice president of Institutional Shareholder Services, a firm that advises big investors like pension funds...
...failures before Sept. 11 wasn't on Tom Daschle's must-do list. Since the beginning of the year, the majority leader had been busy corralling balky Democrats in the Senate on the down-home issues that would play best in the November elections: Social Security, health care, education, pension protection and the environment. But with evidence of FBI bungling impossible to ignore and reporters badgering him for a response, Daschle decided to go off message in a politically risky way. He announced on May 21 that he would introduce a bill as early as this week to form...
...will pay the full domestic rate of 33% from next year. The country is trying to fill budget gaps left by cuts in import tariffs and a 23.9% rise in first-quarter state spending. The French Concession Breaking an 18-month impasse, France dropped its opposition to pan-European pension funds. The reforms would loosen constraints on investments, moving the E.U. closer to its goal of creating a single market for European financial services. Rising To Stand Still European consumer and business confidence each climbed two points to nine- and 10-month highs, according to the European Commission...