Word: pension
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...unlike those being faced by GM. The largest retailers have two advantages over car companies. For the most part, they do not have crushing debt loads. Secondly, they do not have the legacy labor costs that are a result of UAW negotiations with The Big Three, although some have pension plans that are not completely funded...
...same-store sales loss of 30% last month. The company has $3 billion in long term debt and had paper thin operating margins on $1 billion in revenue last quarter, which was down from over $1.3 billion in the same period the year before. Neiman Marcus also has substantial pension obligations...
...Last week, New York City said that it would have to cut thousands of municipal workers to keep the city from going bust. "We cannot continue," NYC mayor Michael Bloomberg told reporters. "Our pension costs and health care costs for our employees are going to bankrupt this city," he said...
Fairfield, Madoff's largest "feeder," with some $7 billion invested, was run by socialite Walter Noel. Through this entanglement of feeder funds, international hedge funds, sub-partnerships, and pension funds, with thousand of unsuspecting investors, Madoff was able to keep his house of cards standing much longer than he otherwise could have with his band of family members, small-time accountants, and clerks furiously cranking out false statements...
...course, Wagoner’s “retirement” was a delicately orchestrated affair. Few people, after a career of executive perks, can complain about a pension from a company that is currently operating on taxpayer funds. A deal like this does not exactly send the message to other executives that they will be penalized for failure...