Word: pension
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...Frick steel fortune whose relatives have figured in business and government for centuries, John Fife Symington III made his local reputation as a real estate developer. But 13 of his projects went belly up. One, the Phoenix Mercado mall, was financed with $10 million from six union pension funds, which sued for repayment, eventually forcing Symington into bankruptcy...
Last week's federal indictment repeats many of the allegations made earlier by the pension funds' lawyer, Michael Manning, that there were "wild swings" in Symington's declarations of net worth, depending on whether he was trying to procure a loan or escape repaying it. At one point in 1991, according to the indictment, Symington listed his net worth at $4 million for one lender; six weeks later, he told another lender he was $4.1 million in debt. Symington's lawyer, John Dowd, calls these "unintended errors and omissions.'' To confuse the issue, Symington's wife Ann Olin Pritzlaff Symington...
...telephone. She must trek miles to the nearest store for bread and milk. "There used to be order," she says. "Today there is no one to complain to in the village when something goes wrong or when we have questions. Of course I will vote for Zyuganov." Her monthly pension is 200,000 rubles (U.S.$40), and that buys almost nothing. "It's not only that," she says, pointing to brick mansions rising on the edge of the village. "That's the 'New Russians.' I can't afford to buy bricks, and they are building expensive saunas and swimming pools...
...union continues to hold old-fashioned rallies and candlelight vigils as the July 1 implementation date for the new pension plan approaches...
...difficult for Vinik was that he was trying to run Magellan as if it were a smaller, more flexible fund." Stansky's approach promises less volatility in the performance of the fund. That's not a bad idea, since Magellan is fighting to stay high on the list of pension managers. The fund gets 90% of its new money from 401(k) plans...