Word: pension
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...control systems, in poor financial shape. To pay off more than $1 billion he borrowed to acquire the company, Bilzerian sold eight of the company's twelve divisions. A group of 9,000 retirees has filed a $235 million lawsuit against the company, accusing Bilzerian of plundering Singer's pension plan. The U.S. Government is suing the company for defense-contract fraud, seeking $231 million in damages...
Many investors are influencing corporate behavior by putting their money where their morals are. Socially conscious investment funds now hold nearly $500 billion, up from $40 billion in 1984, according to Gordon Davidson, head of the Social Investment Forum in Boston. Much of this nest egg belongs to pension funds like the $53 billion California Public Employees Retirement System. Their increasingly activist stance has strengthened the hand of the many religious groups that have waged an 18-year fight with corporations, seeking to influence policy through proxy battles at shareholders' meetings. Harrison Goldin, the comptroller of New York City...
...Pittston miners worked without a contract for 14 months after the firm demanded cost-cutting changes in work rules and health and pension benefits. Last week United Mine Workers president Richard Trumka called upon other labor unions to support the strike. Speaking at a rally in Charleston, W. Va., attended by leaders of the airline-machinists and communications-workers unions, he said, "It's time that we stood up as a large family and fought back." But so far, it is mostly the miners who are aflame...
...Kennedy School officials announce this week that they will assist the Rev. Jesse L. Jackson in an effort to rebuild America's inner cities. The plan would involve the borrowing of corporate pension funds to support improvements in poor urban areas...
...legislature by calling it into emergency session, declaring West Virginia to be "in crisis." During his first three months he has managed to reduce the number of state offices and commissions from 150 to seven. Confronted by a $230 million deficit and a scandalous $280 million loss in state pension funds, he persuaded lawmakers to raise taxes on groceries and gasoline. He introduced an innovative health- cost-containment plan for state employees, arranged for payment of West Virginia's debts and put through his own radical restructuring of the state's education system, including larger pay increases to teachers...