Word: pension
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...review of the massive 162-page document shows Madoff's direct victims but does not list the many other thousands of entities, from banks to charities, that were burned in Madoff pension, feeder and subfeeder funds. In testimony yesterday before the House Financial Services Committee, Harry Markopolos, an early whistle-blower on Madoff's $50 billion Ponzi scam, said there were at least 14 known major feeder funds. (See pictures of the demise of Bernie Madoff...
...accusations that Harold Nicholson, a former CIA operative in federal prison convicted of spying for the KGB, continued his work from behind bars isn't nearly as serious, but it won't exactly help the agency's reputation. Nicholson, who allegedly enlisted his Nathaniel son to collect his KGB "pension" and to pass on whatever secrets Dad still knew, is pretty much stale history. But even so, the news is an unwanted reminder that the KGB was eating the CIA's lunch in the 1990s - along with the National Security Agency's and the Department of Defense...
...George Washington returned to Mount Vernon to find it in a terrible state. He had to sell off land to make repairs, since eight years away had "despoiled my buildings but also deranged my private affairs." Truman, who had only modest savings and $112.56 a month from his Army pension, had to take out a bank loan in his last couple of weeks in office and could barely afford the stamps to answer all the letters that came in. It wasn't until 1958 that Congress got around to actually voting for a presidential pension and allowance to cover overhead...
...State and municipalities across the country are running deficits. Some cities and towns are already in receivership. Huge states such as Michigan and California are in terrible trouble. This could cause both the loss of jobs and pension benefits for retired municipal workers. The U.S. economy has never been faced with the serial failures of a large number of pensions, both public and private...
Harry Truman, who became the holder of the first Medicare card for his support of the legislation, also succeeded in getting a bill passed in 1958 that provided former presidents with a pension, staff, and office space. Prior to that, ex-presidents received no such retirement benefits (Truman was fairly broke when he left office). And finally, Richard Nixon mediated a baseball umpire's strike in 1985. We don't know what to make of that either...