Word: pension
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Bankers, too, are taking a harder look at the risks, and some junk-bond buyers are becoming picky. While cash has poured in from such staid investors as the Harvard and Yale endowment funds and many state pension plans, other money managers are refusing to play. Says New York City comptroller Harrison Goldin, who oversees the investment of some $30 billion in pension funds: "I cannot condone activities that divert so much time and energy from investments that create new jobs and opportunities to those that reshuffle chairs. Pension-fund managers are supposed to invest in the American economy...
Administrators have said that Harvard had a"contractual commitment" to participate in thetakeover. However, one investor, the Common-wealthof Massachusetts pension fund, successfullyrefused to allow its funds to be used in thebuyout, citing RJR's involvement in South Africa...
...idea of a "flexibile freeze" in government spending to wipe out budget deficits now running at $155 billion a year. An authority on the Social Security system, Boskin argued in a recent book titled "Too Many Promises" that the program should be overhauled to separate its welfare and pension functions...
...Commonwealth of Massachusetts Pension Fund said yesterday it does not want its shares in an investment partnership, of which Harvard is a member, used in the hostile takeover of RJR Nabisco...
...pension fund, which has committed $50 million to the limited partnership, has a statute prohibiting investment of its assets in South Africa-related companies. Lelyveld said Massachusetts has not received a response to its request to stay out of the RJR Nabisco deal...