Word: pension
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...movement was highly successful. It did not bring down apartheid, but many universities, including Harvard, divested from companies that did business in South Africa. Many companies did, in fact, pull out of South Africa. The U.S. Congress imposed economic sanctions, and many state legislatures divested pension funds...
...families and their security. Businessmen feared that queasy consumers might stop spending as freely as they have been in recent years. Workers feared that a market collapse could usher in a recession that would cost them jobs or bonuses or take a bite out of their profit sharing or pensions. Those nearing retirement were concerned about the effect on pension funds and on investments that they will soon have to rely on for income. "It scares me to death," admitted a Miami homemaker, "because the market regulates everything...
Millions of Americans were concerned about what the market decline could do to their profit-sharing, pension and retirement plans. Some people have their Individual Retirement Accounts, for example, heavily invested in the stock market. Of the $1.4 trillion held by the nation's pension funds, roughly half was in stocks before last week. Retirees who are already collecting pension payments under defined-benefit plans are in no danger because of federal pension-insurance guarantees. Nonetheless, most pension funds have taken a beating over the past three months. A firm that finds its pension plan underfunded might have...
...when the fall came, so did a few smirks, along with jokes about yuppie brokers losing their BMWs. But mainly the reaction was personal: What did the crash mean for me, my pension, my mortgage, my business, my job, my tuition bills? Most of the momentous events that splash their headlines for history can be viewed dispassionately from afar. Not a Wall Street panic, however, not even for those who don't play the market...
...passion. He plans to use part of his $340,000 Nobel Prize money to equip the boat with a new Genoa jib. "I've been just a poor academic up to now," he says, noting that the value of his only other major asset, his share of the M.I.T. pension fund, was reduced in last week's debacle. But some good may yet come of the Crash of '87, he says, if it lessens the flow of bright graduate students to investment banks. "It may make engineers out of some yuppies," he smiles. "Sweet are the uses of adversity...