Word: pension
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...robbery ever," fumed Mordechai Virshubski, a member of Israel's Knesset. He and many of his countrymen were outraged at the news that Ernest Japhet, the former chairman of Bank Leumi (1985 assets: $22 billion), had negotiated for himself $5 million in severance pay and a $360,000 annual pension. Protesters stormed the bank's Tel Aviv headquarters. A prime reason for the anger was that Japhet had been forced to step down last year when a government commission criticized his role in the 1983 crash of the value of Israeli bank stocks. As public indignation mounted last week...
...Time to pension off that oldie, at least where the visual arts are concerned. The '80s have been growth years for new museums across America, and nowhere more so than in Los Angeles. The end of 1986 saw a variety of art institutions either up or growing amid the sprawl of freeways. The most newsy, which opened early in December to a white glare of publicity faintly shaded with apprehension, is the Museum of Contemporary Art, known by its acronym MOCA. It was closely preceded by the $35 million Robert O. Anderson building, a new wing intended...
...Acting President Rosovsky denies any knowledge of Harvard students on internships in South Africa, adding: "Why bother with getting to know students? They're only around for four years. I'm here for life, and the University pension fund will be here at least that long." In response to similar queries, Steiner says, "I don't know anything about that, but if such internships did exist they would be a legitimate expression of free speech...
...learned that the pension fund Bozzotto oversees for the union had several grand invested in companies doing business with the apartheid state...
...number of suggestions for legislative reform are already beginning to percolate. Felix Rohatyn, a partner in the New York City investment-banking firm of Lazard Freres and a longtime critic of the stock market's speculative excesses, has proposed a sharp limit on the right of Government-insured pension funds, thrift institutions and trusts to invest in junk bonds. He suggests that takeover bids that are conditional on anticipated junk-bond financing be forbidden as an unfair manipulation of public markets. Rohatyn also thinks that offers to acquire a large number of shares in a firm should be voted...