Word: pension
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...junk bonds almost single-handed after researching them in 1969 as an M.B.A. student at Wharton School. Milken showed that junk bonds defaulted only slightly more often than prestige certificates, yet paid interest rates 3% to 4% higher. During the late 1970s, he patiently persuaded such big investors as pension funds and banks that the bonds were safe, and Drexel began issuing mounds of them. Milken's control of junk bonds is so complete that in 1978, when he moved back to his native California and began working out of Beverly Hills, much of his clientele moved with him. Last...
...junk-bond market could be shattered by even one major default. Says Preston Martin, vice chairman of the Federal Reserve Board: "The market has not been tested by some significant negative surprises, which inevitably will come at some point." A default would probably cause no substantial damage to pension funds and other large, sophisticated investors, which generally keep only a small part of their portfolio in such certificates. But federal regulators are concerned about the increasing amount of junk-bond investing by banks and by savings and loans. Says Norman Raiden, chief counsel of the Federal Home Loan Bank Board...
...terms were far more attractive than the company realized. Du Pont plans to announce this week that about 12,000 workers intend to leave. This number is expected to include some highly talented employees whom the company would be sorry to lose. Du Pont's lucrative deal provided for pension benefits to be calculated as if the employees had five extra years of age and company service. As a result, the pension of a 55-year-old employee with a salary of $25,000 and 30 years experience would be $817 a month instead...
Foreman was 29 when he retired. He had run through millions, once spiraling into a depression because he could not think of anything new to buy; but he had done one smart thing: he had stuck $1 million into a pension fund. Today he lives off the interest...
...expanded playoffs are seen by players and owners as a way of increasing revenues for the players pension fund and for the owners who say they are troubled...