Word: pension
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...begin later this month, with a vote likely by early June. If McMahon clashes repeatedly with Casey, observers predict, he is independent enough to follow Inman's footsteps-right out the door. Said one former CIA official: "He's nobody's patsy. He has his pension and can leave when he likes...
...supply of money for loans comes from two main sources. The first is the savings that individuals, families and firms deposit with banks, insurance companies, pension funds or other financial institutions. The second source is the Federal Reserve Board, which has the job of expanding the total U.S. money supply to meet the needs of a growing economy...
Corporations as well as individuals suffered. Up to then, companies had been financing new factories and equipment by issuing long-term bonds paying well under 10%. By the late '70s, however, the pension fund managers, insurance company executives and other moneymen who bought the bulk of the bonds began demanding interest of 15% or higher to make sure that the value of their investments was not eaten away by inflation. Not willing to pay 15% on a long-term basis, most companies turned to the banks for short-term loans...
Maybe in the hands of an intelligent politician like White a machine can be put to good purposes on occasion. But when you read about city workers casually making wildly overstated disability claims to the pension board. It's not difficult to tell what created such a cavalier attitude towards honest government. It's hard to take government in Boston seriously as long as the power structure of City Hall is used so blatantly for political purposes. White has reached the point where he is more concerned with the means for getting re-elected than with actually governing the city...
They raise this money in the commercial paper market, where corporate lOUs are generally sold in denominations of $1 million and more to major investors like insurance companies and pension funds. While the market for long-term bonds shrank 20% in the past year, the amount of commercial paper outstanding increased 32.7%, to $164 billion. That is five times what it was ten years ago. Laments Donald Woolley, chief economist of Bankers Trust: "The ratio of short-term debt to long-term debt is much too high...