Word: pension
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Fearful that inflation will continue and prices will keep falling, many once traditional bond buyers are investing elsewhere. Pension funds and insurance companies are putting more of their millions in the stock market; retirees, widows and other coupon clippers are switching into the safer and high-yielding money market funds, which pay about...
...least four smaller bond-trading houses have gone bankrupt since October, but the biggest losers are the bond buyers, which range from huge pension funds to modest-income individuals. The investment banking house of Morgan Stanley estimates that bond values have plunged by more than $500 billion in the past six months, a drop of about 20%; an equivalent slide in the stock market would have sent the Dow Jones industrials down by about 160 points. Last fall investors paid $1 billion to buy new IBM bonds; they are now worth about $750 million...
...drawn from the huge health and welfare insurance funds of the Teamsters Union. Marcello claimed that Teamster President Frank Fitzsimmons was too ill to block a change. Allen Dorfman, a Chicago insurance broker and former Teamster consultant who had long held great influence over the union's pension funds, was about to be removed, Marcello said...
...covert schemes, the FBI's new interest in political corruption has concentrated on at least one other U.S. Senator: Nevada Democrat Howard W. Cannon. A court-authorized FBI wiretap on the telephone of Allen F. Dorfman, a former Teamster consultant who had long maintained influence over the huge pension funds of the various Teamster unions centered in Chicago, led agents to question whether Dorfman might have enticed Cannon into shaping a bill deregulating the trucking industry into a form more acceptable to the Teamsters. As chairman of the Senate Commerce Committee, Cannon was a key figure in any such...
...interest rates rose to an unprecedented level of nearly 12% for U.S. Treasury bonds and more than 13% for Triple-A issues; many of those securities do not expire until well into the 21st century. The bond slump hurt not only substantial investors but also millions of members of pension plans and profit-sharing funds that hold bonds or other debt-related investments...