Word: pension
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Teamsters and embezzlers The report found nothing to criticize in the fact that in March 1976 Lance's Atlanta bank landed the right to manage $17.5 million in Teamster pension funds for an undisclosed fee. It noted that, while Lance had helped to initiate the agreement with the Teamsters, he had not taken part in the detailed negotiations. Nor did the report fault Lance specifically for the Atlanta bank's willingness to lend one of the Calhoun bank's officers, Billy L. Campbell, as much as $250,000 only weeks before his arrest for embezzling nearly...
Result: investor psychology these days is dominated by an urge to avoid risk. One striking illustration is the current practice of pension fund managers. In the 1960s performance was their watchword. They sought aggressively to buy stocks that would rise faster than the market averages-but in the '70s many of those shares have fallen as rapidly as they once shot up. So today many fund managers try to spread their investments about equally among the stocks included in popular averages. In other words, their aim is the modest one of doing no worse than the averages...
...buyer or seller can bargain the rate down to as little as 5?. Commissions paid by individual investors have fallen much less-from 30? a share on the average to 28.5?-but that is small consolation to brokers. The vast bulk of their business comes these days from institutions, pension funds and trusts...
...which Lance made his fortune. An economics graduate of Syracuse University ('50), Heimann started with the Wall Street investment house of Smith, Barney & Co., promising to quit in two years if he could not create new business in the virgin field of advising labor unions on investing pension funds. "Nothing happened for a year and three-quarters," he recalled. "I worked terribly hard, saw everybody, but nothing happened. Then AFTRA [American Federation of Television and Radio Artists] came in, and after that the business built very rapidly." Heimann became known as one of Wall Street's brightest young...
Bright Talents. Proponents of the Pepper bill argue that its impact on younger workers will be modest, partly because generous pension plans, early retirement programs and other inducements have been drawing people out of the work force at ever earlier ages. For instance, at GM, where an assembly-line worker can retire after 30 years' service, irrespective of age, only 2% of the company's 748,000 employees actually stay on the payroll until...