Word: pension
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...reputation as a respected journalist for some badly needed cash. He must also make a suitable match for his daughter Emma, 35, the widow of an impecunious French prince. Ultimately, Schuyler hopes to parlay a casual friendship with New York Governor Samuel J. Tilden into the best old-age pension of all: with Reformer Tilden the certain Democratic nominee for President and a likely victor over the scandal-ridden Republicans, Schuyler grandly casts himself as America's next minister to France...
...from Radcliffe fencing to JV squash. But it's not just the writing which should be of interest to you. Consider the fringe benefits. You meet the people who make Harvard sports news, the people who write Harvard sports news, and you get a shot at the special Lounge pension plan for when you retire...
...Government expanded the system so much that the only major group of employees not covered now are those who work for the Federal Government and some state and local government workers. Congress has never seen fit to include them, and they now have their own, separate pension plan. Benefit levels have been greatly increased, and a 1972 law tied them to movements in the consumer price index so that they are automatically lifted every year by inflation. Among other things, Social Security pays the Medicare hospitalization benefits of the elderly and picks up bills for kidney dialysis treatments for patients...
...make acquisitions, or sell new shares to get cash to expand. But the biggest lift is psychological. A bull market puts executives in an expansive mood, as the worth of their stock options goes up, and raises the morale of employees, who see the value of their stake in pension funds increase. Consumers who own stock directly or through mutual funds feel richer. If they do not have ready cash, a rising market increases their ability to borrow: readily marketable stock that is going up in price is excellent collateral on loans...
...would be only a blip on an otherwise flat or slightly downward curve. Instead, an inexplicable renewal of optimism caused a wave of heavy buying, and the running of the bulls into the market began. As prices started to rise, the big institutions, such as banks' trust departments, pension funds, insurance companies and mutual funds, became anxious not to be left behind. They pumped massive amounts of cash into stock purchases, as evidenced by more than 5,000 trades of 10,000 shares or more during January. Meanwhile private investors, who saw their long-depressed shares finally regain...