Word: pension
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Since the last vestiges of the fixed-commission system vanished by SEC order on May 1, a vicious rate-cutting war has erupted among brokers. On many trades big institutional investors (mutual funds, pension funds, insurance companies, bank trust departments) are paying commissions 20% to 60% lower than those charged in April. Rate cutting on that scale, if continued, could force some weaker brokerages into bankruptcy or emergency mergers with stronger investment houses...
...Bonnard, whose chatty recollections make up most of the novel, is the quizzical young patronne of a marginally respectable pension just after World War II in Switzerland. Her clientele are a score of moneyed drifters whose principal interest is in living comfortably beneath their means. They include the manic Belgian mayor of B., who writes dotty memoirs on the rims of hotel towels and thinks everyone is a German spy; the curmudgeonly "Admiral," a half-deaf, near-blind British dowager who always seems to be bellowing for an elevator that never comes; and the defiantly gay Princess Bili, whose frenzied...
Even if the city manages to escape from the present short-term dollar crunch, in the long run New York City is obviously going to have to start cutting back. The question is how-and where. First of all, there has to be some kind of rollback of pensions. It is doubtless too late to do anything about pension contracts for people already retired or serving in the city government. But it is essential that pensions be renegotiated for new workers coming into the employ of the city. Rather than brutally lopping jobs, it would be more equitable...
...alleviate the financial plight of the elderly, experts recommend placing a reasonable floor, pegged to the actual cost of living, under retirement incomes, either by increasing Social Security benefits or supplementing them from other state or federal funds. They also recommend reforms in both Government and private pension systems, to assure that all workers who contribute to a pension plan will derive at least some benefits from...
With his options fast disappearing, Beame has considered selling city bonds to the municipal pension system, a move that would force the system to sell at a loss the securities it now holds. Controller Harrison Goldin, who had to cancel the sale of $280 million in notes last week because of the possibility of receiving no bids, has been trying to interest foreign investors in buying New York City paper. A more likely outcome is a loan from the state government, which would have to market its own bonds to raise the cash. This was a suggestion made...