Word: pension
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...French discontent evidently runs far deeper. Despite the evidence of economic progress, prosperity has not sufficiently filtered down to many blue-and white-collar workers and professionals, as well as elderly people living on wretched pensions. Nearly two-thirds of the country's 15 million workers earn less than $300 a month, while more than 2.5 million retired men and women subsist on a social security pension of $2.40 a day. Unemployment is increasing, the housing shortage has worsened for low-income families, and prices have risen 13% in the past two years. For millions, such gross inequalities seem...
...ultimate sacrifice. He stepped down as president of the Teamsters in the summer of 1971, throwing his support to sleepy, sluggish Frank Fitzsimmons. Fitz handily won the election at the Teamsters convention in Miami Beach that same summer, and Hoffa became "General President Emeritus" for life, with a consoling pension that he quickly converted into a lump-sum payment worth some $1.7 million...
...caused in part because some big institutional shareholders succeeded in outsmarting themselves. Traditionally, small investors contribute a disproportionate amount of the buying euphoria that accompanies good news. Counting on such buyers to be out in their usual numbers on the long-awaited peace day, mutual funds, banks and pension groups got rid of huge quantities of stocks that were ripe for unloading. But the small investors, who have not yet recovered from their beating in the late '60s and dislike Wall Street's high commission rates more than ever, failed to appear. Says Marvin P. Brown, vice president...
More than half the book is a recapitulation of Teamster corruption just before and during Hoffa's tenure as international president. This is a familiar witch's brew of paper locals, hanky-panky with the enormous pension funds, involvement with a Mafia Who's Who, intimidation of the few labor leaders who protested the corruption of their union. Far fresher-and perhaps even more significant at this stage-is Sheridan's detailed reconstruction of the efforts, after Hoffa's convictions, to keep him out of jail and, those failing, to get him an early release...
...trades worth more than $100,000. That way, brokers now on exchanges would be forced into sharp new bargaining with their biggest customers, and institutions probably could get commissions lowered enough to offer significant savings to the buyer of mutual-fund shares or the holder of rights in a pension fund...