Word: pension
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...Kelso's plan voluntarily, partly because of a quirk in tax laws. For example, if Beneficial Paper Co., with 1,000 employees, wanted $20 million to build a factory, it would issue $20 million worth of new common stock. An employee-owned trust, set up somewhat like existing pension and profit-sharing trusts, would buy the shares with money borrowed from a bank. Here the tax quirk comes into play: the company could agree to make tax-deductible contributions to the trust to enable it to repay the loan; if the company itself borrowed the money from the bank...
...anxiety can be traced to a quite justified though eerie feeling that both the stock market and the economy are operating in uncharted waters where the old rules of navigation no longer apply. The current bear market is the first ever in which institutional investors, such as mutual funds, pension funds, insurance companies and trusts, have dominated the trading; they account for 60% of the public volume on the New York Stock Exchange. That is a major reason why today's bear is not acting like any in the past...
...exclusive club for the wealthy. In fact, it is the world's least exclusive club. The 26 million Americans who own stock directly constitute one of the nation's largest minorities. Those who have at least an indirect interest in the market, through participation in mutual funds, pension funds and other institutions, number 100 million, or almost half the total U.S. population. The pensions that millions of citizens eventually will receive depend partly on the performance of the stocks in which their funds invest...
...Bannon, 56, director of the Ford department. His major bargaining experience goes back to 1949, when he helped Reuther negotiate the auto industry's first pension plan. As the only candidate who is not yet a U.A.W. vice president, Bannon is the dark horse...
...skill and prestige would be hard-pressed to resolve peacefully. The three-year contracts in the auto industry expire Sept. 14. Responding to the surge of militancy from union men who feel that their wage gains have been eroded by inflation, Reuther had talked up huge wage and pension demands. He also was building a $120 million war chest that could carry the U.A.W. through a ten-week strike against General Motors, or a longer one against Ford or Chrysler. Auto men, hurt worse than most other industrialists by this year's business downturn, were talking of countering with...