Word: pension
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Meanwhile, the Democrats have a bill before the House Banking Committee to provide 4 billion dollars worth of mortgages to families who earn between $8,000 and $12,000 a year. The money would come from unused reserves of foundations and pension funds. The Nixon Administration, the Federal Reserve, and the House Republicans will try to defeat it. Reserve Board Chairman Arthur R. Burns explained that such a move "would release serious inflationary pressures." So the Nixon Administration will submit a plan which would filter 250 million dollars worth of subsidies through savings and loan associations. There will...
...aroused Senate two weeks ago passed a bill calling for Government takeover and operation of the transit system. Last week drivers threatened to strike over inadequate payments to their pension fund; the walkout was averted when Chalk obtained a federal court injunction. Through it all, Chalk, who as president, general counsel and chairman of the board is salaried at $65,000, hotly denied any mismanagement or payment of too much in dividends. But last year's losses were $397,500, and outstanding debts reached $27 million, a 24-1 debt-equity ratio compared to the 4-1 that existed...
...Reduced Pension. In the 31 years since he succeeded the assassinated Hendrik Verwoerd as Premier, Johannes Balthazar Vorster has remained true to the goal of apartheid. Only last week, for instance, his government ruled that a retired soldier named Sam Dorkin had been reclassified as a mixed-blood "Colored" after 75 years of life as a white man; his army pension was reduced from $61 to $29 a month. Nonetheless, Vorster has managed to loosen some of apartheid's tight restrictions. He adopted an "outward-looking" policy of establishing trade and diplomatic links with a few black states...
...president of U. S. Steel's mining division thanked them for helping to fight "government interference and unreasonable safety regulations." The union spent its time buying a bank and using dues to make low-interest loans to coal companies and Congressmen: its three top officers set up a secret pension fund and put $1.5 million into it for themselves. But retired union miners had to settle for pension benefits of $??5 per month-when they could get it. so many of them were excluded, for technical and arbitrary reasons (and denied the right of appeal) that they finally banded together...
White's statement follows a similar endorsement March 16 from New York Mayor John V. Lindsay, who asked the New York City pension system to vote its 162,000 shares of GM stock with Campaign...