Word: pension
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...In "The Reform Action Figure" [April 4], on California Governor Arnold Schwarzenegger's war against the public employees' unions, columnist Joe Klein characterized them as "special interests" protecting their "unaffordable fringe benefits and antiquated work rules." But Klein should have noted that some states made the kind of pension-plan changes favored by the Governor--and then switched back to the original plans when it was realized that the changes left retirees without enough to live on. If this issue ever reaches voters, I'm hopeful that Californians will have seen enough Terminator movies to recognize the difference between...
...broad plan is to re-Morganize Morgan in part by ditching the firm?s moderate-income clients and focusing on the wealthy. But the proposals are short on specifics. "We're trying to figure out if this is anything more than a grudge match," says Richard Ferlauto, director of Pension and Benefit Policy at the American Federation of State, County and Municipal Employees, an activist shareholder. Such worries are weighing on the stock, which has been a woeful underperfomer, falling 22% in the past five years, while more focused firms like Bear Stearns and Lehman Bros. have doubled...
...past several years, Turner has tried to tone down his strutting style, seemingly in the hope of gaining acceptance among Wall Street's buttoned-down moneymen. He realized that his success in any takeover battle will depend on winning the confidence of institutional investors like pension funds, which hold more than 60% of CBS stock. Nonetheless, the drawling Southerner remains largely an outsider. When he went shopping for an investment banker for the CBS deal, he was reportedly turned down first by Drexel Burnham Lambert and then by Shearson Lehman. Finally he reached a deal with E.F. Hutton, a relatively...
...lawyers. But as applied to U.S. relations with South Africa, it has set off one of the most passionate and confused debates since the Viet Nam War. The issues: Should American companies be pressured to sell or close their operations in the land of apartheid? And should U.S. universities, pension funds, local governments and other groups dump their stock in companies that refuse...
...sort of strike. The outcome of the contest, a dull 6-1 romp by the National League' was overshadowed by the previous day's announcement that the players intend to walk off the diamonds on Aug. 6 unless they can resolve their differences with club owners over salaries and pension benefits. At issue is the owners' contention that the business of baseball, despite the continuing popularity of the national pastime, has become a big-league money loser...