Word: pensionable
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Many of the companies might be interested in moving faster, but they are restrained by a complex network of sanctions back home below the federal level. States, cities, pension funds, universities and sundry other public and semi-public bodies have economic prohibitions against dealing with South Africa that remain in effect even though the federal sanctions are lifted. They have often added penalties for any corporations that they deal with, or hold stock in, that break the ban. "If you're Xerox and you want to sell machines to the California government, you're not going to risk that...
...even longer before the billions of dollars in U.S. pension and mutual funds start to move. Jarrod Wilcox, an executive at Boston-based Batterymarch, a money-management firm with $5 billion in assets, says his company will wait a year or so before making substantial investments in the country. "Even though South Africa's long-term future could be bright," Wilcox says, "there might be three or four years of turbulence before a new ; order takes hold...
...multiracial government. New York City, for one. Once organizations like the A.N.C. give the nod, says Leland Jones, a spokesman for Mayor David Dinkins, the Big Apple could scuttle its prohibitions within 30 to 60 days. That would put managers of $50 billion in New York City pension funds on notice that they can give Nelson Mandela some of the help he is asking...
...Even with a relatively small $3.8 million annual budget, the orchestra had been struggling for years. Cutting back the season, from 40 weeks in 1980 to 23 weeks in 1990, didn't help. The symphony's demise left it owing $75,000 in back insurance premiums, $29,000 in pension contributions and nearly $100,000 in conductor Dmitri Shostakovich's salary...
Sessions publicly insists that he will not resign, but in private he gives the White House signals that he will do so under certain conditions. At one time he said he wanted to stay in office until the end of 1993, thereby increasing his pension income $5,000 a year. Sessions told Justice officials he would resign once his successor is confirmed by the Senate, a move that would deny his nemesis Clarke a shot at being interim director. In an interview with TIME last Friday, Reno was poker-faced on Sessions even as other members of the Administration were...