Word: pensioned
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Dates: during 1970-1979
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Brokers lost no time cutting their fees to win the business of rich investing institutions-mutual funds, pension funds, trusts, insurance companies. One minute after trading began under the new rules, a $3,958,875 block of Uni-royal stock changed hands at a commission lower than would have been charged the week before. How much lower is a secret, but commissions on other giant trades dropped anywhere from...
...Police Chief Martin ("Jack") Kelly says that his two major problems are booze-with adults-and drugs -with kids. (Kelly is the only member of his 18-man force who can afford to live in Leawood, and only because he has a retired Army officer's pension on top of his salary.) Leawood's two country clubs have private liquor lockers for members, and things tend to get lively on Saturday night. The teen-agers face what everyone agrees is a serious drug problem, though it is probably no worse than it is, say, at Mamaroneck High School...
...United Mine Workers of America. The Labor Department recently filed suit against the 66-year-old labor chieftain charging numerous irregularities in his last election. A group from his own rank and file is suing him and other top union officials for $75 million for conspiring to misuse pension and welfare funds. And in Washington County, Pa., District Attorney Jess Costa is readying the trial of one of the accused murderers of Joseph Yablonski, who challenged Boyle 15 months ago for the union presidency. Though Boyle is not linked with the murder charge, the trial is bound to reflect...
Chicanery Problem. Haack in the past has voiced that sentiment himself, but last week he argued that the fixed-commission system loses business for the exchange and its members. Unable to get discounts on the Big Board, mutual funds, pension funds and other institutional investors are channeling a growing share of their business to regional exchanges and the so-called third market, where brokers arrange private trades of listed stocks. Some 20% of all trading in N.Y.S.E.-listed stocks, and 35% to 45% of the large-block trades (10,000 shares or more), now take place away from the exchange...
Harvard could do much better with its endowment. Wider diversification in equity holdings should be pursued. Most private and public pension funds and trust accounts have been switched during the postwar period from private management to management by bank trust departments or other professional money managers. Harvard should do likewise. The best hedge against risk is to split the funds several ways, with periodic evaluation, replacing managers who didn't perform well. Harvard's failure to seriously rethink and update its investment philosophy is costing all concerned dearly...