Word: pensioned
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Dates: during 1980-1989
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...supply of money for loans comes from two main sources. The first is the savings that individuals, families and firms deposit with banks, insurance companies, pension funds or other financial institutions. The second source is the Federal Reserve Board, which has the job of expanding the total U.S. money supply to meet the needs of a growing economy...
Corporations as well as individuals suffered. Up to then, companies had been financing new factories and equipment by issuing long-term bonds paying well under 10%. By the late '70s, however, the pension fund managers, insurance company executives and other moneymen who bought the bulk of the bonds began demanding interest of 15% or higher to make sure that the value of their investments was not eaten away by inflation. Not willing to pay 15% on a long-term basis, most companies turned to the banks for short-term loans...
Maybe in the hands of an intelligent politician like White a machine can be put to good purposes on occasion. But when you read about city workers casually making wildly overstated disability claims to the pension board. It's not difficult to tell what created such a cavalier attitude towards honest government. It's hard to take government in Boston seriously as long as the power structure of City Hall is used so blatantly for political purposes. White has reached the point where he is more concerned with the means for getting re-elected than with actually governing the city...
They raise this money in the commercial paper market, where corporate lOUs are generally sold in denominations of $1 million and more to major investors like insurance companies and pension funds. While the market for long-term bonds shrank 20% in the past year, the amount of commercial paper outstanding increased 32.7%, to $164 billion. That is five times what it was ten years ago. Laments Donald Woolley, chief economist of Bankers Trust: "The ratio of short-term debt to long-term debt is much too high...
Ordinarily neither of these outlandish applications would have raised an eyebrow over at the patronage-happy pension board. Unfortunately for Hynes and Sinnott, however, their cases came to light after the Boston Globe uncovered another suspicious pension request. Robert Toomey Sr., 40, manager of operations for the department of public facilities, claimed that he had suffered a ruptured cervical disc in a car accident while on City business. This left him in "constant pain, unable to do any lifting or bending." His disability request: $30,240 a year. According to the Globe, he had taken out nine separate accident insurance...