Word: pensioneer
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...Congressman, multimillionaire founder of Walco, maker of products ranging from motors to coffins. In exchange for his guilty plea, the Justice Department agreed not to prosecute Richmond for an array of other possible crimes, including ordering his staff to buy him cocaine, receiving an ille gal $100,000 annual pension from Walco and helping find a job as a mailroom clerk in the House for Earl Randolph, a fugitive who had been serving an 18-year term for aggravated assault in Massachusetts. After leaving the House job, Randolph was arrested for male prostitution by an undercover police officer, who then...
...morning, confirmed at 10:41 that Kaufman was releasing a new forecast that predicted further declines in interest rates. By 11:10, the Dow was up almost 9 points, and the rush to buy was on. Leading the charge were the scores of cash-laden institutional investors, including pension funds, insurance companies and banks, which snapped up stocks in blocks of 10,000 shares or more...
...Bish points out, "our concessions are going to be to us, the owners." Not everyone may be willing to assume that responsibility. Only those 8,800 not yet laid off, mostly older people, can vote to approve any buyout. Workers with the greatest seniority are wary of jeopardizing their pension benefits, now as much as $25,000 a year. "I don't expect those still working to go along with any talk about making concessions," says Michael Shimko, 30, a laid-off chrome applicator...
...weeks, some 30,000 employees in the U.S. have received letters from management offering them cash incentives to quit their jobs. The company will not reveal the exact terms of the golden handshake deals, but range from a few months' pay for relatively new workers to full pension benefits and generous bonuses for those nearing retirement. Insiders say that management's goal is to trim the staff by 15%. Supervisors have warned their workers that unless enough of them resign, layoffs may follow. Says one junior executive fearful of losing her job: "We assume they...
...demonstrate how she could have mistakenly erased 18½ minutes by simultaneously pressing recorder button and foot pedal while answering telephone, led to widespread suspicion that she was covering up for her boss. Helped Nixon at San Clemente on his post-Watergate books, then retired in 1976 on Government pension of at least $27,000 a year. Lives in Watergate apartments...