Word: pensioner
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Another cooperative witness helped federal prosecutors make their case against a group of alleged mobsters last week. In a federal courtroom in Kansas City, Roy Williams, the ailing former president of the Teamsters Union, admitted something that many investigators have claimed for years: the Teamsters' central states pension fund was long tapped by gangsters for huge loans to conduct their shadowy business. Suffering from emphysema and clutching an oxygen bottle, Williams, 70, was testifying in the trial of nine alleged Mafia leaders from Chicago, Cleveland, Milwaukee and Kansas City. They are charged with a conspiracy to skim some $2 million...
...pension fund trustee, Williams said, he helped arrange the casino loan for the late Nick Civella, boss of the Kansas City Mafia for about 30 years. In return, Civella paid him $1,500 a month until Williams was elected Teamsters president in 1981. Although Williams said he did favors for Civella at the direction of his "superiors," including the late Teamsters Bosses Jimmy Hoffa and Frank Fitzsimmons, he described Civella, who died of lung cancer in 1983, as "a very personal friend." Civella, said Williams, "was a deep thinker. He assisted me in my career, and I provided some help...
...Pension plans and a mandatory, unpaid five-week layoff between academic terms are also at issue for the union, whose members earn between $6.72 and $11.58 an hour, Russell said...
Modigliani's insights have influenced generations of students and policymakers. His "life-cycle" savings theory, developed in the 1950s with Richard Brumberg, is accepted by nearly all experts as a key to understanding thrift. Among other uses, the work offers a yardstick for gauging the impact of different pension systems. The theory suggests, for example, that people will tuck away less when they are guaranteed retirement income. That prediction has been borne out by the experience of Sweden, where savings rates plummeted from 7% to virtually zero after the government embarked in the 1960s on a sweeping pension program...
...bold initiative designed to fight the greatest depression this country has ever faced. We remember Edward M. Kennedy's trip to South Africa and praise his endorsement of strong sanctions on that country thereafter. We support Gov. Michael S. Dukakis and mayors and governors across the nation for divesting pension funds of stock in companies doing business in South Africa...