Word: pensioners
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Dates: during 1950-1959
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...quadrupled to $12 billion, and dues alone from nearly 18 million members are adding $592 million a year. Unions are now rich enough to own banks and insurance companies, finance housing and put millions in bonds and common stocks. The bulk of their worth is in welfare and pension funds. They now cover 75 million Americans and total about $51 billion. But management controls 90% of the funds, which are growing by $7 billion a year, mainly through $5 billion contributed by employers. Only $8.6 billion is in funds jointly run by union-management boards or by unions alone. Nevertheless...
...nepotism, a lack of criteria for sound operation." They cited not only neglect of actuarial and investment principles in setting up welfare plans, but also "an almost complete lack of routine accounting to the beneficiaries." They also criticized plans that invested as much as 100% of union welfare and pension funds in the stock of a company with which the union bargained...
...laundry workers' unions. In addition, the million-member International Association of Machinists two years ago joined U.S. Industries, Inc. in organizing the Foundation on Employee Health, Medical Care and Welfare Inc. because, says Machinists' President A. J. Hayes, "infinitely more money is being wasted in welfare and pension programs than is being stolen." The foundation has already shown that a welfare fund can save thousands of dollars simply by smarter management, e.g., competitive bidding on health-insurance contracts. Corporations have also been at fault. Vice President Frank B. Cliffe, of H. J. Heinz Co. and pension expert...
...hope to keep. Hero Malden is shown as a man who works an eight-hour day, owns a pretty little ranch house near the base, and sleeps there every night with a mighty attractive wife (Marsha Hunt). He has an automobile, a TV set, beer in the icebox, a pension in prospect, a month's vacation every year, and enough cash in his pocket to finance it. Thanks to his Air Force training, he knows he can walk into a big-pay position in the aircraft industry any time he decides to quit the service. On top of that...
Markets & Minims. The Federal Reserve's credit-easing last week was only the mildest and most cautious of the many devices at its disposal. Aside from such private lenders as savings banks, insurance companies and pension funds, the vast bulk of the commercial credit in the U.S. is based on commercial bank deposits, 85% of which are controlled by the Fed through its 6,462 member banks...