Word: pensioners
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Dates: during 1990-1999
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...dominated business lending, today nearly 80% of all such loans come from nonbank lenders like life insurers, brokerage firms and finance companies. Banks used to be the only source of money in town. Now businesses and individuals can write checks on their insurance companies, get a loan from a pension fund, and deposit paychecks in a money-market account with a brokerage firm. "It is possible for banks to die and still have a vibrant economy," says Edward Furash, a Washington bank consultant...
Perhaps the greatest threat to commercial banks has come from life insurers and pension funds. The two have combined assets of $4.5 trillion, exceeding that of the entire banking industry. They are the largest source of financing for U.S. industry. While bank lending was dropping during the past two years, loans by life insurers jumped $50 billion...
...CRACK troops are cashing in. Many Czechs, Poles and other East Europeans served in Hitler's SS but hid their past after the end of World War II for fear of retribution from ruling communist governments. Now that communism is fading, SS veterans are going public to collect pensions from the German government. Germany's social security system has awarded $190-a-month payments (a small fortune in the Baltics) to more than 250 disabled SS veterans in Lithuania, Latvia and Estonia. Says Latvian SS veteran and pension receiver Boris Mikhailov: "Thank you, Germany, thank you." Latvian Jews who survived...
...many ways, Wynn is a hybrid of the old and new Las Vegas. He came to Las Vegas at a time when banks like Thomas' relied for some of their deposits on the Mob-controlled Teamsters Central States Pension Fund. But Wynn was also one of the first Las Vegas entrepreneurs to turn to Milken's junk bonds when it came time to build Atlantic City's Golden Nugget. He still refers to a casino as "the joint." But he was also the first in the business to decide to turn up the lights on the casino floor...
Amidst other important considerations--a comprehensive pension plan, a long-term health care plan, resources for continued research--further provisions to integrate emeriti faculty into the troubled House system should be a priority. Harvard has an opportunity to address two problems at once. It shouldn't miss the chance...