Word: pensioners
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Dates: during 1990-1999
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...previous five years, a fact that could influence Dad's last will and testament. And Boston University economist Laurence Kotlikoff argues that inheritances and gifts -- while significant -- actually account for a declining share of young family income, in part because older Americans are increasingly dependent on Social Security and pension benefits, which can't be bequeathed...
...years of trying to make a go of TWA, Icahn has announced that he is giving up. As part of a reorganization plan that should enable the battered carrier to emerge from Chapter 11 bankruptcy protection early next year, Icahn agreed to provide $615 million in cash, loans and pension-fund guarantees. The deal will put the shrunken carrier on sounder financial footing, though it remains to be seen whether TWA can survive the dogfights still pounding larger and stronger carriers...
...painted that way," declares Carey. Although the film doesn't say so, the real Hoffa was convicted of jury tampering, mail fraud and taking kickbacks. Two weeks before he disappeared, in 1975, investigators discovered that hundreds of millions of dollars had been stolen from the Teamsters' largest pension fund. "Hoffa was a dishonest person," says Carey. "You just have to look at all the pensioners around the country who lost money as a result of his actions...
Then, just as Ford and Chrysler were reporting 20% gains in car sales, GM products slipped 3.7%. This created the potential for a fourth-quarter loss of $1 billion, to finish off a record third year in the red. Because of declines in its investment portfolio, GM's unfunded pension liability has swollen from $8.6 billion to $11.4 billion. GM is preparing to freeze salaried wages and again suspend executive bonuses, selling off money-losing operations like National Car Rental and stopping production of its slow-selling Cadillac Allante ($61,675) sport coupe. Not even the Allante's powerful...
...Bentzes do not have to worry about Luc's retired father. He collects more than 80% of his former salary in pension benefits and has access to free medical care. While most Americans would marvel at these entitlements, the Bentzes see nothing unusual in any of this. "I guess," Luc says, "you can say we're an average French family...