Word: pensioners
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...real cause for concern. It might not show up in the national accounts, but trust is vital for an economy to work. When we stash wages or savings with banks, we trust they'll be safe and accessible when we need them. When we squirrel money into a pension, we trust it'll pay back when we retire. In a paper published in 2006, academics from Italy, the Netherlands and Canada even found that trust levels between citizens of two countries has a significant effect on the investment decisions of venture capital firms, even after accounting for other factors such...
...York Times has pointed out the amount of money owed to creditors at GM, some $27 billion, is about four times the amount that Chrysler had to deal with. The paper writes "General Motors' creditors number in the tens of thousands and include pension funds that bought the company's unsecured bonds." Will a court have more pity for that multitude than it would the few large firms that were Chrysler's creditors? Probably not, if justice is blind. Still, GM's list of bondholders is long enough so it could slow the pace at which a judge would...
...Bondholders who would not settle with the government and Chrysler are appropriately greedy. The money that they put into Chrysler debt came from pension funds and individual investors in many cases. It is not as if Citigroup (C) is the debtor left holding the check. Citigroup could, at least, petition the Fed to get back any money it lost on its Chrysler investment...
...hindsight, the attempted takeover of BCE--the all-time biggest leveraged buyout in corporate history, led by the Ontario Teachers' Pension Plan, with backing from U.S. investors including Providence Equity Partners and Merrill Lynch Global Private Equity--was doomed from the moment it was signed in 2007. Less than two months later, global equity markets began to wobble, and credit got scarce. BCE's value sank from the take-out price of 34.62 a share to 16.85 on an auditor's report that debt from the proposed LBO would render the company insolvent. (Shares of BCE, with annual revenues...
...approving the tax hike by a 108-51 vote, House lawmakers defied objections by Governor Deval L. Patrick ’78 to first consider ethics, pension and transportation reform bills...