Word: pensiones
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According to the plan, the state will try to borrow $750 million and invest it in Big Mac bonds. State and city pension funds will buy another $750 million of the bonds, the State Insurance Fund will take $100 million and the city sinking funds $180 million. In addition, New York banks have agreed to provide $406 million by rolling over short-term city notes that they hold and buying or underwriting Big Mac bonds. Finally, big property owners have pledged to prepay $150 million in real estate taxes...
...week's end meetings were continuing, and various officials mulled over various fund-raising schemes to meet at least the first of the September deadlines. Among the possibilities: prepayment of real estate taxes by major property owners; purchase of MAC bonds by city and state pension funds; the sale, probably at a loss, of mortgages that the city holds on middle-income housing projects. But none of these measures seemed a solution for more than a fairly brief interim. And after September, another $711 million comes due in October. When asked what the situation looked like, MAC Chairman William...
...voice of America's independent truckers, has had to pay for documenting corruption in the trucking industry. In the past three years alone, the 14-year-old monthly has printed more than 20 carefully researched articles linking criminal figures to abuses in the International Brotherhood of Teamsters' pension fund. Last month, when James Hoffa disappeared, reporters automatically turned to Overdrive for an explanation. In its latest issue, out this week, Overdrive concludes that the Mob did Hoffa...
...Funds. In a racket-infested, violent industry, maverick Overdrive (circ. 56,000) speaks with high-tonnage authority. The chief author of the exposes is Jim Drinkhall, 35, the magazine's top investigative reporter, who specializes in the Teamsters' infamous and huge Central States $1.5 to $2 billion pension fund. Drinkhall roused a federal investigation in 1973 with articles showing that a $1.4 million Teamsters pension-fund loan, ostensibly given to a plastics company in New Mexico, was really used primarily to finance the Chicago syndicate's purchase of wiretapping equipment. He also revealed that the Tonight Show...
...week, at a Boston convention of Teamsters representing warehousemen, Fitzsimmons moved through crowds of overfed men in white shoes who sported FITZ IN '76 buttons. Whatever the result of the election, or the Hoffa case, the outlook for the Teamsters seems to be more members, fatter contracts, richer pension funds -and more corruption...