Word: pensions
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Dates: during 2000-2009
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...been Fred Goodwin's turn. The former boss of the stricken Royal Bank of Scotland is rumored to be mulling a move to South Africa after vandals smashed windows and his car at his Edinburgh home. Britons are livid that Goodwin was awarded a $1 million annual pension after he quit RBS in disgrace last year. The 50-year-old oversaw a disastrous expansion that almost felled one of Europe's largest banks, prompted a $30 billion government bailout last fall and triggered the biggest annual loss in U.K. corporate history. "We are angry," a group claiming responsibility...
...economy - he was, after all, the country's finance minister for a decade until 2007 - but he's also helped stoke the public's irritation toward banks. "The anger that the public has," the Prime Minister said in February of the furor over the size of Fred Goodwin's pension, "is anger that I have as well." Just don't expect to see Brown on the streets next week...
Right now, says Leuthold, institutional investors are moving back into stocks, not because they're confident of a recovery, but because they're loathe to miss an important market move. "The pension funds are way below their actuarial assumptions, and they're afraid they'll be left behind if they sit with too much cash," he says. In other words, performance fears could replace recession fears...
...unlocks the markets," says Frank Partnoy, a law professor at the University of San Diego. In 1975, the SEC, in an effort to better define who was a legitimate rater of bonds, designated certain firms "nationally recognized statistical rating organizations" (NRSROs). Today, if you are a bank or a pension fund or an insurance company you have a firm grasp of the safety of your bond holdings - they're as safe as an NRSRO has told you they...
...team that plans to bring the economy out of the recession is a bit like a traveling circus. Once every few days, it stops on Wall St., the metaphor for all of the troubled banks, brokerages, insurance companies, and pension funds. Then it rolls off to Washington or Detroit, depending on where the next announcement of new stimulus programs is to be made. Over the last several months it has bounced from place to place and there may never be an end to that...