Word: pete
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Dates: during 2000-2009
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...well be more medical schools like FIU's, which has 43 students in its first class (chosen from more than 3,000 applicants) and hopes to train almost 300 per year. One of them, Pete Leahy, 23, a University of Notre Dame graduate, had planned to become a pediatric oncologist. But after taking a year off to work at a health clinic for the poor in Puerto Rico, he's leaning toward primary care. "After that experience," says Leahy, "I think I'd rather be the doctor who impacts a patient's health behavior before it ends up impacting...
...latest indication that Citi is for sale came on Oct. 9. The bank sold its Phibro commodities-trading unit to energy and chemical giant Occidental Petroleum. Oxy Pete will pay $250 million for the unit, which specializes in oil and gas trading. Phibro is not a huge business for Citigroup. But it was one of the few businesses that continued to make money for the giant bank during the credit crisis. Phibro and Citi's global payment-processing business have long been seen as two areas in which the bank outperforms its competitors. Now one of Citi's profit jewels...
...talked to nearly two dozen former Occidental employees. All of them are alumni of the company's chemicals division and worked in a Niagara Falls plant. Not all are 401(k) disaster stories, and most had good things to say about Oxy Pete. Some said they were very happy with their 401(k). Jim Maul, 70, has two cars and a boat and travels regularly. (See 10 big recession surprises...
...problems. In the late 1960s the company bought Hooker Chemical Co. in a effort to diversify. But in the 1970s, allegations surfaced that toxic waste that Hooker dumped into the ground during the 1940s and early '50s was causing severe health problems in Niagara's Love Canal neighborhood. Oxy Pete needed cash to shore up this and other problems, and its CEO, Armand Hammer - flamboyant, powerful and ultimately corrupt - came up with a solution: raid the retirement kitty. Amazingly, this was legal at the time, and Hammer wasn't alone in doing...
...Back at the golf course, Shively is not the only former Occidental employee toiling away in his retirement. There are three other former Oxy Pete workers among the staff. All would be better off today - and probably playing the course as opposed to working it - had Occidental stuck to its pension system. Still, Shively says he is not mad at his former employer. And so far, he hasn't found working in retirement to be too bad. Let's hope we all think the same...