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...November alone, pension plans lost about $130 billion, marking the second consecutive month of record declines, according to a new report from Mercer, the financial consulting firm. The companies Mercer studied - those in the Standard & Poor's 1,500 index, which includes household names like 3M and Coca Cola - reported their pension plans ended 2007 with a $60 billion surplus. So the swiftness of this year's decline is astonishing. (Read "Is It OK to Pray for Your...
...many low- and middle-income people participate in retirement programs for the first time. "You can't have companies going from a position of broad stability 12 months ago to having a hole of $280 billion in their pension plans," says Adrian Hartshorn, a lead analyst on the Mercer report. He added: "People are hurting because of the stock market, and there needs to be a national debate around how people save, in the long-term, for retirement...
...TIME's special report on the environment...
Faculty of Arts and Sciences Dean Michael D. Smith plans to send a letter within the week advising departments on filling open staff positions and will issue a question-and-answer report detailing Harvard’s current financial status...
...also directly linked to world hunger, poverty, and suffering. According to Professor John Madeley of the London School of Economics, the global use of land for the cultivation of tobacco “denies 10 to 20 million people of food.” Furthermore, the 1998 Human Development Report revealed that rampant consumer culture inevitably leads to “circumstances that are exploitative of workers” and exerts negative psychological pressures on shoppers, leading them to make decisions that are financially harmful or even disastrous. For our daily extravagances—indeed, even for our holiday gifts?...