Word: xeroxing
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...price of a typical car. In most countries, health-care costs are borne by taxpayers, and until the U.S. levels the playing field, perhaps with a "health-care surcharge," Ross maintains, virtually all large old-line companies that have downsized to stay competitive--Boeing, Goodyear, Kodak, Lucent and Xerox, to name a few--will have to cut benefits as they fight to absorb the outsize costs of their retired work forces. Only 62% of large employers provided health benefits for retirees 65 and older in 2001, vs. 80% a decade earlier, according to a survey by consultants Hewitt Associates. Eight...
...employees. This year 9% of large employers, including Ford and Sears, announced that they would scale back health benefits for retired workers. Many employees already pay more for family coverage; one small technology firm recently offered a cash bonus to employees for switching to their spouse's plan. Xerox once tried adjusting its health-care allowance so single workers would get more and those with families a bit less. "After three years, we killed it," says Helen Darling, a former benefits manager for Xerox and now president of the Washington Business Group on Health. "All the people who were...
...report "Summer Of Mistrust," on the public's lack of confidence in U.S. corporations [NATION, July 22], incorrectly said that $2 billion had disappeared from Xerox's revenues. We should have said Xerox overstated its pretax income by $1.4 billion over the past five years...
...this crisis was years in the making. Stocks kept climbing because executives kept finding creative new ways to hide the truth and fake a profit, to pretend they were investing money rather than just spending it. The revelations make for some dark magic now. When $2 billion disappears from Xerox's revenues, $4 billion from WorldCom's, it makes people feel poorer even if they personally lost nothing. The markets now look as if they could manage their third straight year of losses, for the first time since World War II, even though the economy grew...
That's not huge bucks for a company with $17 billion in revenues, as Halliburton reported in 1998. But scandals over what counts as sales took Xerox down a peg over the last year and have caught up with drug companies Merck and Bristol-Meyers Squibb. The Judicial Watch lawsuit alleges that Halliburton used the revenue-enhancement gimmick to ward off investor scrutiny as the company's financials deteriorated when the oil industry retrenched. Revenues fell anyway, to $12 billion by 2000, Cheney's last year in command...