Word: creditors
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...start with annuities and life insurance. If you have a variable-rate annuity, your money is most likely in mutual-fund-like sub-accounts. You own those sub-accounts, as you would own stocks through a brokerage. Those are your assets - a creditor won't be able to touch them...
...their hearts. They did it because their workers were united in unions powerful enough to demand these benefits. With unions weak and shrinking, corporations feel free to discard what they regard as an onerous burden. A good legal reform would be to treat a pension obligation as a preferred creditor in any corporate bankruptcy proceeding or give pension trusts the first claim to all corporate assets. CHARLIE ROSENBERG Milwaukee...
...announce that Peru would spend no more than 10% of its export earnings for interest and principal payments on its $14 billion foreign debt. Said he, with a typical rhetorical flourish: "President Alan García, may the world hear me, knows that Peru has a first great creditor--its own people...
...politically as well as economically, it came last week in Argentina, where a visit by retired Chase Manhattan Bank Chairman David Rockefeller touched off the most serious street violence since the country's return to democracy more than two years ago. Rockefeller, whose former employer remains a major Argentine creditor, was in Buenos Aires to discuss Latin American economic development. Seven people were injured and 81 arrested when 1,500 leftist demonstrators hurled rocks and eggs, smashed windows and set fires to protest what one group called "our dependence on North American imperialism." The continent's debt was also...
...bring in only $3 billion this year, 10% of that total would cover less than one-third of the $ 1.1 billion in interest that the country owes for 1985. But at a time of extreme economic hardship and social unrest in Peru, García declared, the demands of foreign creditors would have to come second to the needs of his countrymen. Said he: "Let the peoples of the world hear me. President Alan García knows that Peru has a great and first creditor: its own people...