Word: pensioner
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...half decades ago, his then employer, Occidental Petroleum Corp., cut its traditional defined pension plan in favor of a 401(k)-type system. So instead of getting a guaranteed pension check of $1,308 a month for his 36 years as a full-time, salaried employee, the former chemical-factory worker receives $225 a month from his 13 years as an hourly employee, plus $180.16 a month from a profit-sharing plan Oxy had for salaried employees until 1994. He also has $70,000 left of the money he saved from his tax-deferred 401(k). On the days...
...others like it, such as the 403(b) and the IRA, have become our nation's go-to retirement piggy bank. Invented nearly 30 years ago as an executive perk - one more way to dodge Uncle Sam - the 401(k) was never meant to replace the employer-guaranteed pension fund, supplemented by Social Security, as the cornerstone of our nation's retirement system. But propelled by a combination of companies looking to cut costs and consumers who wanted control of their retirement destiny, that's exactly what happened...
...Small investors, pension funds and investment bankers are now scouring the sector, wondering which name might be taken out next. Even venture-capital and private-equity players are making their way to the edge of the M&A diving board, ready to spring back into the deal waters...
Niklas Zennstrom and Janus Friis are suing eBay, based in San Jose, Calif., and a consortium of investors that includes private-equity firms Silver Lake, Andreessen Horowitz (co-owned by Netscape's Marc Andreessen) and the Canada Pension Plan over the breach of a software-licensing agreement. (Read "eBay Sells Skype for $1.9 Billion...
...that ended in Pittsburgh on September 25} when traders concluded that interest rates in the U.S. were going to stay low for a long time," says Mark Matthews, chief Asia strategist for Fox-Pitt Kelton Securities. Adds Olivier Desbarres, a currency strategist for Asia with Credit Suisse: "Hedge funds, pension funds, and the trading desks of investment banks are now all putting this trade...