Word: trust
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Dates: during 1970-1970
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...companies would be tempted to adopt Kelso's plan voluntarily, partly because of a quirk in tax laws. For example, if Beneficial Paper Co., with 1,000 employees, wanted $20 million to build a factory, it would issue $20 million worth of new common stock. An employee-owned trust, set up somewhat like existing pension and profit-sharing trusts, would buy the shares with money borrowed from a bank. Here the tax quirk comes into play: the company could agree to make tax-deductible contributions to the trust to enable it to repay the loan; if the company itself...
Without corporate income taxes, the dividends from the employee trust's investment ought to average $4,000,000 a year, says Kelso, enabling the trust to repay the loan in five years. After that, each of Beneficial Paper's 1,000 employees would not only own $20,000 worth of stock' but would also have a second income of $4,000 a year...
Some companies have already set up tax-sheltered trusts that allow their workers to become stockholders on credit. When the employees of San Francisco-based First California Co. found that the investment banking firm was for sale, they converted their profit-sharing plan into a stock bonus trust. The trust used its cash, plus a borrowed $1,000,000, to buy F.C.C.'s common shares, pledging the assets of the company to secure the loan. Within 2± years, the trust repaid the loan out of company profits. In similar fashion, employees used a Kelso-devised fund...
...York, I was also ready to be on my guard against any suspicious underworld person who might try to steal my wallet, which had fallen out of my pocket by accident the night before- a little too easily for me to trust the city. And above all, I would become literally catatonic at the sight of anyone or anything black, from a janitor to a cat. After all, didn't they have good reason for keeping all of the black people in San Diego away from the highways and south of Division Street...
...this way: there is a world of reason, modesty, charity and trust in the midst of, and opposed to, the oppressive and contentious world of deceit, anger, vilification and self-righteousness now made so manifest all about us again, as twenty years ago, by would-be exploiters. This former world is created and precariously maintained in all generations by civilized men, a world for which in the depths of our hearts I am sure we all yearn...