PENSION FUNDS: Regulations Needed to Guard Them

FOR U.S. industry—and labor—a big new problem is the sudden wealth of unions. Since 1949, labor's net worth has quadrupled to $12 billion, and dues alone from nearly 18 million members are adding $592 million a year. Unions are now rich enough to own banks and insurance companies, finance housing and put millions in bonds and common stocks. The bulk of their worth is in welfare and pension funds. They now cover 75 million Americans and total about $51 billion. But management controls 90% of the funds, which are growing by $7 billion a year, mainly...

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