Greenspan urges CPI adjustment
Federal Reserve Chairman Alan Greenspan called yesterday for a blue-ribbon commission to adjust spending and tax programs for inflation, a move that probably would mean lower Social Security benefits and higher taxes.
Speaking to the Senate Finance Committee, Mr. Greenspan and other experts said the Consumer Price Index, used to index federal pensions and tax brackets for inflation, has an upward bias.
Finance Committee Chairman Bob Packwood, an Oregon Republican, told reporters he had not made up his mind about Mr. Greenspan's idea.
Bell Atlantic Corp. and Siemens AG, a giant German electronics firm, announced yesterday that they will team up to develop and market "intelligent" telecommunications networks.
Intelligent networks are those that offer a variety of advanced, computer-driven telephone services, including automatic call forwarding, message services and credit card dialing.
Citizens Bancorp picks agency
Citizens Bancorp, the Laurel-based banking company, selected Baltimore's Eisner & Associates Inc. as its advertising agency of record, the companies announced yesterday. Eisner will provide strategic planning, advertising and public relations services.
Griswold renominated to board
The New York Stock Exchange said yesterday that it has nominated Benjamin H. Griswold IV, the chairman emeritus of Alex. Brown Inc., for re-election to a two-year term on the board of the exchange. The members of the NYSE will vote on the nomination of Mr. Griswold on June 1.
Dart weighs alternatives
Dart Group Corp. is considering a $130 million stock buyback or special dividend aimed at boosting its share price, according to papers filed in a Delaware Chancery Court.
Dart Group has under "favorable consideration" a report by Wasserstein, Perella & Co. proposing that Dart sell its 50 percent stake in closely held Shoppers Food Warehouse.
Dart could use the proceeds, plus $53 million in excess cash available, to finance a distribution to shareholders of $130 million, the report says.
Scott Paper moving to Fla.
Scott Paper Co. said it is pulling up 115-year-old roots in the Philadelphia area and moving its corporate headquarters to Boca Raton, Fla., where Chairman Albert Dunlap just bought a house.
Scott said it will sell its 55-acre complex outside of Philadelphia to Koll Co. for $39 million.
The move will make it easier for Scott to operate internationally, Mr. Dunlap said yesterday.