But since these rents are made at the expense of the pension funds and insurance companies on which industry depends for long-term finance, it is not clear that the economy benefits from the process.

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Citi will resolve the conflicts between research and investment banking, file its financial reports sooner, allocate public offerings more fairly, project gains in pension funds more conservatively, treat stock options as an expense, and insist that structured transactions be more clearly disclosed.

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Though less controversial than the pension plan, the tax bill benefits some sectors at the expense of others, and may also be vulnerable to tampering.

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And the biggest expense they bear will be the taxes and contributions that are supporting pension, health care, and nursing programs for the older generation.

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Most of the expense decline was due to payroll savings through attrition and a freeze of defined benefit pension plans.

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Today CEOs face no legal requirement to maximize returns for shareholders at the expense of jobs and economic growth in the U.S. Policymakers, lawmakers, pension-fund managers, and others can demand that CEOs deliver performance that creates value for America as a whole.

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