OTHER NEWS - Dec. 21, 1994

Travelers Hires Former Kidder Peabody Chairman: To run its life insurance division, Travelers Inc. hired Michael Carpenter, who lost his job after a bond-trading scandal. Carpenter, 48, will become chairman and chief executive on Jan. 1 of Travelers Life Insurance Co., the 13th-largest U.S. life insurer and a key segment of the financial services giant. The move comes as life insurers look for help in their battle with banks and mutual funds for the retirement savings of baby boomers. Carpenter was forced out of Kidder, a General Electric Co. subsidiary, in June. His departure came two months after GE and Kidder accused its former top government bond trader of creating false profits through “phantom” trading.