California Debt Higher Than Earlier Estimates, a Task Force Reports
“They also pointed out many of the same unpaid bills from previous years that the governor had brought to light, like $8 billion in delayed payments to schools and community colleges, and $250 million that was raided from a fund dedicated to transportation and treated as revenue.
The task force estimated that the burden of debt totaled at least $167 billion and [...]
The California Public Employees’ Retirement System, the country’s largest public pension, refused to reveal how many shares it bought in the IPO. CalPERS had 557,140 Facebook shares on May 23 and more than doubled its stake to 1.3 million shares as of this week, according to a spokeswoman.
The California State Teachers’ Retirement System bought about 500,000 shares in the IPO — worth about $19 million — and sold them when [...]
The director of the Illinois Teachers Retirement System warns that financial troubles are so great it could be forced to consider reducing pension benefits to teachers who have already retired, according to a newspaper report Sunday.
The (Springfield) State Journal-Register ( http://bit.ly/HyuHQj) reported Saturday that it obtained a confidential memo written by Dick Ingram warning of the politically explosive possibility of whittling away pensions not just for future retirees but for those [...]
By James Nash
Feb. 3 (Bloomberg) — The California State Teachers’ Retirement System, the second-largest U.S. public pension, cut its assumed annual rate of return to 7.5 percent from 7.75 percent, the second reduction since 2010.
The board of the $144.8 billion fund voted yesterday to adopt an actuary’s recommendation to lower its investment forecast because of what a staff report called “dramatic market declines” beginning in 2008.
The change means the plan [...]
Two lobbyists with no prior teaching experience were allowed to count their years as union employees toward a state teacher pension once they served a single day of subbing in 2007, a Tribune/WGN-TV investigation has found.
Steven Preckwinkle, the political director for the Illinois Federation of Teachers, and fellow union lobbyist David Piccioli were the only people who took advantage of a small window opened by lawmakers a few months [...]
SPRINGFIELD — — Two lobbyists with no prior teaching experience were allowed to count their years as union employees toward a state teacher pension once they served a single day of subbing in 2007, a Tribune/WGN-TV investigation has found.
Steven Preckwinkle, the political director for the Illinois Federation of Teachers, and fellow union lobbyist David Piccioli were the only people who took advantage of a small window opened by lawmakers a [...]
With the Solyndra scandal already beyond the boiling point, the Department of Energy pushed through nearly $6 billion more in green energy loans in the final hours of the maligned program. One of those was to another California based company, SunPower, who just three weeks earlier had publicly announced plans to build its 320,000 square foot manufacturing plant in Mexico.
The Mexico plant will produce solar [...]
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Banks Seeking Most State Cash Since Lehman Rout: [...]
SACRAMENTO — The state auditor’s office on Thursday added teacher pensions to the list of high-risk issues facing California government.
The report by State Auditor Elaine Howle added the nation’s largest teacher pension fund because it can’t meet the costs of retirement benefits beyond the next 30 years. The pension funding problem was added to a list of risks that includes California’s chronic budget deficit, [...]
1) California teachers’ pension system headed toward insolvency
“As California school districts anticipate possibly the worst budget crisis in a generation, many will try to lighten their burden by enticing older teachers into retirement. But as more and more teachers retire — with a pension averaging 55 percent to 60 percent of salary — they will be straining a system that already can’t meet its [...]
1) Fed’s Lockhart: Quantitative easing must be big
“(Reuters) – Atlanta Federal Reserve Bank President Dennis Lockhart said on Tuesday that further easing by the Fed has to be large enough to help boost demand, and purchases of $100 billion of securities a month would be a possibility.
“If we’re going to pursue another round of quantitative easing, it has to be a large enough number to [...]
1)Ã‚Â Portugal hits back after financial market ‘attack’
“LISBON Ã¢â‚¬â€ The Portuguese government angrily denounced an “attack from the markets” after its credit rating was downgraded and rejected any comparison to the debt crisis in Greece.
“It is a decisive moment. The country must respond to this attack from the markets,” Finance Minister Fernando Teixeira dos Santos said in a statement on Tuesday.”
2) Greece bans short-selling as [...]