Richard Ciccarone, chief research officer at McDonnell Investment Management, will focus on his other companies tracking local governments and the $3.7 trillion U.S. municipal market when he retires from the firm at the end of the year.
Michigan Governor Rick Snyder told a federal judge that he considers Detroit’s bankruptcy the “largest issue” facing the U.S., while declining to answer some questions about how the case may affect retired workers.
Michigan Governor Rick Snyder defended Detroit’s record municipal bankruptcy filing as a necessary last resort, telling a federal judge that he spent two and a half years trying to resolve the city’s fiscal crisis.
When Vallejo , California, filed for bankruptcy in 2008 after failing to win union pay cuts, Councilwoman Stephanie Gomes said officials around the U.S. would have their eyes trained on the city of 120,000.
State and local governments are likely to avoid bankruptcy through spending cuts, even as their financial stress mounts, according to panelists at a Securities Industry and Financial Markets Association seminar.