Illinois lawmakers will meet in a special session today, their second in three weeks, with leaders signaling that they can’t satisfy Governor Pat Quinn’s demand that they fix the nation’s worst-funded retirement state system before the day is done.
Bonds sold by hospitals are turning into the biggest losers in the municipal market as a delay in a provision of President Barack Obama’s health-care overhaul converges with near-record withdrawals from high-yield funds.
Investors in the $3.7 trillion municipal market assumed Illinois lawmakers would fix the worst- funded U.S. state pension system. The legislature’s latest failure is showing buyers the cost of inaction.
For-profit college stocks fell after the U.S. Department of Education released data that said fewer than 36 percent of the colleges’ students repaid federal loans, compared with 54 percent at public universities.
California Governor Jerry Brown’s decision to wipe out 400 blight-fighting redevelopment agencies has increased municipal-bond defaults in the state and pushed the yield penalty on the authorities’ debt to a six-month high.
A common measure of how well hospitals treat children and teens with asthma is statistically meaningless and shouldn’t be used to determine federal quality payments under the health-care law, a study found.