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.
Municipal-bond insurance, which once covered half of the $400 billion of debt sold by U.S. state and local governments annually, “won’t be making a comeback,” said Howard Cure , director of municipal research at Evercore Wealth Management.
Republicans are poised to win the most governorships since 1994 as candidates including Pennsylvania’s Tom Corbett , Michigan’s Rick Snyder and Ohio’s John Kasich seize on the faltering economy and persistent unemployment in bids to take over Democrat-led states.
Chicago moved forward in its effort to rescue a pair of pension funds and stabilize its finances when Illinois Governor Pat Quinn signed a bill that cuts benefits and makes employees pay more for retirement.
Illinois has set aside only 45 percent of what it needs to meet public-worker pension obligations, the worst of any U.S. state. Standard & Poor’s may cut its bond rating if lawmakers don’t come up with a fix tomorrow. Investors are unfazed.